A Bank Account for a Lithuanian Company

Viktoriia KorotkevichCustomer SupportView expert profile →

When establishing a Lithuanian UAB or AB, the founders must open an accumulative account with an eligible credit or electronic money institution to pay the required initial capital contributions. This requirement does not apply to every legal form; an MB does not require an accumulative account for statutory share capital. No payments can be settled via this account, as it is only used for depositing an appropriate amount of authorised capital. After registration with the Centre of Registers, you may request conversion of the accumulative account into a current account. Conversion is subject to the provider’s procedures, customer due diligence and approval; it is not automatic.

An accumulative bank account can be usually applied for electronically by submitting a form on the website of one of the banks, credit or e-money institutions supervised by the Bank of Lithuania. You can choose from a variety of bank account providers depending on your needs and preferred procedures. Although the application can be often initiated electronically, in most cases non-Lithuanian citizens are required to personally visit a provider’s branch and, this way, to initiate a business relationship.

Below is the list of some bank account providers:

In order to submit an application, you will first need to prepare such documents as articles of association and a founding agreement, as well as provide proof of a Lithuanian business address along with the details of an appointed general manager. Furthermore, you may also decide to take an optional step and reserve a temporary company name at the State Enterprise Centre of Registers, which remains reserved for 6 months.

Prices of an accumulative account may cost from zero to several hundred euros. In many cases, you will still have to pay for the settlement account as well as a monthly administrative fee. The application processing time is usually dependent on the availability of online services, the complexities of your business model and supply of the mandatory documents – the more prepared you are, the quicker you will open a new account and thus will be able to complete your company registration in Lithuania. We are eager to offer our expertise to assist you in selecting the most suitable bank account provider and in efficiently preparing the documentation. If you have any questions, contact us here.

After paying the required initial capital contributions, complete the incorporation procedure through a notary or, where the statutory conditions are met, electronically through the Centre of Registers without notarisation. Once the company is registered, apply to the account provider for conversion into a current account or opening of a separate current account, subject to its requirements and approval.

Account opening process in Lithuania:

1. Prepare founding and other required documentation
2. Select a bank account provider
3. Optionally register a temporary company name
4. Either submit an online application on a bank account provider’s website or arrange a formal meeting with provider’s representatives
   1. A provider to confirm the duration of your application processing
   2. Documents required by different providers may vary
5. Finalise a contract with the provider
6. Transfer authorised capital
7. Complete the notarial incorporation formalities, unless using an eligible electronic incorporation procedure without notarisation
8. Register your company
9. Apply for conversion of the accumulative account into a current account or opening of a separate current account, subject to the provider’s approval

The processes may vary depending on your business model and requirements of different bank account providers.

Range of banking services:

Company in Lithuania UAB is a team of dedicated and experienced specialists who will gladly provide comprehensive guidance on how to open a corporate bank account in Lithuania. In addition to the bank account opening for foreign citizens and legal entities in Lithuania, we offer assistance in company formation, bookkeeping, legal services and more. You’re welcome to learn about all our services here.