Why people should start business in Lithuania

Lithuania provides an extremely engaging business environment. As a country, Lithuania has reached various global ranks such as 11th for ease of doing business, 2nd for procedures to start a business, and 3rd as lowest profit taxer. Currently, Lithuania is among the fastest growing fintech centers in Europe in terms of the highest number of licenses issued and holds 4th place in international fintech rankings.

Reasons why people should start a business in Lithuania:

There are several reasons why people should start a business in Lithuania:

Strategic Location: 

Lithuania is located at the crossroads of East and West Europe, making it a strategic location for businesses that want to access the EU market. Lithuania is also a member of the EU, NATO, and the Schengen zone, which makes it an attractive destination for international business.

Business-friendly Environment: 

Lithuania has a business-friendly environment, with a streamlined bureaucracy, low tax rates, and a well-educated workforce. The country also has a well-developed infrastructure and access to the latest technologies.

Highly Skilled Workforce: 

Lithuania has a highly skilled workforce, with a high level of education and proficiency in multiple languages. The country is known for its strong engineering and IT talent and has been named the most attractive country for IT outsourcing in Central and Eastern Europe.

Support for Startups: 

Lithuania has a strong startup ecosystem, with a number of initiatives to support entrepreneurs and startups. The country has a number of accelerators, incubators, and co-working spaces, and has also launched a number of government-backed initiatives to support startups

Competitive Costs: 

Lithuania has a low cost of living and doing business, making it an attractive destination for businesses looking to reduce their costs. The country also offers a range of incentives and subsidies for businesses, including grants and tax breaks.

Overall, Lithuania is a great destination for businesses looking to expand into the European market, with a business-friendly environment, highly skilled workforce, and supportive startup ecosystem. In conclusion, while starting any business requires effort and resources, Lithuania provides a favorable environment for entrepreneurs and has made the process of starting a business relatively easily.

Is it easy to start a business in Lithuania?

Starting a business in Lithuania is relatively easy compared to many other countries. Lithuania has a well-developed business infrastructure and a favorable business environment that encourages entrepreneurship.

The process of registering a new company in Lithuania is straightforward and can be completed in just a few days. The registration process can be done online, which makes it quick and convenient. The required documentation is minimal, and the fees are reasonable.

Lithuania also offers a range of tax incentives and other benefits to help new businesses get off the ground. For example, newly established companies are eligible for a reduced corporate income tax rate of 15% for the first two years of operation.

Furthermore, Lithuania has a highly skilled and educated workforce, with a strong focus on technology and innovation. The government has also invested heavily in infrastructure and has established a number of business support services to help entrepreneurs.

How to Find a Professional business accountant in Lithuania?

To find a professional business accountant in Lithuania, you can follow these steps:

Search online: Use search engines like Google to find accounting firms or individual accountants in Lithuania. 

Check for qualifications: Ensure that the accountant or firm is qualified and licensed to provide accounting services in Lithuania. You can verify their credentials on the Lithuanian Ministry of Finance website.

Look for experience: Check their experience in providing accounting services to businesses similar to yours. You can also ask for references and client testimonials to verify their experience.

Evaluate communication skills: A good accountant should have excellent communication skills to ensure that you understand their reports and financial statements. Look for someone who can explain complex financial information in simple terms.

Consider fees: Compare the fees of different accountants or firms to find someone who provides high-quality services at a reasonable cost.

Schedule a meeting: Arrange a meeting with the accountant or firm to discuss your business’s accounting needs and evaluate their suitability for the job.

Overall, it’s important to take your time and choose an accountant or firm that is a good fit for your business needs and budget. However, we have one company that we can recommend. This company name is “StartBusiness“. They are professional business accountants which have more than 10 years of experience in this field.