Pros and cons of obtaining a permit in Lithuania

permit in Lithuania

Today, more and more crypto companies are striving to work in the European market, allowing them to maximize their audience and receive additional profit. To work legally in the EU, you should get a crypto license. It is generally accepted that this jurisdiction is the most friendly for the crypto industry is Lithuania; loyal laws have been developed here that help such companies to build efficiently.

Benefits of obtaining a license in this jurisdiction

Statistics show that among all European countries, most crypto companies prefer Lithuania. It is mainly because this jurisdiction has a large number of advantages:

  • High speed of obtaining a work permit;
  • Low requirements for applicants;
  • Low taxes and duties;
  • The stable economic situation in the country allows for active development;
  • High level of transparency;
  • Lack of corruption and redundant bureaucracy.

Obtaining a permit in this jurisdiction gives you the right to work legally throughout the European Union.

License acquisition speed

Practice shows that if you prepare all the documents in advance, you can get a license in just a month. For comparison, in Estonia, it takes an average of 3 months, and in the UK – half a year.

To obtain a permit, you need to go through several steps:

  • Register an organization;
  • Prepare for obtaining a permit;
  • Apply for a work permit.

Residents and foreigners can register a company. You can do this remotely. After you submit your application, the government has 5 days to review it.

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The preparatory stage involves opening a bank account and paying a fee. Each legal entity that wants to obtain a license must open an account with a local bank. The authorized capital of the company should lie here. It must be credited from one source in one payment.

You also need to prepare several papers and ensure that your organization meets the basic requirements for licensing.

Then you can fill out an application for a license and submit the necessary documents to the relevant government authorities. They have 14 days to review your application and make a decision. If they notice errors or any non-compliance, you will have a few days to correct them.

Disadvantages of obtaining a license here

It is not to say that getting a license in this jurisdiction has many disadvantages. The main thing you need to know is that you must adhere to the KYC policy. It means that you must verify each user. So, you will not be able to serve customers who have previously been involved in fraud or money laundering.

In addition, companies that wish to obtain a license in this jurisdiction cannot perform anonymous transactions. As a result, if you own decentralized crypto exchange, there may be a few problems, but you can quickly solve them.

Another disadvantage is the level of reputation. As a rule, companies that register in the UK have a better reputation, but the requirements for applicants are much higher here. Nevertheless, Lithuania’s reputation is many times higher than any offshore jurisdiction.

Reliable assistant in getting a permit

If your organization wants to get a work permit as quickly as possible, it makes sense to contact the professional lawyers of Gofaizen-Sherle. Their services include:

  • Full consultation;
  • Assistance with paperwork;
  • Help in drawing up a business plan;
  • Checking the readiness of the company to obtain a license and much more.
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In the first stage of cooperation, experts conduct a detailed consultation. They help you choose the most appropriate jurisdiction, depending on the characteristics and goals of your organization, talk about the features of obtaining a license, and answer possible questions. Usually, such consultation takes several hours, so we advise you to free your day completely.

Then you can write a power of attorney, and from that moment on, specialists will be able to represent your interests in government bodies. If necessary, specialists will help you find an office in Lithuania (which is very convenient for foreign companies), collect the required documents, and help prepare your company for licensing. Thus, your participation in obtaining a license is reduced to a minimum.

shahnaz zulfqar
Contact me for guest post at marksteven002679@gmail.com

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