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Lithuania
Lithuania Geography, Economy, and Culture
Commonly referred to as one of the Baltic states, Lithuania is a member of the European Union and is situated in northeastern Europe, along the Baltic Sea. After they declared independence in 1990 from the Soviet Union, the nation transitioned from a planned to a free-market economy and is now classified as a ‘very high human development’ county.
After recovering from the 2009 financial crisis, the county’s increase in exports, growth in wages, and investment supported Lithuania’s economic growth. In addition, Lithuania started a self-financed liquefied natural gas terminal in 2015, offering the first non-Russian natural gas supply to the Baltic States and thus, greatly reducing the nation’s reliance on Russian gas. Lithuania also has one of the largest fresh groundwater supplies in all of Europe.
With a population of 2.8 million, Lithuania’s ethnic groups include Lithuanian, Polish, Russian, Belarusian, with Lithuanian as the official language. Most Lithuanians are Roman Catholics, with a small percent of Russian Orthodox and Old Believer.
| 2021 | |
| April 4 | Easter Sunday |
| April 5 | Easter Monday |
| May 1 | Labour Day |
| June 24 | St John’s Day/Day of Dew |
| July 6 | King Mindaugas’ Coronation Day |
| August 15 | Feast of the Assumption of Mary |
| November 1 | All Saints’ Day |
| November 2 | All Souls’ Day |
| December 24 | Christmas Eve |
| December 25 | Christmas Day |
| December 26 | Second Day of Christmas |
- UAB (Uždaroji akcinė bnendrovė)
- AB (Akcinė bendrovė)
- VšĮ (Viešoji įstaiga)
- IĮ (Individuali įmonė)
- Individuali veikla
- TŪB (Tikroji ūkinė bendrija)
- KŪB (Komanditinė ūkinė bendrija)
- MB (Mažoji bendrija)
- Corporate Tax: 15%
- Income Tax (Lowest Marginal Rate): 13.2%
- Income Tax (Highest Marginal Rate): 42.77%
- VAT/GST/Sales Tax: 21%
- Luminor AB DNB bankas and Nordea (part of DNB ASA, Norway) (Commercial Bank)
- AB SEB bankas (subsidiary of SEB, Sweden) (Commercial Bank)
- AB Šiaulių bankas (Lithuania) (Commercial Bank)
- AB Swedbank (part of Swedbank, Sweden) (Commercial Bank)
- Citadele Bank (part of Citadele banka, Latvia) (Commercial Bank)
- UAB Medicinos bankas (Lithuania) (Commercial Bank)
- AS “Meridian Trade Bank” Lithuanian branch (Foreign Bank)
- BIGBANK AS branch (Foreign Bank)
- Danske Bank A/S Lithuania Branch (Foreign Bank)
- Nordea Bank AB Lithuania Branch (Foreign Bank)
- Pohjola Bank plc Lithuanian Branch (Foreign Bank)
- Scania Finans AB Lithuanian Branch (financing and insurance for Scania commercial vehicles) (Foreign Bank)
- Skandinaviska Enskilda Banken AB, Vilniaus Branch (Foreign Bank)
- Svenska Handelsbanken AB Lithuania Branch (Foreign Bank)
- Baltikums Bank (Foreign Bank)
Aadmi can support you with your expansion to Lithuania. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns. Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.
Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.
