Startup Lithuania Program: Entry to Lithuania with Startup Visa TRP

Establishing a startup business entity in Lithuania is more straightforward than in other European countries because of its lower initial capital and employee hiring requirements. In addition, you and your family can qualify for a temporary residence permit. Read on to learn more about the Lithuania Startup visa and its requirements.

Table of contents
What is the Lithuania Startup Visa? Benefits of the Lithuania Startup Visa for Entrepreneurs Requirements for Lithuania Startup Visa Application process for Lithuania Startup Visa Moving to Lithuania from abroad Banking in Lithuania Meet Wise: International Account for Global Entrepreneurs Wise Personal Account Wise Business Account

What is the Lithuania Startup Visa?

The capital city of Lithuania, Vilnius, offers non-European Union (EU) or European Economic Area (EEA) entrepreneurs a visa to set up a startup and contribute to its business ecosystem. This visa is designed for startup founders with an innovative or tech-based idea. The Lithuanian government puts together an expert panel to certify your business as beneficial for the country’s economy. The low capital requirements and favourable hiring rules can make Lithuania an attractive destination for global entrepreneurs.

You can be granted either a Schengen visa (C type) or a National visa (D type). It is more common to receive a Schengen visa as the Startup Visa.

The Startup Visa Lithuania qualifies you to obtain a temporary residence permit if your business contributes to improving the Lithuanian economy. This temporary residence permit has a two-year validity with an option of renewing it for another three years.¹

Benefits of the Lithuania Startup Visa for Entrepreneurs

The Lithuania Startup Visa offers various benefits to global entrepreneurs, encouraging them to set up their businesses:²

• Business-friendly policies - Lithuania is encouraging non-European entrepreneurs to start their businesses in the country. Founding a company or moving an existing business to the country can help you enter the broader European market.
• Path to residency - The visa requires you to stay in Lithuania for extended periods. The Lithuania Startup Visa offers the facility of temporary residency initially for two years, after which you can extend it for a further three years. You can then be on the path to getting residency in Lithuania.
• Include your family - Your family can accompany you to Lithuania and reside with you during your stay there. They are also eligible to apply for residence permits in Lithuania.
• State-of-the-art infrastructure - Lithuania is a European nation with a well-developed business ecosystem structure comprising of venture capitalists, business accelerators, and startup-friendly enterprises.

Requirements for Lithuania Startup Visa

The Lithuania Startup Visa has straightforward eligibility requirements:³

• Your passport must be from a non-EU or EEA nation. EU or EEA nationals do not require a visa to move to Lithuania.
• Your business startup must offer an innovative solution. It should have a prototype, a minimum viable product (MVP) or evidence of business traction.
• This program is only available to founders of the startup. A maximum of four founders can apply for a business startup. It is not available to additional teams or employees.
• You must provide information about your financial plans for activities in Lithuania for the first two years.

For the Schengen or National visa, you will need to provide supporting documents. You can find the list of required documents online but also check with your Lithuanian diplomatic mission.

The fee structure for applying for the Lithuania Startup Visa and Residence Permit is as follows:⁴

Type of fee	Cost
General process	€150 EUR
Urgent process	€300 EUR

To be eligible for a renewal of your residence permit for 3 more years, you will need to provide a business progress report. It should include the business’s achievements during the time so far and financial projections for the next three years. The total time you can stay on this visa in Lithuania is 5 years.

Application process for Lithuania Startup Visa

You can apply for the Lithuania Startup Visa at the Startup Visa Lithuania website. You can also apply at the Diplomatic Mission of Lithuania or authorized visa centres in your country:⁵

• Submit your application - Complete the online application procedure by providing details of your business setup, its founders and team, the product or services, and the business plan. Attaching a pitch deck can help strengthen your application.
• Have a video call - You’ll have to participate in an online video call with the panel of experts where you can pitch your business idea and convince them of its viability and utility to the Lithuanian economy.
• Committee Evaluation - The panel evaluates your business idea and passes it to an expert committee for final assessment. They will grant you the confirmation if you meet all the requirements.
• Apply for a residence permit - On receiving the official confirmation of the visa, you must apply for a residence permit. This permit is valid for two years and you can relocate to Lithuania on this residence permit.
• Start your business - On relocating to Lithuania, you can start business operations within 120 days. You must email the Startup Visa Lithuania team about the registration within three days of establishing the company. You must attach copies of the company’s Registration Certificate and Incorporation Agreement.

Generally, the processing time for your residence permit can be around two months. However, you can get your permit in one month if you apply and pay extra for the urgent process. Your spouse and children will also need to provide documents like a passport or birth certificate, respectively. Academic transcripts, medical documents, a spouse’s professional or educational achievements and confirmation of medical insurance may also be requested.

