Business starting procedures

Procedure

Time to complete

Associated costs

More details

1. Prepare articles of association, along with founding act/founding agreement

1 day (after receiving all required information and documents)

Only legal costs, if carried out by legal advisor

You will need: 
- a Lithuanian business address (required for the company registration documents);
- to appoint a general manager.

2. Reserve a temporary company name (optional)

1 day

Approx. 16 EUR

Submit an application (form JAR-5) to the Register of Legal Entities. This name will be reserved for 6 months.

3. Open an accumulative bank account

1-2 days (due to bank’s risk management procedures)

Free (or bank fees)

This accumulative bank account is only used for depositing share capital. Later any bank can be chosen for operations. Minimum required share capital – 2500 EUR.

4. Transfer share capital to that accumulative account

1 day

Free (or bank fees)

Please note: 
- if the share capital is higher than 2500 EUR, then at least 25% must be transferred to the accumulative account (with the remaining amount paid in 12 months).

5. Notarise the founding documents at a registered notary’s office

1-2 days

Approx. 72 - 290 EUR (depending on the amount of share capital)

If your country has joined the 1961 Hague Convention, your documents need to be certified by an Apostille. List of countries
In countries that are not listed, documents issued by foreign institutions should be legalized. 
In Lithuania, legalization or certification by Apostille is not required for documents issued in Russia, Ukraine, Belarus, Moldova, Estonia and Latvia.

6. Register the company in the Register of Legal Entities

Up to 3 business days

Approx. 57 EUR

The documents may be submitted to the register only after they have been notarised. (step 5).

7. Convert the accumulative bank account into a settlement account

2-7 days (depends on the bank)

Depends on the bank