Today, issue of accounts’ getting in any European space is quite complicated. There is no need to talk about the importance of having commercial banking account, every businessman knows it. Now Lithuania offers a unique opportunity for commercial projects to create a coveted bank account without any problems.
Benefits of bank account opening in Lithuania:
- establishments allow executives with and without residence to create accounts;
- there’s an opportunity to choose a banking facility in accordance with the goals of the business (both small local establishments and the largest Scandinavian groups operate there);
- possibility of creating bank accounts for individuals;
- having multi-currency accounts;
- state guarantee of the return of deposits up to 100,000 euros in one bank;
- lack of currency control in the country, availability of funds and transactions at any time of the day.
Nuances connected with Lithuanian bank account
Local establishments create accounts for all businesspersons of state, including offshore enterprises. Banks work with both individuals and corporate structures. Banking facilities offer a wide list of financial services: settlement and cash transactions, opening investments, savings and multicurrency accounts, asset management services, remote account management, etc.
Creating banking accounts, no initial deposit is needed. Businesspersons may have more than 1 account in banking establishment. Executives get rights to terminate account contracts and withdraw funds at any time.
Several establishments acting in Lithuania offer an opportunity to create accounts in electronic mode, i.e. without the need to arrive at the branch of selected bank. Thus, people wishing to create accounts must fill out special form and sign it with an electronic signature. After this action, the person receives rights to familiarize himself/herself with agreement and sign it. After signing the agreement, the bank performs the actions needed to create account in the name of the client.
Points needed to be considered
Documentation may be checked in a period from an hour to three days. If the questionnaire is drawn up correctly and inspires confidence, account opening is approved. People without residence are given access to Internet banks, instructions on how to use it, and the original contract. It contains the account number. A card may be received a couple of weeks after paying the commission for its issue. To create account in the Lithuanian bank, next-mentioned is verified:
- enterprise activity;
- its suppliers and partners;
Accounts will allow businesspersons to transfer funds, withdraw cash from country, sell and buy foreign currency, and pay utility bills. Banking facilities may be chosen based on commercial objectives. There are both small banks and large Scandinavian groups. Since there is no currency control there, funds are always available – you can send them at any time.
Banks of jurisdiction, as a rule, request confirmation of solvency of beneficiary of company, certified evidence of the existence and profitability of the client’s resident business. There are cases when banks may require a reference from a resident or foreign bank, which must include data on availability of funds in client’s account. Passing KYC verification is one of the most difficult stages of opening an account, which, without the use of special knowledge, can take several months.