If you need any assistance when applying or to get started in Lithuania, you can reach out to theStartup Lithuania team for help. They offer free consultations to guide you through the process. \

Your company can be registered as a private limited liability company (UAB) or a Small Partnership (MB) in Lithuania. The Innovation Agency Lithuania website has descriptions of each and you can identify which one is best for you and your team.

Moving to Lithuania from abroad

Once you have a visa, there are many other things to have set up before and after moving. Here are factors to consider when shifting abroad:

• Updating your bank accounts and credit card: Your business in Lithuania can keep you out of your home country for extended periods. Talk to your bank and see if you need to make any changes to your home accounts since you will no longer be residing in the country. Let your credit card company know as well so they’re aware you may have transactions from abroad. Additionally, have a system to make payments for any recurring bills that need to be paid when you’re abroad.
• Staying connected to family and friends: Being away from family and friends can be difficult while adjusting to a new city. Use apps like WhatsApp to send free messages or have voice or video calls. Social media platforms like Instagram and Facebook can be useful in sharing your journey and new experiences while in Lithuania.
• **Language: **The official language in the country is Lithuanian and is what most of the population speaks. English is relatively popular, so you may find English speakers too, as well as Polish and Russian. To assimilate easier, consider learning Lithuanian before moving.
• Cultural changes: Non-EU or EEA nationals may need more time to adjust to European and Lithuanian culture. Be open to learning about the history of Lithuania and finding things you like when it comes to food. At the same time, find ways to keep your own traditions and culture alive in meaningful ways.
• Accommodation and logistics: Vilnius is the capital of Lithuania and the city and its surroundings may be the best place to live and start your business. You can tap into the existing ecosystem and network more easily. Consider if you want to book a place to live beforehand or to stay in a hotel for a couple of days when you arrive. If you book a hotel, you can then find a place to live in person, rather than online. Keep in mind that the norm in Lithuania is to have two months of security deposit to rent an apartment.
• Healthcare: You must have adequate health insurance for yourself and your family before you relocate to Lithuania. Knowing your healthcare options in Lithuania can help you deal with any medical emergency during your stay.

Banking in Lithuania

Lithuania uses the Euro so if you already have a Euro bank account, you can use it in the country. If this will be your first time living in Europe, you will likely need a personal bank account. It will make earning income, paying bills and buying groceries easier. Check out our complete guide to opening a bank account in Lithuania to learn how to go about the process.

Your startup will likely need a bank account in Lithuania to pay for operating costs and tracking expenses. A business bank account will also keep your personal expenses separate from those of your business. Lithuania has its own banks available like Siauliu Bankas but regional banks like Swedbank and Danske Bank also have a presence. Depending on the type of company you register as, you may be provided a business bank account.

If international transactions are part of your business, find a business bank account that is low on fees. Banks can often be an expensive option with high transfer fees and hidden fees in the exchange rate. Want a cheap way to send money overseas? Try Wise.

Meet Wise: International Account for Global Entrepreneurs

Need to send an international transfer? Wise is the fast, simple and low-cost way to send money to local bank accounts internationally. Using smart tech, Wise makes quick secure transfers worldwide, with some transfers arriving only in minutes.

Whether for personal or business, you can expect only one low transfer fee on every transaction. You’ll see it upfront, right next to the mid-market exchange rate. That’s the same rate you see on Google, which means there are no extra or hidden fees with Wise.

Join Wise today on its award-winning app and see how much easier international transactions can be.

Wise Personal Account

When you need to send money to family, reserve your next holiday home or send a gift to someone you love, pay for it all using just one account. The Wise multi currency account lets you hold, send and spend in different currencies - including Euros, Singapore Dollars and Indian rupees. With a linked debit card, so you can even swipe or tap like a local wherever you are in the world.

Sign up for the Wise multi currency account today to manage global currencies the simple way.

Get Started with Wise Personal Account 🚀

Wise Business Account

The Startup Lithuania Visa may provide a local bank account, but if you want to take your startup to the next level, try the Wise Business Account. It is one account where you can transfer money to local bank accounts internationally, and batch payments up to 1,000 people. Now, having a distributed team, vendors or suppliers around the world has never been easier.

The Wise Business Account also provides local bank details in different currencies so clients can pay in their preferred currency. The business account also integrates seamlessly with accounting software like QuickBooks, so you can track all your transactions.

Sign up for Wise Business Account and take your startup global.

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This article is intended to provide a general overview of the Lithuanian startup visa and is not personalised financial, legal, immigration or business advice. Consider speaking to a professional like a lawyer, accountant, tax lawyer or business advisor for advice for you, your family and your business.

Sources used for this article:

1. Lithuania Startup Visa - An Overview
2. Lithuania Startup Visa - Benefits to Entrepreneurs
3. Lithuania Startup Visa - Eligibility
4. Lithuania Startup Visa - Processing Fees
5. Lithuania Startup Visa - Application Procedure

Sources verified on 19 January 2024.

Cover photo by cottonbro studio.