Is Start company in Lithuania fast for company setup?

Yes, setting up a company in Lithuania is generally considered a fast and efficient process, especially for certain types of legal entities like the Private Limited Liability Company (UAB). Lithuania is recognized for its business-friendly environment and digitalized government services.

Here's a breakdown of typical timelines:

• Core Registration (1-7 days): The actual registration with the Lithuanian Centre of Registers can be very quick, often completed within 1 to 3 business days if all documents are in order and submitted digitally using an e-signature. Some sources suggest a timeframe of 5-7 days for the registration procedure.

• Overall Process (1-4 weeks or more): While the core registration is fast, the entire process, which might include preparing documents, opening a bank account, and completing all necessary registrations (like VAT and social security), can take longer.

  • Many service providers quote an overall timeframe of 1 to 4 weeks for full company setup.

  • Some comprehensive service packages, especially those involving bank account approvals, might extend the total engagement period to around 11 weeks. However, the incorporation itself might still only take about 2 weeks within that larger timeframe.

Factors contributing to the speed of company setup in Lithuania:

• Digital Infrastructure: Lithuania has a robust digital infrastructure, allowing for online registration and the use of electronic signatures, which significantly reduces bureaucracy and processing times. It ranks highly in the EU for digital business setup.

• Popularity of UAB: The Private Limited Liability Company (UAB) is the most common and often the fastest type of legal entity to register.

• Remote Registration: It is possible for foreigners to register a company remotely without needing to be physically present in Lithuania, often by granting a local representative a Power of Attorney.

• Simplified Requirements: The process generally requires minimal documentation, especially if prepared in advance.

Potential aspects that can influence the timeline:

• Document Preparation: The speed largely depends on how quickly you can prepare and gather all required documents.

• Bank Account Opening: Opening a corporate bank account can sometimes be a bottleneck and may take a few weeks, potentially extending the overall setup time.

• Specific Company Type: While UABs are fast, other less common company structures might have slightly different timelines.

In summary, if you have your documents ready and opt for a common legal form like a UAB, you can expect a very quick registration process in Lithuania.