License overview
Lithuania is one of the most crypto-friendly and attractive jurisdictions within the European Union, offering a friendly and regulated legal environment for virtual asset service provider (VASP) companies, with clear regulations in place since January 2020.
In comparison to its neighbouring Estonia, Lithuanian regulation is much more flexible in terms of the setup and come at lower on-going cost as there is no specific requirement for onsite personnel.
Our team of experts provide professional solutions for crypto exchange and wallet licenses setup. The company and license setup can be fully processed remotely, with no travel required.
Advantages
Simplicity
Minimum procedural requirements and bureaucratic burden of the process. The result will be only the company entry into the Register, without the need to obtain supporting documents and other attributes of bureaucracy.
Low costs
You only need to pay for the company registration, the authorized capital, as well as preparation and submission of documents.
Taxes
Corporate tax of 15% is one of the lowest rates in the EU.
No Local Residence
No requirements for the residence of the company director and shareholders. However, a Lithuanian cryptocurrency exchange does have to have a locally based MLRO.
Timeframe
Up to 1.5 months.
Key requirements
Unlike other major destinations for cryptocurrency business, there are relatively few requirements to applicants at the registration stage in Lithuania. Those include:
- A limited liability company (UAB) must be incorporated in Lithuania to provide both cryptocurrency exchange and/or storage services.
- The minimum capital requirement is €125.000.
- At least one owner (natural or legal person).
- One board member (may also be the owner).
- Money Laundering Reporting Officer (MLRO) – locally resident and employed under an employment contract.
- Virtual office address accepted as company location.
How FinSpace can assist
FinSpace has a highly experienced local team based in Lithuania and Estonia and offers the necessary expertise in setting up companies in Lithuania and assisting with cryptocurrency exchange license applications. We provide full support during the application process to ensure that your crypto exchange is properly set up and licensed in Lithuania.
Aside from taking care of your license application package, we shall:
- Open bank and payment processing accounts.
- Recommend to you a local MLRO, as required by law (at an extra fee).
- Offer you several options for local office rent.
- Introduce you to a friendly and discreet local firm of accountants.
We provide administration and management of these licenses to ensure that they maintain full compliance with all corporate and licensing requirements and to ensure that their affairs are properly managed and controlled from their place of incorporation.
