No:

Procedure

Time to complete

Cost to complete

Comment

1

Open a bank account, get a bank certificate proving the availability of the funds,  pay the registration fee and acquire the document evidencing the payment

1 day

Usually no charge

2

Notarize the agreement of incorporation and by-laws, and the application for the registration of the private limited liability company.

2 days

LTL 400

Under the resolution establishing the Company Register, the notary must verify all registration documents.
For the registration of a partnership and limited partnership the following documents must be submitted:
1. The application to register the company.
2. Three copies of the incorporation document.
3. The statement regarding provision of the premises for economic activities of the company including the address and provision term issued by the owner of the non-living premises.
4. For the registration of a company in residential houses owned by the municipality, undertakings, organizations, cooperatives and associations, and a statement verifying that the apartment (house) is owned by the owner specified in the incorporation documents; also the owner must provide the premises for the activities of the company.
5. The statement regarding the opening of an accumulative account in a bank and the authorized capital formed.
6. The report on assets valuation provided the shareholder partially pays for the shares not by monetary contributions.

3

Register at the Company Register, including registration with State Tax Inspectorate (The Lithuanian Revenue Authority) for corporate tax, VAT and State Social Insurance Fund Board (SODRA)

6 days

LTL 198

All companies in Lithuania must be registered in the central company registry. A company acquires the status of legal entity, and all rights and obligations under its name, on the date of registration.
Required documents:
· Application for the registration of the company;
· Certified agreement/memorandum of incorporation;
· Corporate decisions regarding the appointment of directors;
· Document evidencing the payment of the registration fee.

4

Complete VAT registration

10-15 days

No charge

A company must be registered as a corporate taxpayer within 5 days of registering with the Enterprise Registry. The registry automatically forwards the relevant information to the tax office. All taxes except VAT and social security are taken care of with a single form.                 The company must be registered as a VAT payer if the annual turnover is more than LTL 100,000. In order to register as a VAT payer, a special application form (FR 0388) must be filed with the Tax Registration Office. An application can also be filed electronically. If the legal entity's annual turnover is not more than LTL 100,000, it may be registered as a VAT payer in any case except when:
·  They engage in activity which is not a VAT object in Lithuania;
·  They engage in activity which is liable for 0% VAT in Lithuania;
·   They engage in activity where VAT on the good delivered or service supplied be a foreign taxable person is chargeable on the purchaser or customer residing in Lithuania.

5

Inform the State Labour Inspectorate of the company

1 day

No charge

The company may inform the State Labour Inspectorate by free-form letter or phone call. An inspector may be sent to verify whether the premises comply with the legal requirements applicable to the workplace.

6

Open a settlement bank account (to handle normal commercial transactions)

1 day

No charge

7

Obtain the official seal of the company

2 days

LTL 30-90