company formation lithuania



Company Formation Lithuania



Open a Bank Account in Lithuania

Updated on Wednesday 15th March 2023

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Lithuania has a young population compared to other European countries, which is one of the reasons it attracts many investors. However, people also move here for employment purposes, case in which certain steps must be completed once one relocates here.
Opening a bank account is one of these primary steps and it applies to both foreign citizens and companies registered in Lithuania.
If you want to open a bank account in Lithuania, you must first choose a bank and then prepare the paperwork requested by the respective bank.
Our company formation agents in Lithuania can guide you through the process of setting up a bank account in this country.
 Quick Facts  
Types of bank accounts

Current accounts, savings accounts, business accounts, personal accounts, multi-currency accounts. 

Who can open a bank account
in Lithuania 

Resident companies and individuals and non-resident entities. 
Bank accounts for businesses
in Lithuania  
 Corporate bank accounts 
Corporate documents required for setting up a bank account

In order to open a bank account in Lithuania for businesses the following are required: the identity documents of the company's owner, documents attesting the residency in Lithuania (temporary or permanent), information on the financial situation of the applicant (it can be required by some banks), the incorporation documents of the legal entity, personal details of company directors.

Possibility to open a bank account online (yes/no) Yes (a service limited to some banks in Lithuania). 
Local tax number required for foreigners (yes/no)


Basic requirements imposed to
non-resident clients

Foreign nationals who want to open a bank account in Lithuania must present identity documents, a questionnare presenting the reasons for requesting opening a bank account, the processing fee, notarized documents (where applicable) and other documents that can vary based on the selected bank. 

Situations in which a foreigner may need a local bank account    For the payment of a salary, a scholarship, for shopping, for the issuance of a residence permit, for the payment of rent and utilities and to benefit from access to local Lithuanian public services. 
Local currency  EUR 
The institution that regulates the
banking system 
Bank of Lithuania 
Law regulating card transactions 

 Law on Payments, Law on Electronic Money and Electronic Money Institutions. 

Documents required for individuals setting up a bank account  Identity documents, residency documents, completed questionnaries and other papers. 
Opening a bank account in foreign currency (yes/no)  Yes 
Institution issuing a local tax number    Lithuanian State Tax Inspectorate 
Opening a bank account by appointing a representative It is allowed to open a bank account in Lithuania by appointing a representative through the power of attorney. 

Types of bank accounts which can be opened in Lithuania in 2023 


The Lithuanian banking system is quite advanced and both local and foreign citizens can open bank accounts here.
There are several types of bank accounts which can be opened, among which the most sought are: current and savings accounts for natural persons, who can be residents or non-residents and corporate bank accounts for companies, which must be opened prior to the company registration.
We remind investors that the corporate bank account is mandatory when opening a company in Lithuania, as the share capital must be deposited here prior to the business registration procedure.
Also, you can rely on our local consultants for assistance in setting up a corporate bank account in Lithuania.
A novelty of the banking system in Lithuania is that companies can now set up their bank accounts with newer forms of banking institutions.
If, up until 2021, Lithuanian companies were able to set up their bank accounts at local commercial banks, as it is the case with all European countries, since the beginning of 2021, new rules are available.
Newly founded companies can also set up their bank account (in which they will deposit the minimum share capital) with local e-money institutions (currently, there are 77 such options, approved by the local authorities).  
We invite you to watch a short video on the process of opening a bank account in Lithuania


Setting up bank accounts for natural persons and companies in Lithuania in 2023


Non-residents are allowed to open bank accounts in Lithuania, however, local banks are usually cautious about this type of clients and the list of documents requested in their case is more extensive.
A person can open a Lithuanian bank account when submitting the following papers: an application form which is issued by the bank (each bank has its own forms), an identification document which must be valid (ID card or passport) and a residence permit and other documents, in the case of foreign residents.
If you want to open a bank account in Lithuania for a company, you will have to present company’s documents, such as the articles of association or partnership agreement and other documents that can be required by the bank (certificate of incorporation, for instance).
It will also be needed to present documents that show the company’s registered address. 
Besides these, the banks will require the personal documents of the company’s shareholders, directors and representatives. Such documents can refer to their identity documents (passport or identity cards), but they may also need to present additional papers.
Depending on the selected bank, you may also need to provide the company’s business plan and similar documents, and this can be a compulsory internal procedure for certain banking institutions when one requests to open a bank account in Lithuania
If you represent a foreign company, you are also entitled to open a bank account in Lithuania, but in this case, the list of documents that you should prepare contains more documents than in the case of company that is set up here.
Thus, investors will have to provide the incorporation documents of the parent company – the articles or association, memorandum, certificate of registration, and all of them have to contain the apostille. The company’s Certificate of Good Standing is also necessary. 
It is important to know that these documents will also be required during the process of Lithuania company formation, in the case in which a foreign company wants to set up a branch office or a subsidiary in this country, so you should prepare these documents as a default procedure. 
You can request more details from our team of consultants in company registration in Lithuania on how to open a bank account; our team can also represent natural persons, who are foreigners living in this country and who want to set up their own bank account

When is a bank account necessary for an individual in Lithuania?

