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Lithuania

Lithuania Flag

Country: Lithuania
Region: Europe
Currency: Lithuanian litas (LTL) (Lt)
Languages: Lithuanian
Time Zone: UTC +2

Phone Code: +370

Communications: Very Good

Formation Cost: 3800 - 5000 USD$
Formation Time: 10 - 20 days
Maintenance cost: 1900 - 2700 USD$

Executive Summary: Situated between Latvia to the north and Russia's Kaliningrad outpost to the south, Lithuania is the largest of the Baltic states, with a population of about 3.5m which is mostly of Lithuanian descent. Lithuanian is the official language. Like most of the ex-USSR countries, Lithuania has had to cope with privatisation of most of its economy. The country joined the WTO at the same time as joining the EU in 2004. However, the bulk of Lithuania’s trade remains with Eastern Europe and Russia. More than 60% of the economy is composed of services, with the remainder being industrial. The Government's efforts to attract foreign investment, develop export markets, and pursue economic reforms have been key to Lithuania's quick recovery from a deep recession in 2008/09, making Lithuania one of the fastest growing economies in the EU, although unemployment, at 13%, remains high. Lithuania’s currency is the Litas, (USD1 = LTL2.5 in late 2013) but the Government is committed to joining the eurozone, which it hopes to do by 2015. The business environment is favourable and the banking sector is moderately well-developed. Income tax rates are low, and there are two free zones which offer tax benefits to enterprises which invest more than EUR1m.

Suitable for: Wealth Management, Banking, Insurance, Yachting, Trading Goods, Intellectual Property/Licensing, E-commerce, E-gaming
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Company Purpose Stats:

Wealth Management:

 

Treasury Management:

 

Banking:

 

Insurance:

 

Fund Management:

 

Shipping:

 

Aviation:

 

Yachting:

 

Trading Companies Goods:

 

Trading Companies Financial:

 

Intellectual Property:

 

Holding Companies:

 

E-Commerce:

 

E-Gaming:

 

Property Ownership:

 
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Vehicle Types: Limited liability companies, representative offices, branches, general partnerships and limited partnerships

Capital primary business districts: Vilnius

Good Relationships: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, United Kingdom

Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

Tax Burden - Business: Light

Tax Burden - Individual: Light

Headline tax rates: CIT 15%, PIT 15%, VAT 21%

Treaty Jurisdictions: Armenia, Austria, Azerbaijan, Belarus, Belgium, Bulgaria, Canada, China, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, India, Ireland, Israel, Italy, Kazakhstan, Korea, Republic of, Kyrgyzstan, Latvia, Luxembourg, Macedonia, Malta, Mexico, Moldova, Netherlands, Norway, Poland, Portugal, Romania, Russia, Serbia, Singapore, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, United States, Uzbekistan

TIEA Jurisdictions: Guernsey, Kazakhstan

Information Links:

 

 

 

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