Lithuania, as a popular jurisdiction, provides an ideal environment for companies in the fintech and virtual asset fields. In recent years, Lithuania has developed a licensing system for the exchange of virtual assets and the processing of cryptocurrencies, making it a highly regarded country.
Advantages:
Low cost: Obtaining a cryptocurrency license in Lithuania is relatively inexpensive compared to other European countries.
Fast approval: The licensing process is typically completed within a few weeks.
Remote registration: It is possible to register a Lithuanian company remotely.
Low tax rates and tax incentives: Lithuania offers a wide range of tax incentives and a low corporate tax rate.
Simplified procedures: The licensing application process in Lithuania is streamlined, with minimal requirements and bureaucratic burdens.
Our responsibilities:
Establishing a Lithuanian legal entity: Registering a Lithuanian company and selecting the appropriate legal form, such as a Lithuanian private limited liability company (UAB).
Company name reservation: Choosing and reserving a company name.
Preparing company registration documents: Preparing the necessary documents for company formation, such as articles of association, business plan, personal information of shareholders and directors, etc.
Submitting the registration application: Submitting the registration application to the Lithuanian Register of Legal Entities and completing the registration process.
Opening a company bank account: Opening a cryptocurrency-friendly company bank account at a local bank in Lithuania and depositing the company's share capital.
Preparing and submitting the license application: Preparing the necessary documents, including passports, address proofs, resumes, and criminal records of directors, shareholders, and ultimate beneficial owners, as well as AML/CFT procedures and internal regulations of the company.
Meeting economic substance requirements: Ensuring that the company has economic substance, including employing local qualified employees as AML/CFT compliance officers.
Submitting the license application: Submitting the application to the local regulatory authority, which may require an interview.
Waiting for approval: Waiting for the regulatory authority to approve the license application.
Lithuania, as a European country, offers many favorable conditions for cryptocurrency businesses. By obtaining a cryptocurrency license, companies can provide secure and compliant cryptocurrency trading and wallet services, while enjoying lower costs and a simplified application process. However, applying for a Lithuanian cryptocurrency license also requires meeting a series of regulatory requirements, including economic substance requirements and strict AML/CFT policies.