Before visiting Lithuania in person, please send the following information:
- Planned date of visit
- Desired company name
- Company activity
- Data of owners/beneficiaries of the company (photo passport, email, telephone, address of residence, family status)
- Data of directors of the company (photo passport, email, telephone, address of residence, marital status)
Limited liability company in Lithuania
The Lithuanian Limited Liability Company (Uzdaroji Akcine Bendrove or UAB ) is the most common form of business activity in Lithuania, as its shareholders do not bear personal property liability for the obligations of the company.
Virtual office in Lithuania
At the registration of a company it is necessary to specify the legal address of the company in Lithuania by granting the lease/ownership contract of the real estate. For the convenience of our clients Company in Lithuania UAB can offer to use the legal address of our company in Vilnius.
Our virtual office service is a flexible solution for companies that do not need a physical office in Lithuania. Our legal address in Vilnius will be used for registration in the Commercial Register so that if necessary public institutions can send information letters to the company at the given address. All Company in Lithuania UAB clients will be informed of the receipt of letters and notifications.
The main difference between a legal address and a physical address is that the legal address is only the registration address and the company mailbox. If your company needs a physical/real office and then receives accounts in the name of the company, or if the company has an activity on the territory of Lithuania, staff of Company in Lithuania UAB will be glad to help rent/buy premises for a physical office in Lithuania.
Deposit of statutory capital on the opening of a company in Lithuania
At the beginning of the registration process of a company in Lithuania, the participants of the company must open a temporary bank account in one of the banks of Lithuania and to it the authorized capital of the company. As a general rule, this procedure takes place within one day and requires the issuance of a certificate of deposit. Only after the notary has ascertained the receipt of the certificate may a petition for the establishment of the company be submitted to the Lithuanian Commercial Register.
Forms of business in Lithuania
Registration of Lithuanian private company with limited liability (UAB) hours is all applicable for small and medium-sized businesses. The minimum authorized capital of €2,500 is divided into equities with a nominal value of €25 each.
The liability of UAB members is limited by their share in the company. UAB is governed by a general meeting of shareholders and a designated director.
The type of organization intended for large companies is the Lithuanian Public Joint Stock Company (AB), which can be registered with a minimum authorized capital of EUR 40,000. The main difference from UAB is that AB shares can be registered in the Lithuanian stock market.
As in the case of a limited private company, the liability of its members is limited to the contribution to capital. Management is provided by the general meeting of shareholders, but it is also mandatory to appoint a board of directors responsible for making decisions on a daily basis.
The simplest form for Lithuanian business is individual entrepreneurship, which is formed by one entrepreneur. The main advantages of Lithuanian individual entrepreneurship are that there is no need to contribute a registered capital at its establishment. The main disadvantage of the registration of a Lithuanian individual entrepreneur is that the founder assumes full responsibility for the activities of the enterprise, therefore in case of bankruptcy his assets can be claimed to cover debts.
Another form of small business in Lithuania, where the owners’ liability is also unlimited, is partnerships, which are formed by at least two natural persons united by the same objectives under the same name. As in the case of individual businesses, the personal assets of the participants are not protected in the event of bankruptcy.
Foreign companies also have several available options for representation in Lithuania:
- A subsidiary that is an independent entity of the parent company and can be established as a limited liability company
- An affiliate that may perform the same activities as and will depend on a foreign company in Lithuania
- Representation that may act as a channel of communication between the parent company and the clients of the parent company in Lithuania
Please contact Company in Lithuania UAB with the planned date of visit at least two weeks before the arrival and we will prepare everything for your company registration.