Starting a business in Lithuania
Do your research about Lithuania
There are many useful links and information resources about Lithuania. You should start with the information provided in this website which covers everything you need to know about Lithuanian business sectors and business environment, as well as the regulations that apply and the general state of the market.
You can also check with other organisations covering the field of work you are aiming for. They can be useful providing information and statistics about the size and type of companies involved in that sector.
Here is a selection of some organizations:
Lithuanian Business Confederation is the largest business organization uniting service, trading and high-tech companies.
Lithuanian Confederation of Industrialists is a major association and lobby group in Lithuania which represents the interests of large industrialists and employers.
Association of Lithuanian Chambers of Commerce, Industry and Crafts (ALCCIC) is a voluntary business self governing organization which unites five regional Chambers of Commerce, Industry and Crafts in Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys.
Check the requirements (permits) for your activity
Certain types of businesses in Lithuania require a permit to operate. Use a free of charge online tool to establish what permits you need.
Choose your business form
There are two ways of conducting business in Lithuania:
A company can be established in only 3 days time and it can be registered via e-mail with such ease that companies starting their activities in Lithuania can start operating instantly.
Register your company
Register your company and its name at Centre of Registers. You can do it in only 3 days time and by email with such ease that your company will start operating instantly!
Make your business plan
- Consider the potential market, who your customer is, how much you could sell, is the market going to grow or to shrink in the future.
- Consider your competitors: whether there are any, who they are, which products they offer, what you can offer better than they do.
- Prepare your business plan: identify your strengths and weaknesses, potential threats and opportunities to neutralise them.
- Settle staff and related issues: describe the duties to be performed by employees, create record-keeping system and various procedures, company’s structure, motivational system, organise recruitment, employment, training, dismissal, and other tasks.
- Organise production or service provision process, take care of performance quality and efficiency, if possible, have ISO and other necessary standards implemented.
search for marketing solutions and put them into practice, do not forget a website and other IT possibilities.
- Take care of financial side of your business: cash flow planning, search for and attraction of necessary funds, sales and settlements of accounts with suppliers, bookkeeping and taxes.