Lawyer
An expert in corporate and international corporate law. He has many years of experience in establishing and reorganizing companies, supporting M&A transactions, as well as providing legal support for opening and running a business in the EU, Asia, and North America.
Opening a bank account in Lithuania for business
The account opening process has its own specifics, related to the requirements of Lithuanian legislation and the internal policies of local banks. With the emergence of innovative players such as Revolut Bank UAB and the development of traditional banking institutions, Lithuania has become an attractive jurisdiction for international businesses seeking effective access to European financial markets.
Banking system in Lithuania
The Lithuanian banking system has a clear two-tier structure. The system is headed by the Bank of Lithuania (Lietuvos bankas), the country’s central bank, which acts as a supervisory authority and is responsible for monetary policy. Its role as a regulator has been significantly strengthened since the introduction of the euro in 2015.
The second tier consists of commercial banks, which can be classified into several categories:
- Universal banks with Lithuanian capital: For example, Šiaulių bankas is the only bank with predominantly Lithuanian capital that offers a full range of services for businesses.
- Subsidiary banks of Scandinavian groups: Swedbank Lietuva and SEB bankas are the two largest banks on the market, owned by Swedish banking groups.
- Specialized and niche banks: Citadele bankas, Medicinos bankas.
- Fintech banks: Revolut Bank UAB, PayRay Bank are new players specializing in digital banking services.
Types of corporate accounts in Lithuania
- Current account (Einamoji skaitai): The main account for daily transactions.
- Deposit accounts (Indėlių skaitai): For storing funds with interest income.
- Foreign currency accounts (Valiutų skaitai): For transactions in foreign currencies.
- Specialized accounts: For certain types of activities (trading, investment, etc.).
The process of opening an account in Lithuania is strictly regulated and takes place in accordance with European and national AML/CFT standards.
- Law on the Prevention of Money Laundering and Financing of Terrorism (Pinigų plovimo ir terorizmo financimas prevencijos įstatymas) – this law implements the EU directives on AML/CFT into Lithuanian law and defines the main requirements for banks.
Main requirements of banks for opening a corporate account
Documents confirming the status of a legal entity
- For Lithuanian companies: Extract from the Register of Legal Entities (Juridinių asmenų registro išrašas) not older than 30 days; Articles of Association (Įstatai) of the company.
- For foreign companies: Legalized extract from the trade register of the country of registration; Legalized statutory documents; Proof of registration with the tax authorities of the country of registration.
Documents identifying the beneficial owners (Naudos gavėjai) and representatives
- Copy of passport or other identity card.
- Confirmation of residential address (not older than 3 months).
Account opening procedure
Step 1: Bank Selection and Preliminary Contact
Careful selection of a bank according to the needs of the business. Specialized banks are better suited for fintech companies, universal ones for traditional businesses.
Step 2: Filling out questionnaires and providing documents
Preparation of a complete package of documents taking into account the specific requirements of the selected bank.
Step 3: Personal presence (Asmeninis sukļķymas)
Most banks require the personal appearance of beneficial owners for identification. Some digital banks offer alternative methods.
Step 4: Compliance Check (Atitikties tikrinimas)
A check by the bank’s security service, which can take from 2 to 8 weeks.
Step 5: Conclusion of the contract (Sutarties sudarymas)
Signing of bank agreements and activation of the account.
Therefore, opening a corporate bank account in Lithuania is a complex multi-step process that requires a deep understanding of local regulatory requirements, banking procedures and tax legislation. From the right selection of a financial institution to careful preparation of documents and overcoming compliance checks, each stage is crucial for the successful launch of your business in the European space. This is especially true for foreign companies that face additional challenges related to document legalization, language barriers and the need to demonstrate economic substance in Lithuania.
Our specialists, who have a deep understanding of the specifics of the Lithuanian financial market, help clients effectively go through all stages – from the initial consultation to the successful activation of the account. We guarantee that each client will receive an individual approach, transparent communication and professional support on the way to a successful start of your business in Lithuania.
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