Lithuania: Types Of Company
Private Limited Liability Company
The Private Limited Liability Company (Uzdaroji Akcine Bendrove – UAB) can have between one and 250 shareholders, whose liability is limited to the amount of their shareholdings. The minimum capital is LTL10,000 (EUR2,896), of which 25% must be paid up.
There is no requirement for a board of directors, or a supervisory council. Annual audits are required if turnover exceeds EUR1.4m.
Documents needing to be filed with the Registrar include:
- An application to register;
- The Certificate of Incorporation;
- The Incorporation Agreement (Statutes);
- Any licences that are required for the business to be undertaken;
- Attestation to the payment of the registration fee;
- Evidence of the opening of a bank account;
- Minutes of the shareholders' founding meeting.