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Open a company in Lithuania

Open a company in Lithuania

The main features of company registration in Lithuania

Registration of company in Lithuania is determined by the following forms of ownership, with the presence of the status of a legal entity, which is recommended to exist in the country one of the most common types of companies, which occupy about 96% of the total market of Lithuania - is the Closed Joint-Stock Company (UAB). The minimum required authorised capital is 2900 EUR. A full-fledged organization in Lithuania is a structure that has been registered with the Tax Service and entered in the State Register of the country, as well as having its details in a bank. Information about the company can be found on the website of the Lithuanian Register. The list of documentation, officially existing enterprise (CJSC) includes all documents, which are de facto owned by the company after its registration, along with the charter of the company, noted in the tax service. Charter documentation, which is transferred together with the finished company, gives the opportunity to organize any kind of activity. The main advantage of acquiring a ready-made company, before the registration of a new one, is to save time, which will be 7 days, as well as there is no need to form the authorized capital.

Closed joint-stock company

The minimum authorized capital of the company is set at 2,500 EUR and must be formed before opening the company in Lithuania. Shares - not issued. The authorized capital is divided into shares of participants. Director - at least one individual, without residency requirements A shareholder (participant) - at least one natural or legal person, no residency requirements. A shareholder and a director may be the same person. Secretary - no requirement to be present. Public information - about the director and shareholder. Accounting - a financial report must be kept and filed every year. Depending on assets, number of employees and turnover, companies must undergo a mandatory audit. Office - it is mandatory to have a registered office in Lithuania.

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Necessary steps for company registration in Lithuania

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For open a company in Lithuania, there are a number of step-by-step actions that implement a proven strategy consisting of the following list of services the preparatory stage, where the formation of the documentation package for the opening of the company. Registration of companies in Lithuania is accompanied by the provision of a legal address. Translation of all necessary documentation. Formation of the list of documents requiring notarial certification. Order company printing for your company. Keeping the company active for renewal of VNZ after a year (if required). For companies operating with virtual assets, obtaining a CASP license is a crucial step.

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Taxation

Profit tax - 15% (and preferential 5% if turnover is less than 300,000 euros/year, in which up to 10 employees are employed, and shareholders or related persons do not own more than 50% of shares in other enterprises). The tax is paid on the net profit of the company. Dividend tax - 15%. If the parent company receives dividends from its subsidiary, in which it owns at least 10% of shares for 12 months, then such dividends are exempt from taxation (the so-called «significant participation privilege»). Also dividends received from a foreign company registered in an EU member state are not taxed. VAT - 21%. It is necessary to receive in case of purchase of goods in the amount of more than 16 thousand. Euros from other EU countries or availability of sales in the amount of more than 45 thousand. Euros in the last 12 months. The tax rate of social contributions for the employer on payment of wages: 30.98 per cent of the gross salary of each employee. The employer must also pay 0.2% of the gross salary to the Guarantee Fund.

 

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