Establishment of other forms of legal entities
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Establishment of other forms of legal entities
Headline
Service description
Main information
- Professional lawyers
- Free consultation
- We reply within 30 minutes.
What do you need to know
- Only a natural person with legal capacity can be the founder of a sole proprietorship.
- One person can only have one sole proprietorship.
- An individual company is a legal entity with unlimited civil liability.
- No authorized capital is required – the business can be started without initial capital investments.
- The owner can work in the company without concluding an employment contract.
- An individual company can be transformed into a limited liability company or UAB, etc.
- A sole proprietorship cannot attract investors by issuing shares or shares.
Documents and information required
- Company name;
- Operational objectives;
- Founder’s details;
- Director’s details;
- Registration address (we can provide);
- Company’s contact details: email and phone number.
Tax and liability aspects
- A 7% corporate tax rate applies to small businesses if they meet the criteria set out in the law.
- The 17% corporate tax rate applies in general.
- The owner pays PSD and VSD contributions from the withdrawn funds in accordance with the procedure established by legal acts.
- The owner’s personal assets are responsible for the company’s obligations.
The term
3 working days
Cost of establishing a sole proprietorship
199€
Price includes
- Consultation;
- Registration address in Vilnius for 1 year;
- Preparation of documents for the State Enterprise Center of Registers.
What do you need to know
- The name of the foundation must use the words “charity”, “support” or “charity and support”.
- The founders of the Foundation may be natural persons and/or legal entities.
- It is a legal entity with limited civil liability.
- The number of founders is unlimited.
- Commercial activities are possible if they do not conflict with the foundation’s objectives.
- It is possible to form intangible capital.
- A 1.2% VAT subsidy is available.
- It is mandatory to have a management body – a manager, and a board may also be formed.
Documents and information required
- Company name;
- Operational objectives;
- Details of the founder(s);
- Director’s data;
- Registration address (we can provide);
- Information about other management bodies (board, auditor, etc.);
- Company’s contact details: email and phone number.
Activity restrictions
- Profits cannot be distributed to shareholders.
- Funds must be used only to achieve the goals set forth in the statutes.
The term
5-7 working days
The cost of establishing a charity and support fund
From 359€
Price includes
- Consultation;
- Registration address in Vilnius for 1 year;
- Registry fees.
What do you need to know
- A branch is a division of a company which has its registered office and performs all or part of the functions of the company;
- A representative office is a division of a company which has its registered office and is entitled to perform only certain activities
- A branch may carry out commercial activities and enter into transactions.
- A representative office cannot carry out commercial activities – it can only represent the interests of the company.
- A branch and a representative office are not separate legal entities.
- It is mandatory to appoint a manager in Lithuania.
- A registration address in Lithuania is required.
- Documents must be legalized or certified with an Apostille.
Tax aspects
- The branch pays corporate tax in Lithuania on income earned in Lithuania.
- An obligation to register as a VAT payer may arise if a certain turnover threshold is reached or VAT-taxable activities are carried out.
- It is mandatory to submit financial statements in accordance with the procedure established by law.
Documents and information required
- Company name;
- An apostilled or legalized extract from the Registers Center of a foreign country of the founder (foreign legal entity) with a translation into Lithuanian;
- Apostille or legalized regulations of the founder (foreign legal entity) with a translation into Lithuanian;
- Set of annual financial statements;
- Copies of passports of all foreign natural persons entitled to act on behalf of the founder (notarized and apostilled or legalized);
- Details of the director of the branch or representative office;
- Company’s contact details: email and phone number.
The term
About 14 working days.
The cost of establishing a branch or representative office
From 999€
Price includes
- Consultation;
- Document preparation;
- Registration address in Vilnius for 1 year;
- Registry fees;
- Notary fee;
- Representation.
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