company formation lithuania



Company Formation Lithuania



Open a Bank Account in Lithuania

Updated on Monday 02nd August 2021

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Open-a-bank-account-in-Lithuania.jpgLithuania 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.

Types of bank accounts which can be opened in Lithuania in 2021 


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, 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).  

Setting up bank accounts for natural persons and companies in Lithuania


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. In order to open a current bank account in Lithuania, a natural person must submit: 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

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?

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. 
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

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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