Lithuania
Lithuania facts
General information about Lithuania:
Capital: Vilnius
Official language: Lithuanian
Population: 3,0 million
Political system: Parliamentary democracy
EU Membership: since 2004
Official currency: Lithuanian Litas (Lt); (LTL)
The Republic of Latvia, international abbreviation LT
International code: LT
Constitution: democratic parliamentary republic
The parliament is called the Seimas.
Internet domain: .lt
International telephone code: +370
Geography:
Location: Lithuania is situated in Northern Europe, with one coast near the Baltic Sea.
Territory of Latvia: 65,300 square kilometers (25,212 square miles).
Total population: 2 988 381 (on year 2012)
Capital city: Vilnius
Largest Latvia cities: Vilnius, Kaunas, Klaipeda, Siauliau, Panevezys
Borders: Latvia, Belarus, Russia, Poland
Ethnic composition: Lithuanians-83%, Poles-6%, Russians-5%, Belarusians-1%, others-5%
Religion: Christianity, Judaism, Islam
Official language: Lithuanian
Economics:
Currency: Litas (LTL), 1 litas = 100 centas
Time: UTC +2, summer UTC +3
GDP Total: 42,4 billion USD
GDP Per Capita: 13,1 USD
Main Taxes:
Value Added Tax (VAT): 21%
Personal Income Tax (PIT): 15%/20%
Corporate Income Tax (CIT): 15%
Immigration:
Lithuania Visas & Passports
Overseas residents must present valid documents on entering Lithuania; these include a passport and an entry visa.
No visa is required for residents of the United States, Britain, the EU and residents of many other countries who enter Lithuania for less than 90 days in a 12-month period.
There are arrangements with some 20 other countries, whose citizens are eligible to receive a visa to Lithuania without being in possession of an invitation from a Lithuanian body. Nevertheless, the visa is granted after proof is provided of the ability to finance the period of the stay in Lithuania; normally around 40 dollars a day is required.
Types of Lithuania Visas
The main classes of visas in Lithuania:
A standard visa - granted for purposes of visiting relatives and tourism. The visa is valid for a maximum period of 90 days from the date of entry into Lithuania.A transit visa - this means transit through Lithuania to another country. The visa permits a stay of 48 hours in Lithuania.An airport visa - permits a stay in the area of a Lithuanian airport for up to 48 hours.A group visa - a group of 5 - 30 members can receive a group visa instead of a transit visa or a standard visa for each member of the group. The issue of a group visa is dependent on the appointment of a guide for the group is made conditional on the fact that all members of the group have an identical tour route in Lithuania.
Residence permit:
Resident Permit to Lithuania
There is a group of people who are required to obtain a permit for temporary residence in Lithuania:
A foreign resident who intends to remain in Lithuania for more than three months in any six month period.
Foreign investors who register a company in Lithuania on condition that the registered capital of the company is at least LT 250,000.
A temporary residential permit is issued also to the following individuals:
- A foreign resident whose wife or children are Lithuanian residents who live in Lithuania.
- A foreign resident who comes to Lithuania for purposes of research, or to give instruction at an institute of higher learning.
- A foreign resident who is studying in Lithuania.
- A foreign resident who is entitled to a permit for humanitarian reasons.
Comment: A temporary residential permit is valid only for one year. The permit may be renewed 5 times before applying for a permit as a permanent resident.
Company formation in Lithuania:
In Lithuania, the following are very acceptable forms of incorporation:
A private company (with the suffix UAB) or a public company of this sort (with the suffix AB) may be formed.
One or more shareholders are required in order to found the company. The maximum number of shareholders in a private company must not exceed 250. There is no restriction on the number of shareholders in a public company.
The minimum registered capital in a private company is Lithuanian Litas 10,000 (approximately Euro 2,896). The minimum registered capital in a public company is Lithuanian Litas 150,000 (Euro 43,443).
Part of the registered capital must be paid in cash and cash equivalent according to the requirements of the law.
The shareholders' undertaking is limited to the amount of the capital invested only.
The management bodies of the company are determined by the general shareholders meeting.
A public company must appoint a supervisory council or "board of management."
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