Open bank account and deposit minimum capital requirement
Agency: Commercial Bank
Some banks apply charges for issuing a bank certificate, which evidences payment of share capital. Acculumation bank account can be opened online in most large banks in Lithuania: Luminor bank (previous DNB bank), Šiaulių bank, Swedbank, SEB ban, Medicinos bank. However, it requires e-signature, and thus is not widely used. In order to transform it to a regular one, the Managing Director (the MD) of the company shall visit the respective bank division in-person (the MD shall fill in questionnaires regarding the UBOs of the company and sign the contract directly).
Time and cost: 1 day, no charge
Obtain a confirmed electronic signature
Agency: Center of Registers, Mobile operator, Migration Department, Banks
In order to check and reserve company name online as well as register employees with SODRA, a company must have electronic signature.
Electronic signature in USB form costs about EUR 43.33 plus about EUR 7.00 annual fee. Almost all mobile operators provide electronic key for price in amount from EUR 0.30 to 10.00 plus monthly fee in the amount of EUR 0.29 – 0.87. At this moment in Lithuania are three types of electronic signatures.
- Electronic signature issued by state Center of Registers. Costs – EUR 43.33. Certificate of electronic signature is valid for 2 years. After 2 years certificate must be updated. Costs – EUR 8.23. However, it can take up to 7 days to obtain it.
- Electronic signature issued by mobile operators. Cost depends on mobile operator and range from EUR 0.30 to EUR 10. The monthly fee is about EUR 0.30 – EUR 0.90.
- Electronic signature issued by Migration Board with the personal identity card. Electronic signature does not cost anything but costs of personal identity card range from 8.6 EUR to 31.6 EUR.
Time and cost: 1 day, EUR 0.5
Check and reserve the name of the company (limited liability company)
Agency: Register of Legal Entities and State Commission of Lithuanian Language
Reservation of the new company name is compulsory for online registration of business. Checking of the name is free of charge, and reservation costs EUR 16.22.
As of May 2013, the changes of the Regulations of the Register of legal persons came into effect. Now the State Commission of the Lithuanian Language must check every new company name and give its consent on the use of a particular name.
Lithuanian Government by decision No. 1292 adopted on 09 12 2015 amended Regulations of the Register of Legal Entities. Nothing has changed how is related with reservation of company name, just new wording of Regulation has been adopted. https://www.e-tar.lt/portal/legalAct.html?documentId=a02cbd30a40011e58fd1fc0b9bba68a7
Time and cost: Less than 1 day (online procedure), EUR 16.22
Register at the Company Register, including registration with State Tax Inspectorate (the Lithuanian Revenue Authority) for corporate tax, VAT, and State Social Insurance Fund Board (SODRA)
Agency: Register of Legal Entities
According to Article 44 and 45 of the Regulations of the Register of Legal Entities (updated on October 11, 2017), before the application for registration of a company is submitted to the Register of Legal Entities, notary public must verify the correctness of the particulars entered into the application, the compliance of the statutes with the statutory requirements and the fact that the company is eligible for registration. Article 46 of the Regulations provides a possibility to submit the documents electronically directly to the Register of Legal Entities, without verification of a notary (certain conditions apply, such as using only standard forms of incorporation documents, using electronic signatures, etc.).
The following documents must be submitted when incorporating a private limited liability company:
- Application for registration;
- Founding act/Founding agreement;
- Articles of association;
- Consent use of address (if the founder is not an owner of premises).
Article 128 of the Regulations provides that after on-line filling in required data, documents for company incorporation and registration, listed above, are generated automatically on-line. On-line registration grows up increasingly. When documents of legal entities are submitted directly to the Registrar electronically, incorporation is performed in 1-3 working days, except for the cases when other terms of registration are set in the Regulations. The Registrar shall check that there are no obstacles to register or enter the object, instruments of incorporation of the Register into the Register, and register or enter the data of the Register.
Time and cost: Up to 3 working days, EUR 57.34
