Register a company in Lithuania
The main features of company registration in Lithuania
After signing the charter of the company, it is considered that from the moment of registration the legal entity is founded. In turn, before registration it is necessary to submit an application to the administrator of the register, and the notary must confirm that the application is in accordance with the legislation and conditions of the Articles of Association of the company, as well as that the limited liability company has the right to registration. Private limited liability company. Unlike a public limited liability company, this form of enterprise requires equity capital and does not have to be paid in cash;
private enterprise. The charter of the company must be drawn up and signed by the owner of the enterprise. The owner may apply to the Register of Legal Entities in the name of the enterprise. If the owner of the enterprise is not its manager, he must appoint a person to this position and include information about this person in the statute of the enterprise.
Register of legal entities in Lithuania
The Register contains full information and a history of the forms and status of legal entities, their areas of activity, their size, and information on representatives, members, management bodies, as well as on licenses received, etc. Most companies must submit annual financial reports to the register. Private limited liability companies are obliged to publish the list of shareholders by submitting it to the Center of Registers. The Register of Legal Entities embodies the principle of openness and publicity, as information on legal persons, enterprises, institutions and non-governmental organizations is publicly available.
Regulatory framework in Lithuania
The registration of Lithuanian enterprises is controlled by the Civil Code of Lithuania as well as certain laws. In the Republic of Lithuania, the Law on State Registers is considered an «umbrella» law that defines the principles of operation and interaction of national registers (regardless of their managers).
Laws and regulations in Lithuania make business opening easy. For example, it is not necessary to provide an example signature as a separate document, nor is it necessary to issue a certificate of registration as a separate document. Also, the number of days required for registration has been reduced from 5 to 3 working days.