A person can need a bank account for a wide range of situations; this can apply regardless if the person is a local citizen or a foreigner living in this country for a limited period of time. 
In the case of persons who want to become permanent residents, the need to have a bank account will be even greater. 
Regardless if you represent a local or a foreigner, starting the process of opening a bank account in Lithuania can be advantageous in the situations mentioned below. 
A 1st situation where the bank account can be of relevance is when the person is an employee. Most of the companies operating here, local or foreigners, will use the banking system in order to pay the salaries of their employees. 
Typically, employers will require the employees to provide an IBAN, which is the unique number that is associated with the person’s bank account.  
Speaking of IBAN numbers, in Lithuania, the IBAN has a specific structure. The IBAN stands for International Bank Account Number that can have up to 34 characters, depending on the country where the bank account is issued. 
In Lithuania, the IBAN number is comprised of 20 characters. The first 2 characters will define the code of the country, which is LT, and the other, the code of the account itself. 
In practice, an IBAN code in Lithuania will look like this: LT12 2345 6789 0123 4567. 
The first 2 digits represent the check code. The next 5 will represent the code of the bank that issued the bank account. The rest, meaning the 11 digits that remained, represent the bank account itself, created for the bank client
The bank account can be a useful financial tool in the case in which the person obtained a scholarship from a local education institution, this being the 2nd way in which a bank account can be of usage. 
A major important role of the bank account, the 3rd in the list, but one of the most common ways to use a bank account (by using the credit card) is for shopping. 
Whether we refer to traditional shopping, in local stores and malls, or whether we refer to online shopping, the bank account can be ideal for this activity. 
But please mind that if the bank account is not open in Lithuania, the sellers, through the bank’s POS, can charge various fees for the payment. This is why is recommended to open a bank account in Lithuania, at a local bank
We highly recommend this, especially in the case in which you want to stay in Lithuania for a longer period of time. 
A 4th important reason for having a local bank account is in the case you want to apply for a residence permit. If you only have your foreign bank account, then the bank statements should be translated and this can take time and imply various costs. 
If you have a local bank account and if you have transferred a part of your finances in this account, then you can simply add to the residence permit application a bank extract, which can be easily understood by the local representatives of the immigration institutions. 
As a person living in Lithuania, you will probably rent a property. Besides the cost associated with the rent, you will have to pay utilities, such as the internet, electricity, water, heating and other services. 
For all of these, there is the possibility to pay online or to use the card when going to the various payment units you can find here (5th way to use the bank account). 
The 6th way to use your bank account, which is a very important one, is that it is necessary for state registrations with various institutions (when paying taxes, when registering for various services, when accessing the health system and others). 

What should investors know on the banking system in Lithuania?

Investors and foreigners who need to open a bank account in Lithuania should know that the banking sector in this country is mainly dominated by subsidiaries of Scandinavian banks.
The industry is also well represented by Lithuanian banks. It is also important to know that the Lithuanian banking system has a high efficiency rate, one of the highest at the level of the European Union (EU). Below, you can find few highlights of this industry: 
  • the study conducted by the European Banking Authority showed that the Lithuanian banking efficiency ranked on the 1st place in the EU – measured in the 3rd quarter of 2019;
  • the usage of online tools available for the banking industry is increasing in Lithuania – there are more than 1 million users of digital banking services, and this represents more than 35% of the Lithuanian population;
  • those who want to open a bank account in Lithuania must know that the industry is also growing – the assets of the Lithuanian banking industry reached a record of EUR 30 billion in 2019;
  • the increase of the industry is mainly related to the deposits of both corporate and individual clients, which grew by 15% in 2019 (measured on year to year basis);
  • according to the Bank of Lithuania, in June 2020, the deposits of non-financial enterprises had a value of EUR 7,403.1 million.  

Can one open bank account in Lithuania remotely in 2023?

Yes, there is the possibility to open a bank account in Lithuania remotely, which means that the applicant will not have to personally meet with a bank’s representative for this procedure.
However, this option is limited to certain categories of persons and not all banks will accept this formality. Below, we will present the main requirements that will grant the right to open a bank account in Lithuania remotely:
  • this can be requested if the investor can prove that he or she has completed the steps for company formation in Lithuania and that the company is a Lithuanian tax resident;
  • then, this right is limited to investors who are Lithuanian citizens or who have gained the Lithuanian citizenship;
  • the company must also have an electronic certified registry extract key;
  • the company’s representative has a private account and uses the Smart-ID system, the digital banking system available in Lithuania.


Given that most of the foreign investors will not meet the above mentioned criteria, they will have to go through the standard registration process, in which they will attend a formal meeting with the bank’s representatives and will provide the required papers.
Our team of consultants in company formation in Lithuania can also represent you in this process. 
Please know that if you opt to open a bank account remotely or you qualify to do so in 2023 you can also book an online meeting with a bank representative. This can be done in accordance with the bank's internal policies, but for many banks this can be done during the regular working hours. 
Thus, you can address to a local bank in 2023 from Monday to Friday, from 9 AM to 4/5 PM. For businesses, banks offer very good banking conditions - for instance, some banks do not charge an administration fee for a period of 6 months since the business account was set up. 
In 2023, you can expect to pay a fee of EUR 0 to EUR 33 on a monthly basis, depending on the type of services associated with your business account. 
In the case of companies, information about the authorized person and about the company must be submitted when opening a Lithuanian bank account.
Our company registration representatives can offer full information on the documents needed to open a corporate bank account, so do not hesitate to contact us.
We can also guide you through the procedure of opening a company in Lithuania by preparing and filing the necessary documents with the relevant authorities.


Meet us in Vilnius

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Marijus Šaras is our experienced corporate lawyer who can help clients open companies in Lithuania.

Call us now at +37061578743 to set up an appointment with our lawyers in Vilnius, Lithuania. Alternatively you can incorporate your company without traveling to Lithuania.

As our client, you will beneficiate from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Lithuania.

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