Information: Business in Lithuania
A wide information and facts on the topic of doing business in Lithuania and how to set up business. Read further.
Accounting laws in Lithuania are similar to those of EU, but some details are different. Read more about accounting reforms in Lithuania, as well as about how to submit and publish an annual report, make a joint report and what to include in accounting documents and reports. Here you will also find a brief history of accounting rules in Lithuania, including accounting reforms.
State enterprise Centre of Registers of Lithuania is a governmental agency that joins various Registers. It includes Real Property Cadastre and Register, Register of Legal Entities, Register of Addresses and other services that provide information about companies, real estate owners, etc.
Lithuania is a highly-developing transit and trading centre on the crossroads of Scandinavia, Baltics and Eastern Europe. Utilizung its modern infrastructure, Lithuania hosts a number of Free Economic Zones (FEZ) that are aimed at supporting international trade, industrial and eco-production, as well as on renewable energy production and Lithuanian hi-tech industries.
Lithuanian Real Property Cadastre and Register acts like a land register of Lithuania. It provides information about real estate, land and their respective owners. Factual information about real estate includes physical data, years of construction, ownership, etc. Legal information provided by the Cadastre includes the type of Lithuanian business, mortgages, easement, etc.
Every Lithuanian company that exceeds a certain ammount in taxable assets is required to register as a VAT (Value Added Tax) payer. Voluntary VAT registration is also possible. VAT-Registered Lithuanian companies receive a VAT payer number that is used for identification when appropriate. Any overpaid Value Added Tax can also be reclaimed back - it is paid by the country where the VAT payer company is registered.
Lithuania is one of the three Baltic States - Latvia, Lithuania and Estonia. Lithuanian culture is closely related to Latvian, and their languages share a number of features and common words. The economy of Lithuania is mostly service-oriented, especially since the country make a member-state of EU. It places emphasis on international trade and transit services, also hosting a number of Free Economic Zones, all located near major roads and/or airports to ensure easy access from abroad.
Lithuanian legal system represents the continental European legal tradition that stems from Roman-Germanic legal systems of the past. Like in most of the EU countires, Lithuanian laws protect and ensure openness, liberalism and international cooperation. Lithuanian legal system employs various lawmaking acts and uses a modern court system to enact these rules.
Lithuanian banks offer a wide range of financial support services for companies incorporated in Lithuania. Apart from domestic banks, such as Šiaulių bankas or Medicinos Bankas, Lithuania also hosts a number of international banks, e.g. Swedbank, Handelsbanken, Danske Bank and other. A Lithuanian bank account is a crucial element for doing business in Lithuania, for it will make finance management in the country a lot easier.
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