LLC Establishment

 

Uždaroji akcinė bendrovė (UAB) (Joint Stock Company or Private Limited Liability Company) is a private legal person with limited civil liability. UAB is an enterprise whose authorised capital is divided into shares. It may be formed for any business activity not prohibited by the laws of the Republic of Lithuania.

 

The amount of the authorised capital have to be not less than LTL 10,000 (EUR 2900). It must limit the number of its shareholders to 250. Shares of UAB may not be offered for sale and treated in publicly.

 

The name of UAB must have the words defining its legal form "uždaroji akcinė bendrovė" or the acronym UAB. The registered office of UAB must be situated in the Republic of Lithuania.

 

In its activities the company have to be guided by the Articles of Association, the Civil Code of the Republic of Lithuania, and other laws and legal acts.

 

Incorporation of UAB

UAB incorporation steps:


1. Registration of UAB name with the Register of Legal Entities;
2. Execution of incorporation documents of UAB;
3. Opening an accumulative account and payment of the authorized capital of UAB (minimum LTL 10,000 (EUR 2,900));
4. Notary approval of incorporation documents;
5. Registration of UAB with the Register of Legal Entities within 5-7 business days.

 

After incorporation of UAB
1. Registration of UAB as a taxpayer with the relevant State Tax Inspectorate;
2. Acquisition of any other permission or license if it is required by the laws in order to begin specific commercial activities;
3. Registration of UAB as VAT payer with the relevant State Tax Inspectorate;
4. Opening of settlement bank account of UAB (to handle day-to-day commercial transactions).