Business Reforms in Lithuania
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Getting Electricity: Lithuania made getting electricity faster by introducing time limits on the utility to conduct necessary connection procedures and lowering the connection tariff.
Starting a Business: Lithuania made starting a business easier by introducing online VAT registration.
Getting Electricity: The utility in Lithuania has reduced the time of the connection works by enforcing the legal time limit to perform the external connection works.
Protecting Minority Investors: Lithuania strengthened minority investor protections by prohibiting subsidiaries from acquiring shares issued by their parent company.
Starting a Business: Lithuania made starting a business easier by eliminating the need to have a company seal and speeding up the value added tax (VAT) registration at the State Tax Inspectorate.
Dealing with Construction Permits: Lithuania made dealing with construction permits easier by reducing the time required for processing building permit applications.
Enforcing Contracts: Lithuania made enforcing contracts easier by introducing an electronic filing system for court users.
Starting a Business: Lithuania made starting a business easier by creating a new form of limited liability company with no minimum capital requirement.
Getting Credit: Lithuania strengthened its secured transactions system by broadening the range of movable assets that can be used as collateral, allowing a general description in the security agreement of the assets pledged as collateral and permitting out-of-court enforcement.
Starting a Business: Lithuania made starting a business easier by introducing online registration for limited liability companies and eliminating the notarization requirement for incorporation documents.
Resolving Insolvency: Lithuania made resolving insolvency easier by establishing which cases against the company’s property shall be taken to the bankruptcy court, tightening the time frame for decisions on appeals, abolishing the court’s obligation to individually notify creditors and other stakeholders about restructuring proceedings and setting new time limits for creditors to file claims.
Getting Electricity: Lithuania made getting electricity more difficult by abolishing the one-stop shop for obtaining technical conditions for utility services.
Protecting Minority Investors: Lithuania strengthened investor protections by introducing greater requirements for corporate disclosure to the public and in the annual report.
Resolving Insolvency: Lithuania amended its reorganization law to simplify and shorten reorganization proceedings, grant priority to secured creditors and introduce professional requirements for insolvency administrators.
Labor Market Regulation: Lithuania allowed fixed-term contracts to be concluded for permanent tasks (until 31 July 2012).
Starting a Business: Lithuania tightened the time limit for completing the registration of a company.
Getting Credit: Lithuania’s private credit bureau now collects and distributes positive information on borrowers.
Paying Taxes: Lithuania reduced corporate tax rates.
Trading across Borders: Lithuania reduced the time to import by introducing, in compliance with EU law, an electronic system for submitting customs declarations.
Resolving Insolvency: Lithuania introduced regulations relating to insolvency administrators that set out clear rules of liability for violations of law.
Paying Taxes: Lithuania made paying taxes more costly for companies by increasing the corporate income tax rate.
Resolving Insolvency: Lithuania made resolving insolvency easier through amendments to the Enterprise Bankruptcy Law.
Registering Property: Lithuania made registering property easier by merging the procedure for obtaining the real estate transaction certificate with the notarization procedure.