Doing Business in Lithuania. Join our Lithuanian team for development.

Report B2BALTIC™ this time devoted to doing business in Lithuania, starting a business, company registration / formation, trade and import export, investments. B2Baltic Team is anytime ready to meet up personally in Vilnius with Lithuanian entrepreneurs and local professionals. This year we talk about internationalization and initiatives involving Germany, Austria, Sweden, Italy, USA, new trends for social start-ups in B2BALTIC StartUp Hub with concrete funding opportunity for childcare and elder-care, innovation & tech with Lithuania as technological headquarter, plus restructuring and reconstruction of real estate for commercial purpose (retail, entertainment) in Vilnius. In this practice guide you´ll find important information you absolutely should now in advance.

Invest in Lithuanialithuania-europe-flag

If you are considering investment in Lithuania, here are some steps you may wish to consider as you get started:

Watch the presentation movie Doing Business in Lithuania below;

Read the PricewaterhouseCoopers PWC Business Guide Lithuania 2015 in PDF;

Register your company on B2BALTIC™ Hub starting for free;

Join B2BALTIC also on LinkedIn (see regional group directory GROUPS4U);

Subscribe to our Twitter page to follow top news from the Nordic/Baltic;

Arrange a skype call with a representative or meet-up with us in Vilnius.

Current activity of B2BALTIC™ in Lithuania

Supporting Lithuanian professional to find partners abroad and increase export, providing free facilities as well, through B2Baltic B2B networking groups (see GROUPS4U) and blogs, promoting Lithuania worldwide;

Supporting Lithuanian Non-Profit professional industry (see our regional group) and helping develop new music & concert events in the Baltic States with Lithuania as manager/promoter, connecting to international Music-Industry experts;

Developing Real Estate targeting renovation of old historical buildings in Vilnius and a new luxury retail mall (see experience Baltica & Partners), inside the project Luxury Nordic Hub (new partners/investors are welcome, or bring your own building and your development idea);

Developing social family services especially oriented to elder and children care (new partners/investors are welcome);

Why Lithuania is good for business

Lithuania presents a number of opportunities for businesses considering exporting abroad. Promising sectors include particularly financial services and computer software development, client support centers, and renewable energy including solar panel production. Other potential sectors include bio-plastics production, transportation and logistics thanks Lithuania’s geography and infrastructure, going to become a regional hub serving the strong markets of Scandinavia, European Union, and Russia/CIS countries.

– The fastest Internet speed in Europe (2nd fastest worldwide);
– Engineering industry works for NASA, Boeing, U.S. Army, BMW, Volkswagen, Hitachi, Siemens, Mitsubishi;
– Biotechnology sector is among the mostly developed in the CEE region, opportunity for Pharma Industry;
– Laser producers have NATO and Pentagon as their clients.

– Top corporations have chosen Vilnius like Western Union, Barclays, Swedbank, SEB, Computer Science Corporation (CSC), Danske Bank
– The port of Klaipeda is the northernmost ice-free port on the east coast of the Baltic Sea.

Where is Lithuania

Lithuania-Map-Google

Ease of doing business

According to the World Bank’s, Lithuania (see Ease of doing business) has one of the best rank in the world, 21st position, among the world’s most businessfriendly countries. Lithuania’s strengths are demonstrated in the fields of registering property, starting a business, and trading across borders.

Free economic zones, Import Export, Lithuania trade

A free economic zone (FEZ) is a territory designated for the purpose of economic-commercial and financial activities where companies enjoy preferential economic/legal conditions. FEZ are in Klaipeda and Kaunas. With superb road, rail and sea access, Klaipėda FEZ forms part of the hub of a multi-modal transport network. Lithuania is a small market, like in all the Baltic countries, but it is a popular international trading hub with good developed logistic structures. Highlights: No tax on real estate, No tax on dividends for foreign investors, No corporate income tax during the first 6 years and only 50% (i.e. 7.5%) of corporate income tax over the next 10 years. Ask B2Baltic team the best zone and check out some of the logistic structures partners of B2Baltic.

Science and business campus

5 integrated science & business campus are being developed in the territories of Vilnius, Kaunas and Klaipėda. Each of these specialises in a different area of scientific research: laser and light, technologies, civil engineering, biotechnology, molecular medicine, nanotechnologies, sustainable chemistry and bio pharmacy, information and communication technologies, electronics and organic electronics, and others.

Industrial parks

Lithuania attracts investors not only to its FEZs but to its industrial parks as well. Industrial sites in Lithuania have already been fully prepared for business use and they have the entire necessary physical infrastructure which has been brought to the investor’s land plot free of charge. Ask B2Baltic team the best industrial park for your kind of production.

