Opening of bank accounts in Lithuania

Opening of bank accounts in Lithuania

Opening of a bank account is the first step towards a successful cooperation in the future. Holding of a bank account provides you with convenient means of handling financial affairs of your own or your company, applying for financing, investing free funds and making use of other services and products offered by the bank.

How to Open a Bank Account in Lithuania?

Opening a bank account is simple – you have to arrive at any customer service outlet of the chosen bank and enter into a bank account agreement. The bank will create bank account number in IBAN bank account format.

What do I need to open a bank account in Lithuania?

If you are a natural person, when opening an account, the bank staff will ask you to furnish the passport or, if you do not have it, any other document – a foreign passport with valid visa, a permit of permanent residence in the Republic of Lithuania, marine or diplomatic passport or any ID card identifying Lithuanian citizenship.
When the account is opened for a person younger than 18 years, the birth certificate of the under-age person must be submitted.

If you are a business registered in Lithuania then you will have to have the following documents:

• • card of signature and stamp samples (to be filled in at a bank office);
  • a registration certificate or its certified copy;
  • by-laws (Statute or Regulations) or their certified copy;
  • a document (or its certified copy) proving CEO’s appointment of election;
  • we will ask certain state institutions to provide the Bank with their higher bodies’ (if any) permits for opening of budget account;
  • authorized persons are supposed to have valid passports and documents proving their empowerment and the company’s stamp.

However, you can also open a bank account in Lithuania for foreigners. The requirements to open a bank account in Lithuania for non-resident legal persons and offshore companies are the following:

• • card of signature and stamp samples (to be filled in at a bank office);
  • certificate of registration or an extract from the national Companies Registry proving the person’s registration;
  • economic entity’s by-laws (Statute);
  • power of attorney issued by a foreign notary office or other competent body proving the representation rights;
  • empowered persons are supposed to have valid passports and, where possible, company stamps.

All the above mentioned documents must be:

• • legalized (validated) in Lithuanian Foreign Affairs Ministry or embassy or, in the event that a foreign country is a member of the Hague Convention that regulates the abandoning of the legalization of foreign countries documents, such documents are required to be validated by a foreign competent authority by issuing certificates to prove the origin/source of documents (apostille) provided such documents have been worked out or witnessed by a competent authority of the Hague Convention states or by an empowered person within his/her competence and in line with the established procedure and approved by state stamp;
  • translated into Lithuanian (the translator’s signature is to be approved by the translation bureau or Notary’s stamp);
  • copies of documents submitted must be certified/verified by a Notary.

In pursuance of Deposit Insurance Law all deposits held with the Bank are insured and the Bank’s liabilities towards its accountholders are safeguarded.
Currently, banks are very protective of their reputation, so of the smallest suspicion that a business is making illegal activities or find negative information (e. g. criminal records) about company’s representatives, banks normally not open bank accounts or apply strict control, especially for non-residents.

The alternative to a simple bank account is a virtual bank account opened with appropriate company. You get your own European IBAN that you can receive and make transfers with between a large number of currencies and countries. So, many businesses select to have a virtual bank account and make all payments online.

Before opening an account bank in one of banks in Lithuania, it may be required that the director of company or his representative submit a short business description and other important information.
However, we can help you in setting up a bank account in Lithuania. Our experienced staff will consult you on how to fulfil the necessary formalities, prepare the necessary documents for opening of a bank account, and assist you in the chosen the best bank according to your needs.

We offer:

• • Consulting on how to choose the appropriate bank;
  • Consult on opening of a bank account and a virtual bank account;
  • Preparation of the necessary documents required in banks of Lithuania;
  • Assistance in opening a bank account.