Open doors to the European market: start-up visa to Lithuania
Today, Lithuania has become a country of innovative opportunities. The new economic policy contributes to the development of high-tech industries and increases the number of start-ups. In order to attract professionals who are not EU citizens, Lithuania began issuing start-up visas. The Start-up Visa Lithuania program allows business immigrants in Lithuania to build their company on the same conditions as local residents have.
Thanks to the simplification of the start-up visa process, innovatively thinking founders of young projects replenish the ecosystem of Lithuanian start-ups and enter the European market. After the adoption of the new law, more than 400 start-ups were registered in the country, and over a year their number grew by another 84. Various funds and business investors from leading countries of the world also help business development.
In 2019, 101 entrepreneurs applied for the Start-up Visa Lithuania program. A third of start-ups has received approval and a document that opens up a wide range of opportunities for them in Lithuania. This type of investment immigration allows the entrepreneur and his family to obtain a residence permit in Lithuania for 1 year, with the possibility of subsequent renewal.
What is needed to get a start-up visa in Lithuania?
The conditions for obtaining a start-up visa are very simple. There are criteria that a candidate must meet. The development of certain areas in Lithuania is particularly preferred. In most cases, this applies to technical innovations, namely:
- information technologies;
In order to become a happy start-up visa holder in Lithuania and realize his potential in this European country, the candidate must take the following steps:
- Submit an online application in English or Lithuanian.
- Present his idea and product to an expert committee during a video interview.
- Get a certificate and an invitation to the migration service to apply for a visa.
In order to successfully pass these stages and become a business immigrant to Lithuania, the project must be innovative and effectively implemented. Also, the applicant must be prepared to provide all the information about his business model to experts. For example, an assessment of achievements for the first year and a two-year strategy for the development of start-ups.
With a start-up visa in Lithuania, business immigrants open and develop their company on the same conditions as local residents. This also applies to taxation and initial investment. Therefore, there is no universal number that a candidate needs to show in a bank account. It depends on the business model and type of activity of the start-up, as well as on the number of its founders.
For very early and young start-ups, there are accelerating funds that are ready to financially help potentially interesting business models. Thus, financial institutions replenish the Lithuanian start-up ecosystem with new innovative products.
Starting July 1, 2019, the issuance of start-up visas takes place according to a simplified system. Now the waiting time for a document has been reduced from 30 days to 15. Upon receiving a sufficient amount of investment and demonstrating positive results, the government extends the start-up visa to the entrepreneur and his family. After that, applicants can obtain a permanent residence permit and citizenship of Lithuania.
Start-up visas in Lithuania offer a wide range of opportunities and can be issued to several co-founders of one company at once, as in Canada. In Lithuania and Canada, the scheme is similar: when applying for a start-up visa, the applicant receives permanent residence, and then the citizenship of the country. However, in Canada, up to 5 co-owners with families can be issued under one start-up visa. As a post-Soviet state, Lithuania is showing decent results in economic growth and approaching advanced countries.
A start-up visa to Lithuania is a real opportunity to bring your company to the European level and get closer to advanced business models. Thinking about your future, find a worthy application for your investments in the Start-up Visa Lithuania program.