Registering a company and obtaining a cryptocurrency license in Lithuania is rather complicated and not all businesses are eligible.
How to register and manage a local legal entity
Process of registering and acquiring a company Lithuanian Crypto License, and successfully running a profitable business can be quite complex and not all businesses are qualified to do so. use the services of third party companies that If you want to cut costs, hire this kind of company at least in the beginning stages of company formation. This is the most difficult stage of the whole process and you can make some mistakes that will slow down or stall your company. So you want to maximize the benefits of choosing Lithuania as your jurisdiction If so, hire a licensed professional.
How to open a local office by zip code (no physical office required)
All companies doing business in Lithuania have a strict requirement to have a physical address. However, it is possible to create a virtual office at low cost. Again, many reputable companies offer their services online. increase. That way, you can avoid additional hassles and keep costs to a minimum. If you choose to do this yourself, the official website has plenty of information about the exact requirements and process.
How to open a corporate bank account in Lithuania
Companies operating outside Lithuania must have a local bank account in order to do business. Lithuanian citizens can open a bank account in minutes, but for foreigners the process is much more complicated. You will need to submit a number of documents detailing your identity, name and business activity. Proof of validity of authorized capital is also required along with other business related documents. This allows your company to do business in Lithuania. A decision will be made within approximately 5 business days.
How to register company information in the Lithuanian registry
This National Registry Center is a state sponsored agency that catalogs and archives all information about companies. Registration and publication of information can be done virtually. New businesses must meet the registration requirements to be added to the main registry. For example, the documents required to establish a company include:
- A copy of the primary contact’s ID.
- Proof of residence (other than details);
- contact details;
- Online identity verification details.
- company name and description;
- Company membership details.
Here is a short list of required documents. However, there is a lot of overlap with European-wide requirements, so it’s not surprising.
How to prepare information about company officers
To successfully register your company in this jurisdiction, you will need to provide important data about your key employees. Below are some of the documents that need to be submitted to the appropriate governing body.
- Copy of ID (with apostille)
- certificate of no criminal record
- Credentials in the field of digital currency
The process of preparing these documents may vary slightly depending on the jurisdiction of origin, but it is generally not a problem for citizens. If all documents are in order, the Lithuanian authorities will approve the documents immediately and add them to the company directory.
What documents are required to verify the official origin of the funds?
All Lithuania-based companies are obliged to share their previous tax returns or other documents supporting the origin of their capital. Additionally, documents are cross-checked against official databases before a decision is reached. As you know, Lithuania prides itself on its economic security and transparency and companies are required to keep relevant financial records. If your paperwork is in order, you are ready to go. Although the verification process may seem rigorous, if the funds used for the initial budget were obtained through perfectly legitimate means, such as business operations in the home country, government payments, or donations, Don’t worry.
How to apply for a permit from the Lithuanian Tax Authority
All businesses must have a valid tax identification number to conduct business activities, including operating a cryptocurrency exchange. You’ll need to contact the tax office to register your company, but it’s a simple process. The governing body you need to contact is called the Internal Revenue Service. It operates under the Ministry of Finance of the Republic of Lithuania. All the latest information about the registration process can be found on the official website of the tax office or on the government portal where all forms must be submitted. There are complex registrations that vary by economic activity. For retail services, the process of applying for a tax permit and complying with current financial reporting is relatively straightforward. For crypto businesses, things can get more complicated.
How to pay state dues
At the time of this writing, you will have to pay state fees of approximately €57 to form an LLC. There is also a notary fee of €100-232. Additional translation services may be required which can also have a significant impact on the final cost. Although the cost of creating a business is relatively low compared to other European countries, There is still the question of how to pay the fees. All fees can be paid through online banking. Cash is also accepted. The Lithuanian government makes it easy for citizens and foreign investors to manage this process.
How long does it take to obtain a license?
Timeframes may vary significantly based on the company’s initial circumstances. Also, those who choose to enlist the help of a professional attorney or a third-party firm that specializes in creating businesses typically take much less time to obtain a license. It’s all about whether you choose to spend your money speeding up and simplifying the process, or start the process from scratch and risk prolonging it.
Disclaimer: The information contained herein is provided without consideration of your personal situation and should not be construed as financial advice, investment recommendations, or an offer or solicitation to trade in cryptocurrencies. There is none.