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Foreigners setting up start-ups in Lithuania will receive start-up visas twice as fast as now

Foreigners setting up start-ups in Lithuania will receive start-up visas twice as fast as now

21/06/2019

As of 1 July 2019, the process of start-ups visa (“Startup visa”)  issuance for foreigners from the third countries will be shorten twice than before in Lithuania – from 30 to 15 calendar days. For those who are investing to venture capital and private equity funds it is expected to shorten this term from 30 to 5 calendar days. According the Ministry of the Economy and Innovation, this will attract innovative, promising companies based in other foreign countries and thus for Lithuania to become a start-up and technology center.

In this case, decisions on residence permit in general procedure are made within 2 months, and in urgent cases – within 1 month, if person is applying for “Start Up” visa.

“Startup Visa” – is a program started at the beginning of 2017 for attracting foreign talents and investments to Lithuania, providing an opportunity for innovative starters from third countries to come and develop their business solution using the infrastructure of Lithuania. If the idea of an innovative business presented is promissing, the person acquires the right to obtain a temporary residence permit in Lithuania and to further develop this start-up here. Under this program, people from third countries can complete all migration procedures quicker and easier because of a work permit issued by the Migration Department in Lithuania.

The Startup Visa gives individuals who are setting up a startup temporary permission to live and work in Lithuania for a period of 1 year. Family members are permitted to accompany them. The permits can be extended for one additional year. After that, regular immigration procedures apply.

List of documents for start up visa

The following documents will also have to be submitted, in spite of a request, to get a start-up visa:

– Letter from public enterprise „Versli Lietuva“, approving that legal activity that the foreigner intends to engage in is related to the introduction of new technologies or other innovations of economic and social importance to the Republic of Lithuania and that the foreigner has necessary qualification, financing and business plan to carry out this activity;
– Valid travel document;
– 1 photo (40×60 mm);
– Documents, proving sufficient funds for subsistence;
– Document of residence place;
– Police clearance certificate;
– Health insurance;
– Notification which foreign states indicated in the List of foreign countries were visited and / or resided;
– A legal residence document if the application is filed in Lithuania.

27 new inovative businesses has been set up under “Startup Visa” program, and in total there are 612 start-ups in Lithuania. The number of operating startups in Lithuaniahas increased by 58% during last years. Lithuania‘s start-ups they attracted EUR 183 Mio from foreign and Lithuanian funds during 2018 and this is more than ever before.

Law Office ECOVIS ProventusLaw assists citizens from third countries who intend to develop their business in Lithuania to handle documents necessary for getting visas and other procedures. If you need any help, please contact us.

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