Within the laws of the Republic of Lithuania there are the following legal forms, or types, of companies:
• Individual enterprise (sole prorietorship) (IĮ)
• Public limited liability company (AB)
• Private limited liability company (UAB)
• State enterprise• Municipal enterprise
• Agricultural company
• Co-operative enterprise
• European company
• European Economic Interest Grouping
The most common method of investment in the Republic of Lithuania is through the incorporation of a private or public limited liability company (UAB or AB). A comparison of the main features of both types of companies is presented in the table below:
Private Limited Liability Company - UAB | Public Limited Liability Company - AB | |
| Minimum authorized (share) capital | 10 000 LTL=2 900 EUR | 150 000 LTL=43 450 EUR |
Maximum number of shareholders (if any) | 249 | Not established |
Minimum number of shareholders (incorporators) | 1 | 1 |
Liability of shareholders | Limited | Limited |
Audit | Not mandatory | Mandary |
Public trading in securities | Prohibited | Allowed |
Registration of entities
All entities together with all other legal persons are registered with a unified Register of Legal Persons of the Republic of Lithuania administered by the State Enterprise Centre of Registers. A legal entity registered with the Register of Legal Persons is issued a certificate of a legal person of an established form and allocated a legal person’s code.
Shareholders
The shareholders of AB or UAB may be Lithuanian or foreign individuals or legal entities. There are no restrictions or special requirements in respect to foreign shareholders under the Law on Companies of the Republic of Lithuania. Lithuanian laws do not restrict in any way the participation of foreigners in the management of Lithuanian companies. Foreign citizens may be freely elected either to the supervisory council or the board or the position of CEO.
