Business In Lithuania – UAB Establishment In Lithuania
Want to start running business in Lithuania? Register UAB online in a few steps.
UAB establishment in Lithuania starts with the following procedures:
- Formation of the company memorandum of association. When a company is established by one founder, the deed of incorporation of the company is drawn up.
- The Founders may submit an application (Form JAR-5) to the Registrar of Legal Entities for the temporary entry of the name in the Register.
- The memorandum of association of the company gives the right to open a savings account in the bank of the company to be established.
- Payment of the initial contribution for the subscribed shares. Initial contributions are paid in cash only. The amount of the initial contributions must be at least 2500 EUR; each shareholder must pay at least the sum of the nominal value of all his subscribed shares and the excess of the total nominal value of the subscribed shares.
- Convening of the inaugural meeting, at which the members of the company’s bodies elected by the general meeting of shareholders must be elected. If the supervisory board is elected before the registration of the company, it must elect the board, if the board is formed, or the head of the company, if the board is not formed. The elected board must elect the head of the company. The inaugural meeting may not be convened if the members of the body of the private limited company elected by the general meeting of shareholders in accordance with the articles of association are specified in the memorandum and articles of association.
- The company’s articles of association are drawn up and signed.
- The company is considered having been established since its registration in the Register of Legal Entities.
If the founder is a foreign, natural person, a copy of his identity document must be provided. If the document of a foreign natural person does not contain his or her name and surname entered into Latin characters, a translation of the identity document shall be submitted, in which the name and surname of the person shall be transliterated into Latin characters.
If you need legal assistance establishing UAB in Lithuania or other business in Lithuania advice, do not hesitate to contact us. We are the leading adviser in foreign legal services.
