Blue Card: temporary residence permits procedure for highly qualified employees (including IT specialists) was facilitated in Lithuania. Highly qualified employees may apply for a blue card online and approval/disapproval of the card will be taken entirely virtually, i.e., without requirement of physical presence.
Application for a temporary residence permit as a freelancer is still limited in Lithuania (such option is available only for nationals of Australia, Japan, USA, Canada, New Zealand and S. Korea).
If highly qualified employees are employed by Lithuanian companies and work remotely from their home countries, there is no need to apply for a residence or a work permit in Lithuania.
Vast array of tax incentives is available for foreign investments in Lithuania such as investments in free economic zones, qualifying investments in certain groups of fixed assets, R&D (Triple RD costs deduction).
NOTA BENE. Business and employee relocation need to be structured in a most tax friendly way, therefore requires careful tailoring and understanding of individual business model.
Each new business shall be required to open a bank account for incorporation and running its operations. The companies should be prepared to provide AML/KYC documents required by the banks, including information on the shareholders and ultimate beneficial owners.
The banks are risk averse with respect to potential clients engaged in operations with cryptocurrencies.
IT services are not subject to any specific licenses or permits in Lithuania.
NOTA BENE. IT sector is one of the strategic industries in Lithuania, therefore incorporation / acquisition of strategically sensitive business such as cloud, hosting services may be subject to national security clearance.
There are number of business forms you may choose for your corporate set-up: private company, partnership, individual enterprise, or even individual activity without any formal incorporation.
Incorporation process is very quick and simple.
In addition, you may also start as a branch (affiliate), which requires no formal incorporation procedures, or acquire already incorporated company.
NOTA BENE. Re-location of business and assets to Lithuania may entail transfer of contracts, data, software licenses, hardware as well as other important business elements.