How To Open a Business Bank Account in Lithuania
Nowadays it is impossible to do business in Lithuania and in all the rest world without a bank account. Without it wouldn’t be possible to pay and receive fund from remote clients. In some cases it is possible to make and receive payments in cash, but it is not so convenient like making or receiving funds by bank transfer.
After Lithuanian company registration you will have to open a bank account in any Lithuanian bank. Unfortunately it is not possible to open a bank account remotely, personal appearance at the bank is mandatory.
If you have purchase already registered company, it should already have a bank account under previous director ownership. Previous director cannot overhand you online banking login details to run bank account by you, because the account is related with his name and all responsibility for transactions and money will be on him only. Therefore when director of the company changes, the new director has to come to the bank office and provide documents that he is a new director/owner of the company and wish to change previous director ownership of the business bank account. If the company doesn’t have bank account or you wish to open a bank account in another bank, the procedure will be totally the same.
Then the bank officer will ask you to fill details about the company, ask you to explain what company will be doing, in some cases to provide any collaboration contracts with other companies, office rent agreement. You should be prepared to talk and explain what business you will be doing and why do you need the company and bank account in Lithuania.
After submitting required documents to the bank, usually they will not open a bank account the same day. It will take several days, mostly one to five days to review all your provided documents and decide if they wish to have such client like you are.
If the decision is positive you will have once again to come to the bank and sign necessary documents for transferring a bank account on your name or just open a fresh new account. Then you will be issued credentials for online banking. It will allow you to control the bank account through internet and login to the account anywhere in the world. Through internet banking you will be allowed to make local and international money transfers, exchange currency from one to another.
After successful bank account opening it is possible as well to order business credit or debit bank card which will allow you to withdraw money from ATM anywhere in the world and pay for the services or goods at the shops.
Lithuanian banks are charging additional fee for foreign citizen documents review.
Here are banks sorted from the easiest one to open a bank account to the hardest one:
- Siauliu bankas is charging 200 Eur to open a bank account;
- Luminor is charging 100 Eur to open a bank account;
- Medicinos bankas is charging 300 Eur to open a bank account;
- Citadele is charging 150 Eur to open a bank account;
- SEB Bank is charging 200 Eur to open a bank account;
- Swedbank is charging 200 Eur to open a bank account;
In banks SEB and Swedbank it is almost impossible to open a bank account for foreigner if company does not have office rental agreement in Lithuania, collaboration contracts with other Lithuanian companies and strong business plan.
The easiest bank to go for account is Siauliu Bankas. It is one of the smallest bank in Lithuania and they are not so strict about their potential clients.
Opening a personal bank account
As well you may want to open a personal bank account in Lithuania. It is another one separate procedure to opening a business account. Personal account is used for your day to day expenses which are not related with business, like buying food, clothing, shoes and other stuff.
For this type of account you will need to submit application form to the bank. It can be submitted at the same time as applying for a business account. While applying for a personal account, bank officer will ask much less documents, basically no documents they are asking except your passport and explanation what are you doing in Lithuania. Bank may decide that they will not open you a business account but they agree to open you a personal account.
All these restrictions are due to money laundering, financing terrorism and other crime. The bank has to be sure that their clients are not intending to do any financial crimes in Lithuania.
Our company assist persons opening a bank account in Lithuania. Contact us if you wish to open a bank account and we will assist you preparing application form for the bank.