by setting up a Legal Entity

TEMPORARY RESIDENCE PERMIT IN LITHUANIA BY SETTING UP A LEGAL ENTITY

Introduction

In accordance with the legislation of the alien status in the Republic of Lithuania, given the opportunity for the third countries citizens who running business in Lithuania get temporary residence permit in the Republic of Lithuania. Temporary residence permit is issued for 1 year and extended for 2 years.

Process

THE PROCESS OF GETTING TEMPORARY RESIDENCE PERMIT IN THE REPUBLIC OF LITHUANIA CONSISTS OF 3 STAGES:

Stage one: establishment of a legal entity or purchase of the shares (rights) of the legal entity.

For becoming a shareholder or participant (it depends of the form of legal entity), it is necessary to purchase shares or rights of the legal entity.

There are 2 ways of purchasing shares or rights of the legal entity:

 

1. by setting up a legal entity. Documents of the establishment must be approved by the notary and submitted to the Register of Legal Entities.

2. buying shares or rights of the legal entity. In this case, the person has purchased shares or rights of an already established legal entity. The shares or rights provide possibilities to make decisions on the most important things, to get dividend, etc. Agreements of selling and purchasing shares or rights are not approved by the notary until the 31st of December, 2014. Duration of the process in the Register of Legal entities – 5 business days.

 

From the 1st of January, 2015 mentioned type of the agreement must be approved by the notary, but the buyer has the right to authorize other person to take legal actions on behalf of the buyer. The power of attorney must be approved by the notary, legalized and translated into the Lithuanian language. The duration of the process will be extended to 10 business days.

Stage two: implementation of the business.

The legal entity, whose shareholders or director or board of management or supervisory body is an alien, at least the latest 6 months prior to the alien applying for temporary residence permit in the Republic of Lithuania must carry out economic-commercial activity. Also, the legal entity must have established 3 full-time working places, where Lithuanian citizens or persons who have a permanent residence permit in the Republic of Lithuania can work.

Stage three: preparation of the documents for getting the temporary residence permit and submission.

The documents can be submitted at the Lithuanian embassy and at the institution of migration in Lithuania.

The migration department decision will be made within 2-4 months.