Lithuania is a business-friendly country ideal for young entrepreneurs and skilled professionals and trusted by the top corporates such as IBM, Barclays, Western Union, AIG, Nasdaq, Thermo Fisher Scientific, as well as global startups like Uber, Wix.com and many more. Lithuania also succeeds in the Talent, being a country full of ambitious, energetic, skilled and talented young people ready to work. Moreover, the country provides the fastest and safest internet access in Europe. All these conditions combined with a rapidly growing startup ecosystem make the Baltic state an ideal place for companies to set up shop and scale up.
With several high volume A and B series investments into the strongest Lithuanian startups, such as Trafi, Aimbrain, TransferGo and a couple of sizable ICOs made by Monetha, Mysterium Networks and Bankera, the Lithuanian startup ecosystem is showing some real muscle. The country’s biggest tech hub, Vilnius Tech Park, which opened last year, has also been a significant attraction for startups, which consider moving to Lithuania. After all, it’s the biggest tech hub of its kind in the entire CEE region with 9,000 square metres of offices, co-working spaces, cafeterias, conference rooms, and recreational areas. Keep in mind that Vilnius has been chosen as the most affordable European destination by the Independent, which means that staying here won’t burn a hole in your pocket.
Newly launched Vilnius Tech Map showcases the local tech industry Vilnius has recently launched the Vilnius Tech Map – a one-stop source for more than 1,400 local tech industry players, including tech startups, investors, workspaces, and accelerators based in the city.
Registering as a resident (EU citizen)
If you are an EU citizen and are planning to stay for more than 3 months, you need to register and get a residence permit at the Migration Department.
You will need to bring: your passport, your work contract with a Lithuania-based company or see here for other options, 3 copies of your residence permit application forms (get them here), proof of your place of residence.
REGISTERING FOR THE EU BLUE CARD (NON-EU CITIZENS)
If you are not an EU citizen, you need to register with the Migration Department in order to receive a residence permit in Lithuania. Get more info here.
For more information regarding immigration, use official webpage of the Migration Department.
The Startup Visa
The Startup Visa provides a streamlined entry process to the Lithuanian startup ecosystem for gifted and ambitious non-EU entrepreneurs who wish to establish a startup in Lithuania. Potential Startup Visa applicants are not subjects to minimum capital requirements or employment commitments if they wish to obtain a residence permit. Startup Lithuania assists Startup Visa applicants throughout the whole process, from the application submission and evaluation by the commission to ensure a certificate from the Migration Department.
Successful and well-prepared startups obtain a temporary residence permit in Lithuania with the possibility to extend it for an additional year. After the first two years, startups must fulfil regular immigration requirements in order to remain in Lithuania.
You can apply for a startup visa here.
Taxes
General information about the tax system in Lithuania you will find here.
National authority responsible for taxes. – Lithuanian Tax Inspectorate
Insurance
Find out more about compulsory health insurance here.
Subsidies Offered by Invega
INVEGA aims to promote the growth and competitiveness of Small and Medium-sized Enterprises (SMEs) by implementing various financial measures, such as soft loans, loan guarantees, interest rate subsidies, and support for the first job and finance of consultancy expenses.
Subsidies Offered by the Ministry of Agriculture of the Republic of Lithuania
The Ministry of Agriculture of the Republic of Lithuania usually offers financial aid in various forms to micro or small companies engaged in economic activities and seeking to reduce social exclusion and fighting poverty in rural areas.
Venture Capital
Lithuanian companies dealing with venture capital belong to Lithuanian Private Equity and Venture Capital Association (LT VCA). Currently, at LT VCA there are 27 active companies/members covering different types of venture capital business activities. These include fund management companies, consulting firms, lawyers, public institutions etc., who support and advise investors and entrepreneurs in the structuring and management of their partnerships.
Source: Lithuanian Private Equity and Venture Capital Association
Accelerators and Incubators
Angels
Business Angels Networks
Startup Jobs
With its new Job Offers section, the Go Vilnius website is the place to stay up-to-date with the latest and greatest career opportunities at international companies operating in the city.
Education
As the capital, Vilnius is a city of science and technology and home to 14 colleges and universities, 13 research institutes, and 5 science and tech parks. It is a place where world-class science and technological innovations are being developed. Experts in laser technologies, medicine, information, and biotechnologies, as well as architects and artists, have been promoting Lithuania abroad for quite some time now. For instance, the Lithuanian biochemist and Vilnius University Professor Virginijus Šikšnys was among the Nobel Prize candidates in Chemistry in 2016.
More detailed information about Vilnius’ higher education institutions can be found here.
Moreover, Vilnius is a place of various makerspaces, where science meets creativity, and where innovative ideas are growing:
HR
The following human resource recruitment companies can help you in finding talents in Vilnius:
Business Registration
Businesses can be up and running in just three days, thanks to a streamlined registration process. Here’s how it works:
STEP 1
Open a bank account, which costs €30 and takes one day. Your bank card will arrive within 5 working days. You can find all of the banks that are operating in Lithuania here.
STEP 2
Have your company documents notarised, which takes one day. Find a notary online here.
STEP 3
Register your company at the Centre of Registers – it can be done online or in person. The Centre will help you make your business legally recognised by the state, which takes 3 days.
Accounting
Questions related to accounting are regulated by the Republic of Lithuania Accounting Law, which defines the organisation of accounting, accounting documents, and registers as well as their storage, correction of mistakes, responsibility for the organisation of accounting, and storage of accounting documents.
More information on the requirements for financial statements of entities is available here.
Opening a bank account
Opening a bank account is quite easy in general – just go to your preferred bank and sign a bank account contract. This can be done by any individual, a Lithuanian citizen, and someone from another country by providing one of the following documents:
Source: The official webpage of the Bank of Lithuania
Business Location
Over the last couple of years, Vilnius has witnessed more offices opened for startups, more working spaces for freelancers and foreign specialists, and most importantly, a more concentrated and collaborative startup community.
Legal – The Lithuanian Legal System
The Lithuanian legal system is principally based on the legal traditions of continental Europe. During the last decade, the state’s central priority was harmonisation of the Lithuanian law with the European Union law. From 1 May 2004, all of the European Union’s legal acts (directives, regulations) are also a constituent part of Lithuanian law. Official access to all legal acts of the European Law is provided here.
Law Firms in Vilnius
There are multiple law firms that operate in different areas of law in Vilnius. A list of the best law firms in Vilnius operating within specific fields of activity is available here.
