Registration of companies in Lithuania
MAIN LAWS ON COMPANY REGISTRATION IN LITHUANIA:
Civil Code of Lithuanian Republic (December 2, 2010), Law of Lithuanian Republic “On Joint-Stock Companies”.
MAIN BUSINESS LEGAL STRUCTURES IN LITHUANIA:
- Private Joint-Stock Company (UAB - Uzdaroji Akcine Bendrove).
- Joint-Stock Company (AB - Akcine Bendrove).
To choose which legal structure of business in Lithuania is best for you, you can order us to draw up a legal report, in which we compare pros and cons, as well as tax burden of a certain legal structure.
UAB IN LITHUANIA:
In Lithuania, one has to check a company name for uniqueness and make a paid reservation in the state registers center.
MINIMUM AUTHORIZED CAPITAL OF A UAB IN LITHUANIA:
Minimum recommended authorized capital is 10,000 litas (around 2,900 EUR).
MAIN SERVICES OF REGISTRATION OF A COMPANY IN LITHUANIA:
- Preparation of constituent documents of a UAB;
- Registration of a UAB in tax authorities;
- Ordering and receiving of a seal of a UAB;
- Registration of data of a UAB in extra-budgetary funds;
- Opening of current accounts for a UAB in Lithuania and abroad.
BACKGROUND DATA REQUIRED FOR REGISTRATION OF A UAB IN LITHUANIA*:
- Company name;
- Registered address (can be provided by us);
- Participant’s data (name, citizenship, passport/company’s constituent documents);
- Amount of the authorized capital;
- Kinds of activities;
- Chosen bank in Lithuania and kinds of accounts to be opened therewith;
- Selection of the taxation system (common, simplified);
- Other documents and data at the request of the experts of ALPS & CHASE.*
*All of the documents must be provided in advance, so we have time to translate them into Lithuanian.
All provided documents must be notarized and legalized in Lithuanian Embassy of a participant’s (shareholder’s) country or apostilled according to Hague Convention of 1961 by the relevant authorities after notarization.
PRESENCE OF THE PARTICIPANTS DURING REGISTRATION OF A COMPANY:
Presence of the founders during a company registration in Lithuania is not necessary. The main registration activities will be performed by our experts under a power of attorney. The presence of a Director General is necessary only at the opening of bank accounts.
TERM OF REGISTRATION OF A UAB IN LITHUANIA:
Registration of a UAB with foreign participation takes at least 4 business days, as well as the registration of a representative office or a branch. When planning the term of registration, please, take account of the time necessary for preparation, translation and sending of the documents. In case of a re-registration of an existing firm, the term of such re-registration will be from 5 business days.
APPOINTMENT OF A DIRECTOR GENERAL IN LITHUANIA
You can appoint either a Lithuanian citizen or a foreign citizen to a position of a Director General. To appoint a foreign citizen, it is necessary to obtain a work permit, unless he/she is a shareholder with a relevant interest (there are exceptions depending on the interests in the authorized capital of a company).
If you have no time to obtain a work permit for a Director General or you need their permanent presence for settlement of administrative matters, our company will provide you with the service of temporary directors in Lithuania.
Such directors can perform various tasks, interact with the tax inspectorate, customs or the banks. The main requirement to use this service is a complete legality of the client’s business.
OTHER SERVICES IN THE AREA OF REGISTRATION OF A BUSINESS PRESENCE IN LITHUANIA:
Registration of a branch in Lithuania