Clients' Testimonials

Mr. Tibor Janka, director of UAB „Baltum“


yourbusiness.lt services have always been professional and provided in due course from the very beginning of our cooperation. I mean not simply buying a company alone but also approaching the team of yourbusiness.lt for various services afterwards. I would in fact recommend this name to anyone interested in an easy going business startup process in Lithuania.

 

Co. Establishment

The establishment process of all legal entities in Lithuania is quite similar, the only difference is the amount of submitted documents. Below we present general procedure of the establishment of legal entity.

1. Preparation of required documents

Both by establishing Joined stock company (UAB) and Public company (VsI) the Act of Establishment is prepared if the founder is one person or the Contract of Establishment, if there are several founders. By establishing the association the Contract of Establishment is prepared because the minimum number of founders of an association is three persons. The Articles of Association - basic legal document of the legal entity - must also be prepared.

2. Convocation of Statutory Meeting

During the Statutory Meeting the prepared documents - the Act of Establishment or the Contract of Establishment and the Articles of Association are approved and governing bodies are elected. Any legal entity in Lithuania shall have the sole management body - the Head of administration. Each legal entity may also have Supervisory Council or the Board. If the legal entity is established by one founder, signed documents by founder amounts the decisions of the Statutory Meeting.

3. The Submission of the documents to a Notary

The prepared and signed documents are submitted to the Notary. The Notary verifies veracity of the data and compliance with the law provisions. The following documents must be submitted:
Application to register legal entity  in the Register of Legal Entities and other application forms, approved by the State Enterprise Centre of Registers.
the Act of Establishment or the Contract of Establishment and the Articles of Association of the legal entity.
The minutes of the Statutory Meeting and its annexes.
The Information about the founders of the legal entity, the elected members of governing bodies as well as information about persons, who shall have the right to enter into transactions of the legal entity and the limits of their rights.
The statement regarding opening of an accumulative account in a bank and the authorised capital formed or contributions made.
The statement verifying that the owner of the premises provides the head office for the activity of the legal entity. If the premises belongs to the founder of the legal entity, the documents confirming the ownership of the premises must be submitted to the Notary. If the premises are pledged the consent of the creditor is also required.

4.   The registration of the documents in the Centre of Registers

The documents authentificated by a Notary are registered in the State Enterprise Centre of Registers. The registration usually takes 5 workdays. After the registration the Centre of Registers issues a certificate of registration. The legal entity shall acquire the rights of legal entity as of the day of its registration. After the registration of the legal entity the stamp of legal entity is produced.