The name of the Lithuanian company should correspond to the requirements of The Institute of the Lithuanian Language and end in -as, -is, -us, -a. The additional service of registration of a company with the English name is also possible.
The non-resident of Lithuania can open account in the Lithuanian bank. But unfortunately, not each bank will open the account at once. The decision of the bank regarding opening of account is given to the client in 3-5 working days after identification of the client.
Desire to receive bank financing is the normal desire of each businessman for development and expansion of his business. But banks also need to be sure that the client is solvent enough to repay the loan. Therefore, banks of the Republic of Lithuania accept for examination documents of the companies which have operated in Lithuania at least for 6 months, balance of this company and business plan.
The foreign citizen can apply for the Lithuanian visa, being a shareholder holding 100 % of the company’s shares and the director and submitting the application to the embassy in his country of residence.
Monthly taxes of the salary of the employee are income tax, profit tax and social insurance fund. In total, these taxes make 55 percent of the salary of the employee.
Profit tax is paid annually. It can vary from 5 to 15 percent. 5 percent is preferential profit tax; it is possible to use it observing following conditions:
— the company’s annual turnover should not be bigger than 300.000 euros a year
— the company can employ not more than 10 employees
— shareholders can’t have more than 50 percent of shares in other Lithuanian companies
VAT – 21 percent
Tax on dividends – 15 percent
EORI code is a customs code which is used in customs area for carrying out export and import operations. It must be assigned to the company prior to the delivery of goods to customs. The cost of receiving EORI code is 150 euro.
For today you can get residence permit in Lithuania in different ways, including marriage, study and business immigration. In case of business immigration, you can apply to Migration Service of the Republic of Lithuania as the shareholder of the company which has operated in Lithuania for at least 6 months, and as the director of the same company. It is also possible to obtain a residence permit through registration of your foreign company’s representation in Lithuania. Documents which will be necessary for obtaining the residence permit:
- copies of all pages of the international passport;
- address reference of permanent residence;
- expected name of the company;
- legalized police clearance certificate;
- document on existence of lawful source of income;
Yes. The main condition is to sign contracts on the basis of which you work. Works or services can be provided in the territory of any country for the company which has signed a contract with your company.