It is the largest of the three Baltic States and shares its borders with Belarus, Latvia, Poland, and Kaliningrad Oblast.
According to 2017census, the total population of Lithuania is just over 2.8 million people. Lithuania is a place where expats can come and settle easily without facing any problem before and after their arrival. The country offers some amazing benefits for its residents.
The startup visa is a new scheme that aims to attract talent and provide free entry into the Lithuanian business sector for innovative entrepreneurs outside the EU. In this guide, we are going to be showing you all you need to know about startup visas in Lithuania.
What is a Lithuanian startup visa?
The Lithuanian startup visa is a program that started in 2017 to give foreigners from countries outside the EU that the chance to start their own business in the country at no extra charge.
Yes, unlike other EU countries where you are required to invest more than €50,000, there is no such requirement in Lithuanian. You don’t have to invest a specific amount into the company, employ a specific number of people, or have a university degree before your application can be approved.
Although obtaining this document does not need any special capital requirement, the applicant must be able to prove that he/she has enough money to run the business for at least 12 months.
In short, a Lithuania startup visa is a free temporary residence permit for non-EU nationals with brilliant business proposals and prospects. This program is also one of the fastest ways for non-EU nationals to immigrate to the EU for work because startup visas have a shorter processing time than work permits.
Your business must specialize in biotechnology, electronics, information technology, laser technology, mechatronics, or nanotechnology. If your business idea is considered appropriate by the panel of experts, you will be able to apply and obtain this type of visa and temporary residence permit.
The main aim of these travel permits is to allow innovative entrepreneurs from third countries to develop their businesses and solve problems using the infrastructures provided by the state.
People that successfully obtained these documents can live and work in Lithuania for up to 12 months and can be extended for one additional year if they want to legally stay in the country.
At the end of the second year, the holder can follow the standard immigration procedures to attain permanent residency or citizenship. The holder is also permitted to bring his family members.
The unsuccessful applicant can’t appeal their case but they can re-apply again after developing their business plans.
Requirements for startup visa in Lithuania
Your startup must meet the following criteria before it can be approved:
- Your startup must specialize in the tech sector, biotechnology, electronics, information technology, laser technology, mechatronics, or nanotechnology.
- You must be the owner or co-founder of the company.
- You must have enough money to run your business or achieve your goals for at least 12 months. There is no fixed amount for investment; you can decide how much capital you need to achieve your goals within a year.
List of documents for a startup visa
It is one thing to have a business plan but you’ll also need to submit a list to document to help the state identify you and help them analyze your proposal. If you wish to obtain this travel permit, you must submit your applications with your:
- International passport or National ID card
- Letter from public enterprise [Versli Lietuva] that proves your idea is completely legal.
- Two passport photographs
- Proof of financial sustenance
- Police clearance certificate
- Health insurance
- Proof of legal residence in your home country or Lithuania
Applying for a startup visa in Lithuania
You can only apply for a Lithuania startup visa on their online application platform. After your application has been submitted, you will be invited to a video conference that spans between 40 and 90 minutes.
During this meeting, you’ll be interviewed by experts and other professionals on the basics of your business plan. This video conference is a very important step to the approval of your visa application.
A copy of your application and recorded video conference/interview will be sent to an independent evaluation committee. The independent
assessment committee is made up of public and private sector representatives with relevant background in the startup.
After your interview, your application will be reviewed. Processing your application can take about 60 days.
Once your business proposal and application is approved, you will receive a letter of support for the business plan and temporary residence permit from the Lithuanian Consulate or the Immigration Department of Lithuania.
Although this application is free of charge, successful applicants must pay €114 or €228 for their temporary residence permit. The business must be commenced operation within 30 days from your arrival.