Small business setup in Lithuania
Lithuania offers a favorable environment for small businesses with its business-friendly policies, skilled workforce, and strategic location near the Baltic Sea. We specialize in supporting both start-up and growing small businesses by leveraging our expert knowledge of the local market and proficiency in company formation. Let’s talk about the benefits of establishing a small startup in Lithuania and how our specialized solutions can help ensure your success.
Formalities and procedure
Registering a small enterprise in Lithuania can be done in a few weeks and includes several steps.
Choose a business name
The name of the business must be original and not currently being used. The website of the Lithuania Trade Registry can be used to verify if a name is available.
Select legal entity type
Choosing the correct legal structure is imperative for the prosperity of your small business. We offer expert advice on Private Limited Liability Company (UAB), Public Limited Company (AB), Branch Office, Holding Company to assist you in making a well-informed decision that suits your needs and future goals.
Set up legal address
A legal address is crucial for businesses at the beginning stages, as it acts as the primary point of contact for government agencies, legal authorities, and important business communication. It is important to select a legal address that complies with local regulations and is appropriate for your business needs.
Get the necessary paperwork ready
The team of professionals we have will assist you in crafting accurate and detailed documentation tailored to your company’s needs and objectives. We ensure compliance with all legal requirements and will handle the filing process on your behalf.
Open a bank account
In order to start a business in Lithuania, it is necessary to have a corporate bank account. We will guide you through this procedure, making sure you adhere to the rules and supporting you in establishing a bank account with a well-known financial institution in Lithuania for your small business operations.
Company registration
We take care of the registration process with authorities such as the Trade and Companies Register and tax authorities, freeing you from the administrative responsibilities. This ensures that your small business is officially recognized and compliant from the beginning.
Setup accounting
Ensuring accurate financial records is crucial for a successful small business launch. Our accounting experts can assist in implementing compliant accounting and bookkeeping practices in Lithuania.
Small business examples
Small businesses operate in a variety of industries and sectors, each with their own unique needs. Here are a few examples of small businesses:
- Business support: Smaller consultancies, individual service providers
- DIY retail: Locally-owned hardware shops, small home improvement stores
- Education: Tutoring services, small language schools, independent trainers
- Farming: Smaller, family-run farms
- Fitness: Individual trainers, small local gyms or studios
- Food and beverage retail: Independent grocery stores, coffee shops, bakeries
- Hotels and motels: Smaller, independent hotels or motels
- Laboratory: Smaller independent testing labs
- Marketing: Freelance marketers, small local agencies
- Media: Independent content creators, niche publications, small production companies
- Printing: Small local print shops
- Real-estate: Individual realtors, very small brokerage firms
- Restaurant: Independent, non-chain restaurants
Benefits of establishing a small business in Lithuania
Lithuania is an attractive option for starting small businesses, with a variety of benefits to offer.
Strategic location
Lithuania is a prime location for technology and manufacturing investment due to its favorable business environment, skilled workforce, and strategic location near the Baltic Sea. The country’s cost-effectiveness, business-friendly regulations, and flourishing startup scene provide various benefits for companies seeking to enter the European market.
Favorable tax regime
Lithuania has a corporate income tax rate of 15%, providing a favorable tax environment and incentives for investments in sectors such as technology and innovation. The country is a part of the EU and the Eurozone.
Banking
One of the key strengths of Lithuania’s banking system is its tightly regulated financial sector, which promotes innovation and the development of digital banking services, facilitating the provision of efficient and technologically advanced financial services and investment opportunities.
Our small business setup solutions
We understand how valuable your time and resources are. That is why we offer two convenient choices to make the process of company formation easier.
Business formation online
By utilizing the online platform offered by Lithuania, individuals can start and finish the process of setting up a business from any location globally. The use of secure digital tools allows for monitoring progress, submitting necessary paperwork, and accessing our services, ultimately providing a seamless and convenient experience.
Business formation remotely
If you would rather not be heavily involved in the process, we are able to manage all the necessary paperwork for you. Our experienced team will handle all the required formalities and communication with the relevant authorities to ensure your peace of mind.
Contact us today and launch your small business success
Contact us now to schedule a consultation and begin pursuing your business goals. Together, we can take the initial step forward.