Lithuania relies on a well-developed and stable economy with manufacturing playing an important role. Lithuania also has other performant industries, such as information technology (IT), trading and the financial one.
The financial industry in Lithuania is represented by several sub-sectors and foreign investors interested in setting up businesses here will benefit from the same regulations imposed to local entrepreneurs. The licenses issued for financial companies are issued by the Bank of Lithuania which is the national bank of the country.
Our company formation consultants in Lithuania will help you open a financial company here, if you decide to start a business in this domain.
One of the greatest advantages of operating in the financial sector in Lithuania is having many options in terms of activities. The following types of financial companies can be set up in Lithuania:
Those who want to open a financial company in Lithuania must complete the same steps up to the point of the licensing procedure which is different based on main activity of the company.
Our Lithuanian company formation specialists can help with the registration of a business to operate in the financial sector.
Those who want to start financial businesses in Lithuania must respect the Company Law and the regulations imposed by the National Bank. The following steps need to be taken in order to set up a financial company in Lithuania:
Foreign banks and other financial institutions can operate under branch offices in Lithuania, as the branch is the most employed business form in this industry.
Our local advisors can help foreign investors who want to open a company in Lithuania in the financial sector, no matter if they are natural persons or legal entities.
The licenses to be obtained by financial companies in Lithuania will depend on the activities they will complete. The National Bank has different regulations for each type of activity to complete.
For setting up a financial payment or credit union in Lithuania a banking license is required. The minimum share capital for establishing such an institution ranges between 1 million and 5 million euros, depending on the activities to be undertaken. There are also various requirements with respect to the number of directors in the company which can reach up to 10 people. Out of these, it is mandatory to have 3 persons in the board of directors and 3 in the supervisory council.
In the case of insurance companies in Lithuania, the regulations impose a minimum share capital of 1 million euros. The shareholders must have a clean reputation, a condition which also applies to the directors.
An interesting fact about setting up a financial company in Lithuania is the Newcomer Program which was enabled by the Bank of Lithuania with the purpose of attracting young investors specialized in the financial technology industry. For this purpose, the National Bank has created a new type of financial company: the fintech company. The minimum share capital for opening such a company in Lithuania is 1 million euros and the electronic license is issued within a maximum of 3 months.
The Lithuanian Newcomer Program is one of the most successful schemes in Europe at the moment, with more than 100 licenses issued.
If you want to open a financial company and need assistance, please contact our company registration agents in Lithuania.