Why Lithuania. Why ECOVIS

Lithuania has everything you need to make your investment in Europe (EU/EEA area) go further: dynamic talent pool, competitive, growth-oriented business environment, strong focus on continued innovation, EU-leading infrastructure, innovations and R&D, quality and costs, 6 Free Economic Zones.

Why Lithuania is one of the best European business jurisdictions

High rankings recently granted to Lithuania confirm preferable business conditions, good investment possibilities, capacity to create good well-being of the country:

• 6th in the EU for ease of paying taxes (PwC Paying Taxes 2020);
• 11th position in the World Bank’s Doing Business 2020 report measuring business conditions.
• Vilnius took the 1st place in FDI’s first Tech Start-up FDI Attraction Index 2019.
• Top 4 best locations in the world for FinTech, ranked by Findexable Global FinTech Index 2020, covering more than 250 cities in 65 countries.
• the 18th position in Paying Taxes Ranking 2019, ranked by PwC and the World Bank Group.
• 30th position in IMD World Competitiveness Rankings 2021. This ranking shows how countries are able to harness available resources and competencies to increase their well-being.

FinTech or other company registered and licensed in Lithuania provides a significant competitive advantage and opens EU/EEA financial market at significantly lower incorporation and operational costs. Regulators in other member states are not allowed to make any barrier or set additional requirements. FinTech is a dynamic and rapidly developing sector in Lithuania. Two hundred Fintech companies operate in Lithuania. The Bank of Lithuania is constantly receiving applications for neo-bank licenses, Payment and Electronic Money Institutions, investment advisory and brokerage companies, crowdfunding platforms, insurance companies and Insurtech startups. The main reason why companies choose Lithuania are fastest licensing process, lower initial capital requirement for challenger banks, regulatory Sandbox, newcomer program and other progressive regulations.

Business-oriented regulation

ECOVIS ProventusLaw is the founder of FINTECH HUB LT association which now unites more than 60 FinTech companies licensed in Lithuania. It intends to contribute to the creation of favorable conditions for the activities of financial technology industry players, seeking to make Lithuania a traction center for the financial technology industry throughout the European Union. Our FinTech community and regulator welcome all new ideas and proposals on the improvement of existing regulation. International FinTech is part of the Government policy in Lithuania. Together with other state authorities, the Bank of Lithuania aims to create a FinTech-friendly environment that will attract new companies and encourage them to incubate new products in Lithuania.

ECOVIS is an experienced finance institution and FinTech licensing advisor

ECOVIS professionals advise governmental working groups on improving the regulatory environment for financial institutions in Lithuania and focusing on pan-European needs. Currently, we provide services to clients from continental Europe, the UK, Americas, Southeast Asia, Israel, UAE and other parts of the world. We do not differentiate between experienced international financial institution providing services around the globe and FinTech start-up making their first steps into the European financial market. We welcome everybody and we are ready to assist everyone. ECOVIS ProventusLaw experience in consulting and licensing international clients goes back to the incorporation of the first modern NSEL 30 Index fund in Lithuania and the fund management company 15 years ago. We licensed the first international payment FinTech in Lithuania – California-based e-payment company in 2014. We advised the national post operator AB Lietuvos Paštas and the leading mobile telecommunications service provider UAB Omnitel (now Telia) on getting their payment processing licenses.

ECOVIS ProventusLaw acquired an electronic money institution license for Singapore-based Nium operating in more than 50 countries. ECOVIS offices in Lithuania, Singapore, Luxembourg and Germany assisted Nium, so this project was definitely international. In 2019, Ecovis proved services to the UK’s Contis Group, the leading European alternative banking and payments solutions, in getting an Electronic Money Institution license before BREXIT. The total number of financial licenses we served from the beginning till the end of the licensing process currently exceeds 35.

ECOVIS International is global financial advisor

ECOVIS ProventusLaw is a part ECOVIS International – the leading global consulting group with over 9000 professionals operating in more than 80 countries around the world. As an interdisciplinary network of legal, audit and tax professionals, ECOVIS advises on all aspects of financial institution’s incorporation and licensing process, including preparation of the business plan, tax advice and human resources. ECOVIS handles all licensing processes, from the preparation of documentation in a client’s home country to the submission of the full licensing package to the regulator and representation with the regulator. Our worldwide ECOVIS network with offices in more than 80 countries provides clients with the possibility to work through their home country ECOVIS office. You can get a license for your European financial business without leaving your home city. Deep local knowledge in the home country and international expertise of the interdisciplinary network of ECOVIS International professionals ensure fast and efficient services for the client. This makes ECOVIS different from other service providers.

More about FinTech licensing.