There are a number of training programs offered by a variety of institutions to help with the further training and retraining of employees. Requirements and rules can differ from program to program, so it is recommended that you contact the relevant institution before applying.
The employment service provides assistance to individuals learning new or required competencies, as well as retraining. Priority is given to jobs that are in demand on a regional or national level.
Working individuals can contact the nearest employment service center when they want to change their profession and work specialty. They will be compensated for requalification into professions that are in demand in Lithuania.
Invega - a national promotion institution can compensate a company’s employee training. Employers can choose from 68 institutions and 513 authorized teaching programs. Since the list of teaching programs is publicly available, employers can contact the selected teaching service provider directly or express their individual needs. Find out more.
There are a number of attractive grants packages and funding programs offered by the Lithuanian government to foreign companies which set up business in Lithuania.
Companies can deduct R&D expenses three times in the tax period when they are incurred, while a reduced 5% corporate tax rate can be applied to companies who derive profit from the commercial exploitation of patented inventions. To qualify for these benefits and more, companies need to be innovative in their field, be creating a set number of new jobs, and be able to prove they meet the required levels of funds and profit.
For more details on the qualification criteria and how to apply, click here.
The Invega initiative has been set up to provide financial support and consultations to start-ups and entrepreneurs. It is designed with smaller teams or individual entrepreneurs in mind. The maximum support that can be provided is € 25,000, which is to be repaid over a set term of 120 months at a fixed low interest rate. To qualify, companies or entrepreneurs must submit a business plan, along with other paperwork to Invega affiliated credit unions, a list of which you can find on the Invega website. Find out more.
These loans have been designed to help businesses who are looking to implement their first phase of operations. They are also overseen by Invega, and are intended for larger operations, namely small or medium sized operations. The maximum amount of Open Credit Fund 2 financing that a company can secure is € 600,000, with a maximum repayment term of 120 months. To qualify for this loan, a company has to establish its business through the local Citadele bank or Medicinos bankas, after which they can then apply through these banks for OCF2 funding. Find out more.
Take a look at how well Vilnius measures up to other European capitals when it comes to affording a great lifestyle.