Lithuania presents a favorable environment for entrepreneurs to flourish, due to its strong economy, innovative laws, and highly technological workforce along with startup program in Lithuania.
The country has been a vibrant hub for innovation in recent years, attracting businesspeople from all over the world.
Let’s explore Lithuania’s startup initiative.
What is the Startup Program in Lithuania?
- Startup Visa Program
One important program that helps bring in foreign business owners wishing to open offices in Lithuania is the Lithuanian Startup Visa.
The startup program in Lithuania (visa) was introduced in 2017 and was created for creative business owners who want to move to Lithuania to further grow their ventures.
Non-EU countries are especially attracted to the program since it provides them a chance to take advantage of Lithuania’s business-friendly atmosphere.
Entry to Lithuania – Get a startup visa or employee visa – CLICK HERE
Applicants must fulfill a few criteria to be eligible for the startup program in Lithuania, one of which is having an innovative company idea with significant room for global expansion.
The application procedure is simple: entrepreneurs just need to send in their business plan and an in-depth description of the idea and target market for their venture.
After being granted, the visa gives holders a one-year residency permit that can be renewed, giving company owners plenty of time to grow their enterprises.
Incentives and Support for Startups in Lithuania
The Lithuanian government offers a range of assistance that includes financial incentives, networking opportunities, and mentorship programs, together with some commercial and public entities.
- The country supports early-stage entrepreneurs with a range of awards and financial possibilities.
- Tax advantages, like lower corporate tax rates and exemptions for specific business operations, can also be advantageous to startups.
- In addition to financial assistance, Lithuania has a strong network of accelerators and incubators.
- These initiatives support entrepreneurs by providing resources, office space, and mentorship to help them grow.
Read: Is it easy to get a job as a student in Lithuania?
Legal and Regulatory Framework
It is easy to get around Lithuania’s legal and regulatory environment, as there are clear standards that help new enterprises start up and expand.
- In Lithuania, registering a business is an easy process that may be finished online.
- It is necessary for entrepreneurs to verify that their company is registered with the Register of Legal Entities, gets the relevant permissions, and follows Lithuanian laws.
- Another essential component of the legal system is the protection of innovation.
- Strong intellectual property rules in Lithuania ensure that business owners’ inventions and concepts are protected.
- Also, distinct laws oversee different areas, like biotech and fintech, providing that new businesses in these fields function within well-defined legal parameters.
How to Get Started – Practical Steps for Entrepreneurs?
Here is step-by-step guidance for entrepreneurs who are prepared to take the risk to start using Lithuania’s startup program.
The first step is to apply for the Startup Visa by sending the Ministry of Economy and Innovation a thorough business plan and all necessary supporting documentation.
The visa enables you to live and start your business in Lithuania if it is granted.
- The next step is to select a suitable legal structure
- Register your business with the Register of Legal Entities, and make sure local regulations are being followed.
- The next important step is to find office space. Tech parks and coworking spaces that are specifically designed for startups can be found in Lithuania.
- Putting together a local team is just as necessary and you can access excellent talent in Lithuania due to its workforce’s multiple languages and expertise.
- Make use of local incubators and Startup Lithuania as well as other tools to network and get further help.
Bottom Line
Startup program in Lithuania may be the best route to success if you are thinking about moving to Europe to start your firm.
