A Bank Account for a Lithuanian Company

A Bank Account for a Lithuanian CompanyBefore registering a company in Lithuania, you are required to open an accumulative bank account with a commercial bank, credit or e-money institution operating in Lithuania. No payments can be settled via this account, as it is only used for depositing an appropriate amount of authorised capital. As soon as your company is registered with the State Enterprise Centre of Registers, this bank account will be converted into a settlement (current) account.

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:

Mano bank

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.

Once your accumulative bank account is open and the authorised capital is transferred over, you can go ahead and notarise your founding documents at a registered notary’s office in Lithuania. After notarising your documents, you are enabled to register a company with the State Enterprise Centre of Registers in Lithuania and to consequently request your bank account provider to convert your accumulative account into a settlement account for regular commercial operations.

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. Notarise your founding documentation
  8. Register your company
  9. Convert your accumulative bank account into a settlement bank account

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

Range of banking services:

  • Accumulative and current accounts
  • Fixed-term loans, long-term loans
  • Deposits
  • Online banking
  • Credit and debit cards
  • Cash management
  • Payment solutions for websites

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.