How to open a fintech company in Lithuania

It is profitable to open a fintech company in Lithuania in 2020, as the state provides special conditions for the registration of such organizations, and there is a possibility of obtaining a startup visa with extension.

Features of Fintech-Companies

Fintech in Lithuania represents an industry that includes companies using the latest developments to compete with classic banks in the financial services market. Financial technologies include multiple start-ups, as well as large corporations planning to improve their financial services.

The introduction of financial technologies contributes to the modernization of familiar services in the following areas:

• Implementation of transfers and payments;
• Issuing loans for individuals and organizations;
• Financial planning and savings.

To open a financial company in 2020, please contact our specialists at IT-OFFSHORE. We will help you find an answers to all your questions and advise you on how to collect documents for company registration.

Features of opening a company in Lithuania

Lithuania is one of the leaders among countries in the financial sphere. The Central Bank has already developed a plan that aims to promote this industry, which is quite promising. Over 50 million dollars have been invested in this area.

To start working, the company must obtain the appropriate license in one of the EU countries. An electronic licensing system has been implemented in Lithuania so that companies could apply for and obtain a work permit. In the first year of operation in this area, it is possible to lift all sanctions.

The advantages of working in this country are the following:

• There is no strict regulation;
• The technical infrastructure is developed;
• It is possible to find clients in the EU without difficulties.

Favorable conditions have been created in Lithuania for the development of new start-ups. A non-resident can establish a company. The most common legal forms are individual enterprises and joint-stock open or closed companies.

Before registration, the company name must be drawn up and checked for originality. Verification is carried out by the State Commission for the Lithuanian Language and it also issues a permit to use the name. This is followed by registration in the register. In the future, an account must be opened for the company to operate fully.