The Official Development Agency of the City of Vilnius

Setting Up a Business in Vilnius: it’s Easy and Stress Free

Looking for the perfect place to establish and grow your business? It’s time to add Vilnius to the top of your list. Our business-friendly environment has been set up to support start-ups, mid-sized businesses and global brands alike. 

We’re 11th globally in the World Bank’s Doing Business Report 2020, the highest ranking in the region, and here’s why. We believe in business, and appreciate the value of innovation, so much so that we have one of the fastest business registration processes in the EU. Not only that, government affiliated institutions like Go Vilnius and Invest Lithuania are on hand to give free advice and support on all aspects of getting your business up and running. They’ll even help you with promotion and finding the right people. In fact, our talent is our greatest unique selling point - we are multilingual, skilled and eager to learn! And for the largest sectors like GBS and Manufacturing, we have some of the lowest saturation rates in the region

Want to grow your business, choose Vilnius!

Steps of setting up a business

Setting up a business in Lithuania is straight-forward and stress free. A business can be set up electronically in just a few days. All you need to do is check that you have all the necessary documents before you apply. 

1.  Choose what type of business you want to set up.
2.  Check the requirements (permits) you need for that business type.
3.  Evaluate what you expect the financial results and the perspectives of your business to be.

Procedure

Time to complete

Associated costs

More details

1. Prepare articles of association, along with founding act/founding agreement

1 day (after receiving all the required information and documents)

Only legal costs, if carried out by a legal advisor

You will need: 
- a Lithuanian business address (required for your company registration documents);
- to appoint a general manager.

2. Reserve a temporary company name (optional)

1 day

Approx. €16 

Submit an application (form JAR-5) to the Register of Legal Entities. This name will be reserved for 6 months.

3. Open an accumulative bank account

1-2 days

Free (or bank fees)

This accumulative bank account is only used for depositing share capital. Later on, you can choose any bank for operations. Minimum required share capital – €2500.

4. Transfer share capital to that accumulative account

1 day

Free (or bank fees)

Please note: 
- if the share capital is higher than €2500, then at least 25% must be transferred to the accumulative account (with the remaining amount paid within 12 months).

5. Notarize the founding documents at a registered notary’s office

1-2 days

Approx. €72 - €290 (depending on the amount of share capital)

If your country has joined the 1961 Hague Convention, your documents need to be certified by an Apostille (list of countries). In countries that are not listed, documents issued by foreign institutions should be legalized. 
In Lithuania, legalization or certification by Apostille is not required for documents issued in Russia, Ukraine, Belarus, Moldova, Estonia and Latvia.

6. Register the company in the Register of Legal Entities

Up to 3 business days

Approx. €57

Documents can be submitted to the register only after they have been notarized (step 5).

7. Convert the accumulative bank account into a settlement account

2-7 days (depends on the bank)

Depends on the bank

 

8. Obtain a confirmed electronic signature (only needed for online company registration)

10 minutes to 1 day

The cost for an e-signature certificate is €2,67. You will need to have some electronic equipment in which an e-signature certificate can be stored. For example, an encrypted USB flash drive costs €43,34, while a plastic card (including card reader) costs €29,13.

There are three main ways to get a qualified electronic certificate (electronic signature):

1. Through a Lithuanian national identity card or Lithuanian public servant ID card issued by the Identity Documents Personalization Center under the Ministry of Interior of the Republic of Lithuania.

2. Mobile network operators can issue mobile electronic signatures: BiteTelia, Tele2.

3. Through a secure e-token with electronic signature embedded provided and issued by Center of Registers. 

Source: https://investlithuania.com/investor-guide/start-your-business/

You might also be interested in:

Choosing Your Business Form

Choosing Your Business Form

There are some things you need to consider when choosing the right business type for your company. That’s why we’ve put together a guide that will take you through all you need to know.
Find out more
Choosing a type of company

Choosing a type of company

The type of company you choose will be determined by the kind of activity and company formation you require.
Find out more
Having an affiliate or representative office

Having an affiliate or representative office

Having an affiliate or representative office can be a great way for companies to expand and grow their operations without having to worry too much about the burden on their resources.
Find out more
By using this site, you consent to the use of cookies for analytical purposes, advertising and personalized content. For more information,read here.