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LITHUANIA COMPANY FORMATION
Lithuania Incorporation Guide
Establishment Requirements:
1. Minimum capital of 2,500 euros - paid to the capital account prior to establishment
2. At least one shareholder/director/top manager listed
3. Currently, there are no regulations related to cryptocurrency issuance, but services such as issuance of security tokens, financial services, remittance, and currency exchange may need to be licensed according to local regulations.
Estimated time required for incorporation:
2-3 weeks after obtaining required documents
Estimated lead time to open a bank account:
Depends on customer and industry, estimated 3-5 weeks
required documents:
1. Copy of passport
2. Proof of address (English copy)
3. Identity verification
4. Application for establishment
Information on self-authentication:
According to the recently strengthened TCSP license regulations and AMLO (Anti-Money Laundering Act), shareholders/directors must select one of the methods below to authenticate themselves. (Identification is an important procedure to prevent crimes such as forged passports, passport theft, and impersonation of others.)
1) Take a photo and deliver it so that the passport and the person's face appear at the same time
2) Visit our office (Hong Kong or Seocho-gu, Seoul) with your passport and verify your identity
3) After issuing a certificate of passport copy at the ward office, submit it (cost: 1,000 won, takes about 2 days)
4) Passport notarization at a nearby notary office (inquire separately for cost and required period)
Cost information:
Incorporation: 1,100
Notary Fee: 250
Registration of establishment: 100
1 year corporate address: 350
Bank Account: 400
Total cost: 2,200 euros
2,500 euros in capital + 2,200 euros for establishment and one-year management fee + bank fee for opening an account (estimated) 300 euros = 5,000 euros
Lithuania READY-MADE VASP license Company Information
Estimated time required:
4 to 5 weeks + 4 weeks to open a corporate account
Total package cost:
25,000 EUR
The services included in the package (including a fully operational infrastructure):
• Procedure for transferring shares by PoA or on-site visit (including all related costs).
• Registered share capital of 125,000 euros.
• Registered address and local contact service (1 year).
• VASP license-related work (below)
- AML/KYC procedural rules according to company activities (up to 20 hours of attorney work).
- All corporate document packages (AoA; registry card) with apostille and English translation.
- Search for and integrate AML/KYC officers into the company structure; training; registration with the tax authorities and setting up the reporting method to the regulatory authorities.
- Search for and support the lease of an actual local office (key storage and handover).
- Consulting on opening segregated bank accounts (C2B/B2B).
- Provide legal support for KYC/KYT software settings and consolidate the principles of internal project documentation according to the relevant KYC/KYT provider.
* Key differences between the Standard and Full packages:
The Standard package only provides documents verifying the company and license, while the Full package includes all the infrastructure parts for the company and license to operate fully.
[Maintenance Service]
AML Officer:
• 1,000 EUR: Local residents and native Lithuanian speakers, exclusive (only one person per VASP company), direct employment contract, bachelor's degree, 1 hour per month.
• 2,000 EUR: Local residents and native speakers of Lithuanian, exclusive (only one person per VASP company), direct employment contract, master's or bachelor's degree, up to one year of experience in the field of AML/CFT/KYC, 20 hours per month, supervision by an AML/KYC officer, support from a local law firm; responding to inquiries from FCIS/FNTT and other regulatory bodies; surveys and target requests.
* The minimum contract period is six months, and can be extended for three months at a time.
Accounting:
- Up to 50 invoices per month and up to 3 employees - 400 euros
- Up to 100 invoices per month and up to 5 employees - 510 euros
- Up to 200 invoices per month and up to 5 employees - 770 euros
- Up to 500 invoices per month and up to 7 employees - 1,130 euros
- More than 500 invoices per month and more than 7 employees - Price negotiable
* Minimum contract period: 3 months
* Included: Annual reports, Statistical reports, Interim balance sheet reports
Other third-party expenses:
• EMI virtual account opening onboarding fee: typically 500-2,000 euros
• Rent and utility costs for local offices: €150-250 per month
• KYC/KYT service fee: €2 per person for SumSub (deducted from the €5,000 deposit).
• If the full capital is not paid: the company must pay an annual statutory interest of 4,900 euros on the minimum capital of 125,000 euros (the amount is recognized as the company's revenue and can be used for expenditure).
Summary of expenses:
1. The cost of the acquisition package for the Lithuanian company and VASP license: 25,000 EUR
2. Annual AML Officer cost: 12,000 EUR minimum / 24,000 EUR for experienced professionals
3. Annual accounting cost: 4,800 EUR minimum (separate quote depending on transaction volume)
4. Annual office rent + utilities cost: 1,800 to 3,000 EUR (not required)
5. KYC/KYT service fee: Depends on transaction volume (2 EUR per person based on SumSub)
Total: 41,800 EUR minimum / 53,800 EUR for general + additional costs for KYC/KYT and transaction volume
Lithuania EMI License Information
License Issuing Organization:
Lithuania Central Bank
Main Available Services:
1. IBAN Issuance
2. SWIFT Transfer
3. Electronic Money Issuance
4. Visa/Master Payment Card Issuance
5. Transfer in Cooperation with Banks in Other Countries
Advantages:
1. Easier application and issuance process than in other countries
2. Relatively low tax rate (standard tax rate of 15%, 0% or 5% for small businesses and agricultural enterprises, subject to certain requirements)
3. Financial transactions through SEPA are possible.
Issuance requirements:
1. Must have at least four employees in Lithuania (provides advice on hiring)
2. The head office must be located in Lithuania (advice on leasing)
3. The person in charge and the developer must be familiar with compliance work to ensure that KYC/AML is performed in accordance with regulations (advice and training provided)
4. The minimum capital is 350,000 euros, and there is no minimum capital requirement for limited licenses
5. The director or manager must have a degree in law, economics, or business administration, and must have practical experience, management skills, and a good reputation in EMI work
6. Shareholders/directors/UBOs must have a good reputation and no criminal record.
Process:
1. Review the feasibility and conduct KYC/CDD of the client to determine whether the client can be accepted.
2. Payment of fees.
3. Preliminary assessment of the project (review of internal documents, preparation for a meeting with the Central Bank of Lithuania, and attendance by a representative).
4. Company establishment, account opening and capital payment
5. Local office rental and local staff recruitment
6. Pre-license application and review of required documents (business plan, operation manual, expected financial flow analysis, CDD for shareholders/directors/UBO, etc.)
7. Prepare the official license application documents (management structure, compliance documents, financial flow, operational risk and IT procedure manuals, license application form, etc.)
8. Pay the government fee (€1,463)
9. After obtaining the license, build an IT system that meets the EMI license requirements, train AML staff, and secure financial partners.
10. Practical work related to EMI license operation (accounting, auditing, SWIFT, Master Card contract, BIC/SWIFT/LEI code, central bank reporting, insurance, etc.) *Additional cost
Cost:
60,000 euros (Level 1 to 9)
*Level 10 practical work is quoted separately after confirming the required services.
Estimated duration:
6 months
About MIRR ASIA
We provide comprehensive business advisory and secretarial services to our clients. With years of experience and expertise, we assist businesses in achieving their goals and overcoming challenges. Our team of professionals is dedicated to delivering high-quality solutions tailored to the unique needs of each client. We pride ourselves on our commitment to excellence, integrity, and client satisfaction. Get to know us better and discover how we can help you succeed. Contact us today for a consultation.
