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Open a Bank Account in Lithuania

Updated on Thursday 17th June 2021

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Open-a-bank-account-in-Lithuania.jpgLithuania is made up of 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 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;
  • - 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);
  • - a residence permit and other documents, in the case of foreign residents.

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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