The Ministry’s initiative: more opportunities to open accounts for third-party businesses

Date

2020 09 30

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At the meeting on Wednesday, the Government approved the proposal of the Ministry of the Economy and Innovation to allow companies to open cumulative accounts both in banks and also in electronic money institutions in the stage of their establishment. For this reason, the Law on Companies, the Law on Public Establishments and the Law on the Farm Associations would have to be amended.

‘This is an important step towards removing barriers by attracting skilled professionals from third countries, including Belarus in its political crisis. Currently, when establishing companies accumulative accounts can be opened only in banks operating in Lithuania, which clearly complicates the procedure of setting up enterprises for third parties, as well as restricts competition in the financial and credit sectors. If the Seimas approves, the amendments would come into force as of November this year,’ said Minister of the Economy and Innovation Rimantas Sinkevičius.

Due to the current political situation in Belarus, increasingly more companies are planning to move to the neighbouring countries, therefore, Lithuania is interested in attracting as many innovative companies from Belarus as possible. The simplified registration of companies is one of the measures aimed to facilitate the relocation of companies to Lithuania. Changes are also planned for the arrival of employees that do not meet the qualification requirements because some individuals in the information technology sector in Belarus do not have formal education in IT .

In order to help Belarusian companies to open their accounts more easily and more quickly, the institutions of the Ministry of the Economy and Innovation, public body Invest Lithuania and public body Enterprise Lithuania, already provide all necessary assistance to the third-country nationals and enterprises relating to business relocation. These institutions closely cooperate with various national financial institutions, ministries and government bodies.