Private limited liability company (UAB)
Investors from abroad who want start-up businesses in Lithuania can choose various kinds of companies. In these companies, limited liability companies are the popular ones.
With the merest share capital of approximately 3K Euro, a person who wants to open business alone may open a private limited liability company in Lithuania -Uzdaroji Akcine Bendrove (UAB).
It is permissible to set by an individual shareholder, although the upper limit amount is not permitted to overcome 249. The company creation in Lithuania doesn’t surpass 3 weeks after setting up if all the needed documents are in order.
How to Set Up Private stock company (UAB)
The first task is to open a private limited liability company in Lithuania is analyzing the opportunity of the taken name at the Public Institution Register Centre. If the name is accessible, then the order can be made.
The person who wants to open business alone must create the Articles of Association containing information about: the name of the company, proof about private limited liability company, the quantity of capital, the kind of business, the headquarter, shares, company duration if it’s a temporary one and the set date of the Articles.
If there is only one shareholder, a Constitutive Act has to be signed. With the condition that there is more than one representative, the Memorandum of Association has to be signed. The Memorandum must include information regarding the Articles of Association, the incorporator, the name of the company, information about shares, the name of the representative, the signing date.
A bank account has to be opened and the least share capital of approximate is 2900 Euros has to be deposited. A receipt is issued as proof of payment.
The papers regarding headquarters have to be completed. The list of shareholders is also needed.
After notarizing the Articles of Association and completing an application, the needed documents have to be accumulated at the Public Institution Register Centre, and a Statement of Registration has to be received.
The next task is taking a company seal, that is used in every transaction the newly formed firm will perform.
The final task in incorporating a UAB is to apply for the taxes at the Tax-Payer at State Tax Inspectorate. This operation mustn’t overcome 5 days after the registration.