Business opportunities in Lithuania

[Juxtys]

I recently stumbled upon a website BusinessLT which provides info about business opportunities in Lithuania, including starting the company and taxation. I'd like to compare it to other countries. I hope you will help me.

The 8 steps to start a company in Lithuania

» Choose company type

» Choose the company name

» Open a bank account and deposit the authorized capital

» Obtain the company's registration address

» Preparation of foundation documents

» Formalize the foundation documents at the notary bureau

» Aqcuire the official legal status of the company at the Register of Legal Entities of the Republic of Lithuania

» Obtain a company stamp

Taxation

Tax type Tax rate

» Corporate tax (profit tax) 15% or 13%

» Value Added Tax 18%

» Income tax 24% (salary)

15% (other income)

» Social insurance contributions 30,98% + 3% of the salary

» State Guarantee Fund contributions 0,1% of the salary

[Juxtys]

Also, they put this in their website:

Doing business in Lithuania means doing business in a very challenging, relatively new market, with great opportunities to develop new businesses, implement business concepts and market products that are common in Western Europe, but unknown in Eastern Europe.

With the largest, most diversified, and highly competitive industries in the Baltics, low taxes and costs, and half of the GDP of the Baltic States, Lithuania is a relatively small, but potentially attractive market for investors from EU and other countries. The main descriptors and advantages of Lithuania as a country to do business today are:

* Lithuania represents an open and rapidly growing economy, with a GDP rise of 6,1 % in the second quarter of 2008.

* The government has given priority to financial discipline, currency stability and other business friendly policies.

* Economic and political stability: British analysts of the "Economist Intelligence Unit" (the research subdivision of "The Economist" magazine) confirm Lithuania to be a country with very low economic and political risks. The country is a member of the EU and NATO and follows the Western model of internal and foreign politics.

* According to the World Bank in its report "Doing Business in 2006: Creating Jobs" announced Lithuania to be the easiest place to do business among the Baltic States and all new EU members.

* Lithuania is strategically located at the gateway between huge markets in the north, east and south, the European Union has recognized Lithuania as the prime transport center in the region linking the EU with the East.

* Lithuania offers equal protection and guarantees for both local and foreign businesses. The country guarantees the unrestricted movement of capital and dividends and free access to all sectors of the economy.

* Lithuania imposes low corporate taxes, and labor costs and secondary costs, such as accountancy and office space, are among the lowest in Europe.

* Businesses in Lithuania are fast in implementing the latest technology, and rapidly increase their production efficiencies.