Lithuania’s accession to the EU in 2004 gave advantages for commercials not only in this state, but also in other EU member states and the Commonwealth of Independent States, thus providing an opportunity for the development of economic relations. Establishment of Lithuanian organization is carried out by Company Register of Lithuania.
Registration of Lithuanian companies started work on establishment of enterprises in 2004 (before that, this was done by local authorities), nevertheless, information on enterprises has been collected by Register since 1990.
Database of all companies registered in lithuania
According to Law on Money Laundering Prevention, every organization established in Lithuania (with exception of those whose sole participant is the state or municipality) must receive, update and maintain accurate data about its beneficiaries. In this regard, in Registration Center, informational system of beneficiaries for organizations (JADIS in Lithuania) was created, which collects data on beneficiaries of organizations.
Beneficiaries are next-mentioned:
- an individual who is the owner of a legal entity and owns more than 25% of shares, contributions and/or votes, benefits from it;
- individuals otherwise controlling organization’s activities, such as rights to appoint or remove head of enterprise, make strategic decisions;
- individuals otherwise controlling a legal entity, for example, are its heads, chairmen or members of the board or other collegiate body.
A person directly controlling a legal entity can only be appointed once, i.e. the same natural person can only be named as beneficiary or other person controlling enterprise. For example, if the head of CJSC and sole shareholder are the same person, it is sufficient to indicate only shareholders’ data.
In Lithuania, about 110,000 organizations – two-thirds of those who should have done so – have yet to submit their ultimate beneficiaries to the JANGIS system/registry. Banks do not yet apply restrictions to them, and at the moment only those who want to become a new client of the bank can have problems. According to lawyers, this position of banks does not violate law.
Lithuania company registration
It’s very easy to enter your project in business register in Lithuania.
- Determining form of commercial structure.
- Choosing and reserving a corporate denomination.
- Collection and preparation of constituent documentation.
- Formation of authorized capital, creating local banking accounts.
- Submission of notarized constituent documentation to enterprises’ Register.
- Address registration.
- Getting licenses and permits, which are valid throughout EU zone.
- Registration for taxation and social security goals.
To register business in Lithuania takes 3-5 working days. If you register a company in Lithuania, it’ll open up not only great prospects for you to do commercials in Europe, but also gives you the rights to get local residence permission, and in future to receive citizenship.