In the recent years, the favorable opportunities for investments and trade in Lithuania attract more and more foreign enterprises: they choose Lithuania as a stable country that offers a comparatively simple and safe investment policy. More and more companies are catching on the benefits of Lithuania’s e-infrastructure and one of the best conditions possible to get business up and running. Citizens of third countries, including Belarus, are welcome in Lithuania to fill the niche of missing qualified specialists in the country.
Reasons why Lithuania is the best choice for doing business in Europe:
- Looking from the perspective of logistics, Lithuania is a truly convenient country. All European capitals, for instance, can be easily reached from 3 Lithuanian international airports (in Vilnius, Kaunas and Klaipėda) by making a two-three-hours flight and not longer.
- Lithuanians speak at least one foreign language, and even a half of the inhabitants of Lithuania speak at least two languages. 85 % proﬁciency in English among young professionals.
- Many qualified and motivated professionals are currently working in Lithuania. For this reason the effectiveness of this country and the quality of life are increasing rapidly.
- High rankings granted to Lithuania recently confirms preferable business conditions, good investment possibilities, capacity to create a good well-being of the country:
- 11th position in the World Bank’s Doing Business 2020 report measuring business conditions;
- 13th freest economy in the world( Fraser Institute, 2018);
- 29th position in IMD World Competitiveness Rankings. This ranking shows how countries are able to harness available resources and competences to increase their well-being;
- 6th place globally for the best work-life balance (OECD Better Life Index, 2019);
- 18th position in Paying Taxes Ranking 2019, ranked by PwC and the World Bank Group;
- Free Economic Zones in European Union. Profit Tax Exemptions
Leading IT infrastructure
Located at the crossroads of Western Europe, Northern Europe and the CIS, Lithuania is an ideal place for accessing EU markets. With its well developed, fast and reliable physical and IT infrastructure, Lithuania is set up to deliver business success. Lithuania’s e-infrastructure is amongst the best worldwide:
- 9th globally for 4G availability;
- 1st globally for public WiFi speed;
- 4th globally in National Cyber Security Index;
Lithuania is ranked first globally for fulfilling business needs for ICT, and is a regional leader for bandwidth and fibre-optic infrastructure. Combine this with its convenient time zone for broad international service coverage, and Lithuania is an excellent location for international IT and service operations. Vilnius, the capital of Lithuania, has already established itself as a hub for IT talent, attracting both local and global start-ups, as well as industry giants.
Attractive business environment, easy business registration
It is fast and convenient when it comes to set up business in Lithuania. Lithuania is committed to providing the best conditions possible to get your business up and running. The initial capital for company incorporation starts from 2,500 Eur.
Residence and work permits in Lithuania
Non-EU citizens who are planning to work in Lithuania here must obtain a work permit; this must be done prior to arrival in Lithuania. A temporary residence permit grants a foreigner the right to live in Lithuania for a certain time; such permits are issued to non-EU residents. Permanent residence permits are granted to individuals intending to live permanently in Lithuania and who have confirmed their foreigner–permanent resident status; such permits are issued for five years.
An alien who intends to work in the Republic of Lithuania must obtain a work permit in the Republic of Lithuania, except same cases where the alien is exempted from the obligation to obtain a work permit. A work permit shall be issued to an alien for a period of up to two years, specifying the job (position) and the enterprise, agency or organisation at which the alien will be employed.
If you are planning to run innovative business in Lithuania and European Union there is a unique immigration Startup Visa Program designed for innovative startup founders who wish to establish a startup in Lithuania. If the business idea is deemed suitable by our panel of experts, you’ll be able to qualify directly for a temporary residence permit. The residence permit will allow to live in the country for one year, with the possibility of extending for an additional year, after which the person have to meet general immigration requirements.
If you are a highly qualified non-EU citizen, you can apply an EU Blue Card, a residence and work permit that allows to legally reside and work in an EU country. A Blue Card is issued to an employee with a university degree or at least five years of professional experience. The BLUE CARD – the incentive mechanism to ensure attraction of highly qualified specialists from third countries to the EU labour market. You’ll become eligible for permanent residence after five years with the Blue Card if that period is not interrupted by you leaving the territory of the Republic of Lithuania for a period of six consecutive months and does not constitute a total of 10 months in the five-year period.
ECOVIS ProventusLaw also assists business people and employees acquiring European Schengen visas, employment permits, residence permits based on Blue Card EU as well as European residence permits based on the grounds for family members, employees, management, and investments. With a residence permit in the Republic of Lithuania without a hitch, you ‘ll be able to not only to Lithuania but also to any other country of the Schengen area.
ECOVIS ProventusLaw – your partner for business registration and migration issues
ECOVIS is experienced international consultancy service provider having offices in every European Union member-state and major World economic centres. ECOVIS services companies from Americas and Asia entering European common market. Local knowledge in the home country and international expertise of the international network.
The team of ECOVIS ProventusLaw:
- assists and provides legal assistance to business people seeking to obtain permits for residence in Lithuania and the EU;
- provides assistance in opening of banking type accounts for Belarussian legal entities with Lithuanian Electronic Money Institutions (EMI) or specialized banks (SB)provides comprehensive services from incorporation/acquisition of businesses in Lithuania to obtaining residence permits for family members;
- represents skilled professionals in obtaining the EU Blue Card providing a path towards free residence and work throughout the EU;
- assists in obtain of Startup Visa;
- prepares documents required by the Migration Department and represents the client.
More about ECOVIS ProventusLaw services:
- Business incorporation: https://ecovis.lt/business-registration-european-union-eu/;
- Opening of bank accounts: https://ecovis.lt/fintech/iban-sepa-bank-account-opening/;
- Migration: https://ecovis.lt/practice-areas/labour-law/residence-work-permits-eu-lithuania/.
If you have any questions please contact us: [email protected].