Lithuania is the largest Baltic country. In 2004 Latvia joined the European Union what gave additional advantages in making business inside the country; and also on the territories of the EU and CIS countries. Labor costs in Lithuania are probably the most attractive in the Baltic. The most widespread legal form of companies for small international investments is Limited Liability (UAB). Income tax rate in Lithuania is one of the lowest – 15%.
Currency – Lithuanian Litas (LTL). Official language is Lithuanian, however Russian is also quite widespread. Business languages of the country are English, Russian and Lithuanian.
Limited Liability Company (Ltd.)
Members of Board
Quantity: minimum 1.
Quantity: minimum 1. Director can also be a Member of Board.
Quantity: minimum – 1.
Standard declared capital – about 3,000 EUR.
Submission of Annual Report
Annual report for the first year should be submitted no later than after 18 months from the registration date.
Submission of Financial Statements
Should be submitted annually. Audit is required only depending on annual turnover and balance sheet indicators.
Corporate income tax rate – 15%.
Agreements about elimination of double taxation
Agreements about elimination of double taxation are signed with more than 20 countries, including European countries, the US, Russia and CIS countries.
Term of company registration
7-10 working days; term of receipt of complete set of documents – 2 weeks.
Set of registration documents
This service is offered to clients that work with Latvian companies inside Lithuania and the EU, and also for clients that perform export operations to third countries.
The registration procedure takes from up to 14 working days. Monthly and quarterly accountant compiles and submits VAT reports. Cost of compilation of reports is included in yearly company maintenance fee and depends on the number of operations.
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