Market and Business in LITHUANIA
Official name – The Republic of Lithuania (Lietuvos Respublika, Lietuva)
Official language: Lithuanian
Total area – 65,300 km2
Population – 2,8 million
Capital – Vilnius (population in thousand -536,0)
Other largest cities – Kaunas (pop.286,7), Klaipėda (pop.172,2), Šiauliai (pop.100,5)
What do you need to know about business in LITHUANIA?
A lot of people are luring the opportunities to start their own business in Lithuania as its national regulations are liberal and open for it. Sure, like the other country in European Union Lithuania is mostly expecting for high-skilled specialists from the third countries providing them here as possible more affordable conditions to live and work in EU territory. But this circumstance cannot be an obstacle to a foreign citizen who is able to face challenges in choosing this country and take advantage in opportunities of Lithuania business immigration.
Lithuania is internationally well known for its biotechnologies and laser industries, and the companies that work in these areas “Sicor Biotech”, “Fermentas”, “Šviesos conversion”, “Ekspla”, “Brolis Semiconductors”.
Probably now the most world-known trademark of Lithuania in abroad is “Viči” (Vichi) that fish production reaches more than 60 world countries. In the aviation industry, the most successful and well-known company is Avia Solutions Group. Lithuanian company Girteka Logistics successfully work internationally and is one of the transport and logistics leaders not only in the Baltic region but in all Europe. Lithuanian capital company “Maxima LT” is the largest retail network in the Baltic states.
Such successful examples attract an increasing number of local and especially foreign entrepreneurs to start a business in Lithuania as the conditions for it becomes extremely favourable. To foreign nationals from the third countries start a business in Lithuania means wide opportunities and the entry/entrance into a large European market with its all advantages. Local legal and business consulting firms may offer wide range services including company registration, acquisition of the business license, generally business registration via residence permit in Lithuania or Europe immigration, and etc. Within new company registration, foreign citizens may expect to receive bookkeeping services for their just purchased and registered companies as well as quality accounting in Lithuania.
Lithuania by territory and population is the largest Baltic region country that situated in the southeastern shore of the Baltic Sea
Lithuania today may be as an inspiring example to the other countries of the world. Being comparatively a small country in Europe Lithuania like other neighbouring states Estonia, Latvia, and Poland suffered the same woes of long lasted wars and occupations (especially, struck troubles, disasters and rigours in a last 20th century) and managed to preserve an own distinctive national identity. Throughout the centuries saved and cherished religion, national culture and traditions, folk art and music, and sure, a native language are what now Lithuanians can proud of. The achievements of a national business are becoming more noticeable in the world.
After re-establishing its political independence at the beginning of the last decade of 20th century Lithuania within the other Central and Eastern European countries has suffered a painful transition from Soviet regulated economy to a free liberal Western market by implementing necessary economic reforms. This took a long time, but today, being already on the threshold of the year 2020 Lithuania as a member of the European Union is well known for its convenient geographical location (country is situated at the crossroads of Northern Europe, Western Europe, and Russia) and for such industries like well-developed general logistics infrastructure, leading e-infrastructure, fast and reliable IT infrastructure and connectivity, digital financial technologies, laser manufacturing, and biotechnologies.
This Baltic country is set up to deliver Your business success. Lithuania is also known to the world as having a high position of ease of doing business (14th position in 2019). This factor has a strong impact on the constant growth of foreign investments into various Lithuanian economic sectors. Doing business in Lithuania becomes an attractive idea to a growing number of foreign entrepreneurs. The latest events show that at the end of 2018 one of FinTech market-leading companies Revolut that registered in the UK decided to select Lithuania as an attractive place for their business to develop here a wide range of digital banking services within an opportunity to create new products by promoting and developing digital financial technologies.
Through the various international social-economic rankings that show the position of achieved development and current level of a country Lithuania during recent years has reached significant positive changes.
In Social Progress Index of 2018, Lithuania is on a 31 position among 146 world countries. In the Index of Economic Freedom of 2018, Lithuania is on a 19 place among 180 countries of the world. 2018 Human Development Index and Inequality-adjusted Human Development Index show Lithuania on a 35 place among the 189 world countries. According to these and the other social-economic rankings Lithuania belongs to a group of very high human development countries of the world.
Being a member of EU Lithuania also is a full member of several important global economic organizations, such as the World Trade Organization (WTO) and OECD (Organization for Economic Cooperation and Development).
Main economic industries of Lithuania are petroleum refining, energy supplies, furniture, and wood products, biotechnologies, laser industries, food processing, tourism, and etc.
Tourism in Lithuania
Tourism in Lithuania as a growing industry is becoming so important to many local sectors of the economy. A well-developed rural tourism network as a separate sub-industry attracts for more foreign tourists to visit this Baltic country. A majority of foreign visitors arrives from neighbouring countries Poland, Latvia, Belarus and Russia, but however, over the last few years, there has been a noticeable increase in the number of tourists from Ukraine, Germany, Israel, United Kingdom, Italy, and Finland as well.
Lithuania‘s priority sectors in the economy are service centres, manufacturing and technologies. Each region or larger city in Lithuania is known for its specialized economic activity. City of Klaipėda which is near the Baltic Sea is a large port with its developed infrastructure. In Lithuania is successfully developed the infrastructure of free economic zones and industrial parks. These are the territories that designated for the purpose of general economic, commercial and financial activities.
The service industry is one of the most popular areas starting a business in Lithuania. Usually, a majority of foreign entrepreneurs after registering a new business has a big interest to expand their activities in the biggest cities of a country, such as Vilnius, Kaunas, or Klaipėda. Some of them are not afraid to test themselves to settle down in smaller towns of Lithuania for own activity opportunities, f.i., to open a small cafe or coffee shop, small inn of their traditional national dishes and beverages.
Sure, the capital of Lithuania is so an attractive place to everyone thinking on business in Vilnius or business opportunities in Vilnius, especially in the Old Town area. In the service industry, the most popular activities are a restaurant business in Lithuania ( catering services are considered as one of the profitable activities and most of such restaurant or cafe business starters after some time think on such business enlargement opportunities ), used car business in Lithuania (such opportunities of it attracts mostly small foreign entrepreneurs from the third countries), clothing business in Lithuania (especially could be captivating to the experienced businessmen aiming to open here a small or medium size apparel shop).
Education in Lithuania
The oldest high school in Lithuania and one of the oldest universities in the East Europe region is Vilnius University, established in 1579. It offers a wide range bachelor, master and doctorate degree studies, including studies of art & humanities, business & social sciences, medicine & health, language & cultural. Other universities are Vytautas Magnus University in Kaunas, University of Klaipėda, two major technological high schools such as Gediminas Technical University of Vilnius and Kaunas University of Technology. Colleges in Lithuania are profiled and oriented more to studies of technologies, economic and business sciences (Kaunas College, Vilnius College, ISM University of Management and Economics). All these high education institutions are officially accredited and recognized by the Ministry of Education and Science of Lithuania.
Foreign students choose Lithuania already knowing that they will be able to get a qualified education here. Medicine and health science studies, biotechnologies, economic and business management studies are among the most popular among them. After finishing their studies young foreign nationals prefer to remain in this Baltic country for the future living and do business in Lithuania within the plans to realize their own company registration in Lithuania and implement their ideas in business or another field of activity. They also see this Baltic country as the potential for successful business opportunities in Vilnius or in the other larger town of Lithuania.