Lithuania launches a Startup Visa program that will make it easier for innovative entrepreneurs from outside the EU to set up operations in Lithuania. The program will enable non-EU startup founders and their families to fast-track their temporary residence permits. A detailed new website explaining the whole process www.startupvisalithuania.com has also been launched and made available for applications.
The new Startup Visa legislation has been designed to help startup founders expand to Lithuania. From now on, startups with scalable and innovative business models operating in a number of high tech sectors, including IT, biotech and electronics, will be able to receive a temporary residence permit in Lithuania via a straightforward commission evaluation process.
„It’s good news for FinTech companies planning to choose a residence country. Due to favorable business conditions and forward-thinking regulatory framework Lithuania is in the eyes of more and more globally-oriented FinTech companies. Fast-track Start-up Visa is a one more reason why it is worth to choose Lithuania“, – says Ms. Inga Karulaitytė-Kvainauskienė, partner at ECOVIS ProventusLaw.
Due to favorable business conditions and forward-thinking regulatory framework Lithuania is in the eyes of more and more globally-oriented FinTech companies.
The scheme is expected to open doors to non-EU startups looking to grow in and beyond the EU. Along with a streamlined visa process, these startups will also benefit from Lithuania’s vibrant startup ecosystem and state-of-the-art infrastructure. In return, the knowledge and new perspectives they will bring will benefit local startups.
Lithuania is already regarded as one of the top countries in the European Union for FinTech companies. Application for a license can be submitted here without establishing a company, there are no particular requirements for senior management, the Bank of Lithuania reviews applications and issues a license for Payment or E-money institutions within the period of 3 months or faster.
“We see startups as an integral part of an innovative economy,” – says Mindaugas Sinkevičius, Lithuania’s Minister of Economy, – so, we open our doors to talent that will both embrace and contribute to our 320-strong startup ecosystem.”.