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Business in Lithuania | 2009 11 23
Company formation in Lithuania. Temporary and Permanent residence permit in Lithuania.
As of January 2008 Lithuania has become the part of the Schengen Area, a group of twenty-five European countries which have abolished all border controls between each other. Since then the interim work and residence permittees of this country have the right to travel over Europe visa-free. Consequently, there has been a growing demand in company formation and immigration services in recent years.
Company Express is a leading provider of company formation services in Lithuania. Our list includes all types of business entities:
- Individual (Personal) Enterprise;
- Lithuania Private Limited Liability Company (UAB);
- Lithuania Public Limited Liability Company (AB);
- Lithuania General Partnership (TUB);
- Lithuania Limited Partnership (KUB);
- Lithuania Branches and Representative Offices.
Like in other European countries Lithuania has legislation that governs the terms and provisions of business immigration for the foreigners who are willing to set up an entity and therefore to be engaged in lawful business activity in the country.
The term business immigration refers to the formation of the company in Lithuania and obtaining a temporary residence permit that has to be revalidated each year within 5 year period till a person acquires permanent residentship in Lithuania and correspondingly in Europe.
Furthermore, being a resident and a company owner a foreign person acquires the right to purchase immovable property and estate in land.
Company Express provides assistance to the clients in finding and purchasing real estate in Lithuania.
The necessary paperwork and incorporation procedure usually takes up to 20 working days.
An application for temporary residence permit is being prepared and filed with the immigration authorities within 5 working days.
On the basis of our experience, it takes to immigration authorities from 3 up to 6 months to grant residence permit. Half a year is a legal time limit; however the law does not set up the minimum time period to make a decision.
Temporary residentship is termed for 5 years without breaks and after it an alien will be able to become a legal resident of Lithuania on permanent basis.
More information on Lithuanian companies, see here
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- A brochure of Company Express Group describes services offered and characteristics of most popular offshore jurisdiction.