Real Estate Investments

Registration of property in Lithuania is smooth and simple. Generally, no stamp duties are charged on sale/purchase transactions. Lithuania ranks 6th in the world for ease of property registration. The real estate tax rate ranges from 0.3% to 3% depending on local municipalities. B2Baltic & Partners are particularly active on real estate investments and development, both commercial and residential. You can use our experienced lawyers to manage your transactions.

Labour

One of the main advantages of the Lithuanian labour market are qualified specialists in social sciences, economics and law. A strong IT sector, engineering, manufacturing and construction are other highly qualified fields.
According to the available data, Lithuania has highly educated talent pool. It ranks 1st in the EU as 93% of its population have secondary or higher education. Besides, Lithuania ranks 2nd in the EU as 47% of its population aged 24-29 have a university degree. Minimum wage is interesting to new businesses: EUR 1.74 per hour (gross), EUR 290 per month (gross). Any EU citizen is free to stay in Lithuania nearly without any legal obligations.

Corporate income tax (CIT)

A reduced CIT rate of 5% applies to: small companies which meet certain conditions or companies involved in agricultural activities and which meet certain conditions. The standard CIT rate is 15%, which is one of the lowest in the EU. A reduced CIT rate of 0% applies to companies which employ employees eligible for social support and which meet certain conditions. Incentives to holding companies: capital gains on transfer of shares could be exempt from CIT if a Lithuanian company. FEZ companies with capital investments not less than EUR 1 Million and which meet certain other
conditions are exempt from CIT for the first 6 years following the date of the capital investments and they are subject to a 50% reduction in CIT rate for 10 subsequent years.

Personal income tax

All income received by a Lithuanian resident is subject to personal income tax except for non-taxable income. Personal income tax rates are 15% and 5%.

Starting a business  and get funding: StartUp Lithuania

Thank B2Baltic Start-Up Hub and the investor club Nordic/Baltic, your project might find in Lithuania our fundraising opportunities and provide you marketing development on global scale. N.B. Local structures, local accelerators, domestic startup hubs, although able to integrate you inside quite small local market, sometimes do not provide your future startup with good developed international connections. Instead in B2Baltic StartUp Hub you work with European sales & marketing developers with high communications skills, open-minded attitude, high experience in big market-places like Germany, Sweden, Austria, Switzerland, Italy and USA. Candidate your project now.

Company formation and registration in Lithuania

B2BALTIC cares about all the tasks from company forming to registration, directory listing, VAT registration, accounting and financial support, as well as investor and fundraising search in Vilnius, Kaunas and Klaipeda. Typically the formation costs for a new business LLC/LTD including register and notary fees are about 500-1100 EUR one-time, accounting about 500-1200 EUR a year. The minimal capital requirement in Lithuania can also be 0 EUR. Each new startup is registered in B2Baltic Hub, get listed and promoted automatically by B2Baltic marketing team for the first year included.

Currency of Lithuania

The currency in Lithuania is EUR since 1st January 2015.

Invest in Lithuania: Business for sale, property for sale

If you don´t want to create a startup, B2Baltic can provide you with a ready-made (or shelf-) company with zero or positive financial records, as well as activities for sale including structures, assets, collaborations, contracts. You can also join B2BALTIC INVESTOR CLUB to acquire/co-invest and develop business in Lithuania.

Translations and localization in Lithuania

The official language is Lithuanian. However the English language is daily used in business place. When you need language support, B2Baltic team will provide you English Lithuanian translator in order to translate Lithuanian to English or other language, as well as editing and printing documents, assistance for corporate localization when you join fair trade in Lithuania.

Trade fair in Lithuania

fair-trade

The upcoming trade fairs in Lithuania.

Luxury SPA and Corporate Business Hotels in Lithuania for your stay

Luxury & Wellness Hotels:

Vilnius Grand Resort ***** : http://www.vilniusgrandresort.com/
Ramada Vilnius ***** : http://www.ramada.com/hotels/lithuania/vilnius/ramada-hotel-and-suites-vilnius/hotel-overview
Kempinski Hotel Cathedral Square ***** : http://www.kempinski.com/en/vilnius/hotel-cathedral-square/welcome/
Stikliai Hotel ***** : http://www.stikliaihotel.lt/

Hotels for Business Travellers:
Radisson Blu: http://www.radissonblu.com/hotels/lithuania/vilnius
Novotel: http://www.novotel.com/gb/hotel-5209-novotel-vilnius-centre/index.shtml

Civil Code of the Republic of Lithuania

http://www3.lrs.lt/pls/inter3/dokpaieska.showdoc_e?p_id=245495

Question?

 

(*) our community policies are public

WRITE HERE YOUR FEEDBACK

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s