Business formation timeline in Lithuania
Are you ready to pursue your dreams of becoming an entrepreneur? It is crucial to understand the process of forming a company for a successful start, and Lithuania offers a conducive environment for business ventures. This detailed guide takes you through the steps from the initial idea to establishing a formal company, providing estimated timelines and valuable advice to help you make informed decisions.
A step-by-step guide
We have outlined the essential procedures for creating a company, including a projected timeframe and our comprehensive strategies to simplify the process for you. It is important to note that the timeline for setting up a business can vary greatly, as each company’s registration process is distinct and dependent on its specific circumstances and needs.
Define your business plan (1-2 weeks)
Before beginning the formalities, it is crucial to have a well-defined strategy in place. Our team of experts can provide expert guidance and help you develop a detailed corporate plan tailored to your goals and objectives. Schedule a meeting with us to start the process.
Reserve your company name (1-2 days)
Choosing a unique and enduring business name is a crucial aspect of the marketing strategy. Our fast and simple name reservation services ensure that you can move forward confidently, knowing that your desired name is available and secured immediately.
Draft and sign the articles of association (1-2 weeks)
The legal experts on our team can help you create and review the Articles of Association, which define the legal structure and internal rules of your company in accordance with Lithuania laws and regulations.
Opening a business bank account (1-2 weeks)
In order to facilitate financial transactions for your company, it is necessary to open a business bank account. You will need to provide identity documents, proof of company registration, and other relevant paperwork. Typically, this process takes between one and two weeks.
Deposit share capital (1-2 weeks)
In Lithuania, companies must have a minimum share capital based on the legal structure chosen. We will help you with preparing the necessary documents and will support you in depositing the mandatory funds into your newly established bank account to ensure that you meet all legal requirements.
Register your business (1-2 weeks)
Enrolling your business in the Trade and Companies Register is a crucial part of starting your business. Our team of experts takes care of all the necessary paperwork, communicates with the relevant authorities, and speeds up the registration process, which helps you save time and energy.
Obtain necessary permits and licenses
Your corporate activities in Lithuania may necessitate specific permits or licenses for legal operation. Our regulatory experts will help navigate the intricate process, determine the required permits, and facilitate their efficient acquisition. The timeline for obtaining the necessary permit will vary based on the type of license needed.
Tax registration (2-3 weeks)
Registering for taxes is a crucial part of establishing a business. It involves obtaining a distinct tax identification number. The process of tax registration can vary in duration, but typically takes around two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
If you intend to recruit staff, it is essential to create payroll and employment contracts that adhere to regulations. Our HR experts can help you in implementing payroll systems, creating employment contracts, and ensuring adherence to labor laws, allowing you to concentrate on forming a skilled team.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for any business to have precise financial records. Our team of accounting specialists will assist you in developing strong accounting and bookkeeping procedures to meet the standards of the Lithuania accounting regulations.
Starting operations
All requirements have been met, so your company is ready to commence operations. The exact timing of this step will be influenced by factors such as the nature of your company, market conditions, and your readiness for market entry.
Form a company with us
Do you want to begin your business in Lithuania? Contact us now for a consultation and our experienced staff will support you throughout the process of achieving your corporate objectives.