In the process of establishment of a company, there are a few steps that you need to take in order to set up a company.
1. First you need a name. Think of a name which would be successful for your activities. The simpler the name, the better it is for your partners and colleagues to memorise it. If you plan to work with foreign companies, consider a name which does not include Lithuanian letters and which could be easily pronounced by a foreigner. The name of a company must conform to the requirements of the Lithuanian language, so if you have any doubts, you can always consult with the specialists of the State Commission of the Lithuanian Language (VLKK), tel no: 8 5 2725094. If you already have the name, but want to set up a company later, you can register the name in the Centre of Registers for 6 months.
2. The next step is to decide on the status of a company which is best for you, taking into account the intended activities: UAB (Joint-stock company), MB (Small partnership), IĮ (Sole proprietorship), VŠĮ (state enterprise)
3. If you want to set up a joint-stock company (UAB), you will have to form the authorised capital by opening a savings account in a bank and depositing EUR 2500.
4. When you have the name for the company, it is time to prepare documents of incorporation. This will require:
- Place of registration/registration address where the owner agrees to register the company – it is necessary to obtain consent of the owner;
- Bank statements on the capital formed;
- Data of the incorporator/shareholder (a copy of passport, personal identification number, address at which the shareholder is registered);
- If there are more than one shareholders, you will have to decide how to allocate the authorised capital.
5. Then you will have to submit all documents to the Centre of Registers…
6. Pick up the documents from the Centre of Registers and start carrying out your activities!
The establishment of a company requires knowledge of laws, and it takes time to figure out all the subtleties.
We will set up a company according to your needs, and together we will find an acceptable solution, so that the process of establishing a company will be faster and easier and you could plan your business and start making money!