I Have Opened a Company in Lithuania. What's Next?

Opening a company in Lithuania is an important milestone, but company registration is only the beginning. Once your company is officially established, there are several practical steps you should take to ensure that your business remains compliant and is ready to operate smoothly.

Whether you have opened a Lithuanian UAB (Private Limited Liability Company) or an MB (Small Partnership), understanding your next obligations can save you time, money, and unnecessary complications later.

This guide explains the most important steps after company registration in Lithuania.

Open a Business Bank Account

One of the first things you should do after incorporating your company is open a business bank account.

Many foreign entrepreneurs choose electronic money institutions (EMIs) instead of traditional banks due to their faster onboarding processes and lower requirements.

Some of the most popular options include:

• Revolut Business

• Wise Business

• Paysera

• Other international business banking providers

The best option depends on your business model, expected turnover, countries of operation, and payment requirements.

Before opening an account, be prepared to provide company registration documents, information about your business activities, and details about your expected transactions.

Do You Need an Accountant?

One of the most common questions new business owners ask is whether they need to hire an accountant immediately after incorporation.

The answer depends entirely on your business activity.

If you are starting small and expect to issue only a few invoices per month, hiring a full-time accountant is usually unnecessary. Many small businesses successfully manage their invoices and expenses independently during their first year.

In such cases, it is often more cost-effective to hire an accountant once per year to prepare annual financial statements and submit required reports. Instead of paying monthly accounting fees, you pay a one-time fee for annual filings.

However, if your company has significant activity, many transactions, foreign suppliers, employees, or more complex accounting requirements, ongoing accounting support is highly recommended.

An experienced accountant can help you avoid costly mistakes, ensure compliance, and provide valuable guidance regarding taxes and reporting obligations.

Organize Your Accounting Documents

Even if your business activity is limited, proper document management is essential.

From the first day of operation, you should keep records of:

• Sales invoices

• Purchase invoices

• Contracts

• Bank statements

• Expense receipts

• Payment confirmations

Maintaining organized records throughout the year makes annual reporting significantly easier and helps avoid problems during potential audits or compliance reviews.

Do You Need a VAT Number?

Not every newly registered company requires VAT registration immediately.

In Lithuania, VAT registration becomes mandatory once certain thresholds or specific business situations apply. However, some businesses choose to register voluntarily before reaching those thresholds.

Voluntary VAT registration may be beneficial if:

• Your customers are primarily businesses.

• You purchase goods or services with VAT.

• You trade internationally.

• You want to recover input VAT.

On the other hand, if you are only beginning operations and mainly serve private consumers, VAT registration may not always be necessary immediately.

Before applying for a VAT number, it is advisable to evaluate your business model and future plans.

Understand Your Annual Filing Obligations

Every Lithuanian company has ongoing reporting obligations, even if it has generated little or no revenue.

Many entrepreneurs mistakenly assume that if there is no activity, there are no reporting requirements. In reality, companies are generally required to submit annual financial statements and tax declarations regardless of activity levels.

Depending on your company structure and activities, annual obligations may include:

• Annual financial statements

• Corporate income tax returns

• VAT fillings

• Additional reports required by specific business activities

Missing filing deadlines can result in penalties or administrative complications, so it is important to understand your obligations from the beginning.

Consider Applying for an EORI Number

If your company plans to import goods from outside the European Union or export goods internationally, you may need an EORI number.

An EORI (Economic Operators Registration and Identification) number is used by customs authorities throughout the European Union.

Without an EORI number, customs procedures may be delayed or impossible to complete.

Many e-commerce businesses, wholesalers, and import-export companies apply for an EORI number shortly after incorporation.

Final Thoughts

Registering a company in Lithuania is only the first step in building a successful business. Opening a business bank account, understanding accounting obligations, evaluating VAT registration requirements, and staying compliant with annual reporting obligations are all essential parts of operating a company successfully.

By taking care of these matters early, you can focus on growing your business while avoiding unnecessary administrative and tax-related issues in the future.