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10 things you need to know about doing business in Lithuania

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10 things you need to know about doing business in Lithuania Empty 10 things you need to know about doing business in Lithuania

Post by Lahcen on Mon Mar 23, 2015 12:41 am

Location: Lithuania is well positioned on the European mainland, within reach of three large market areas: Western Europe, the Baltic region and Scandinavia, and the eastern states of Russia and the Commonwealth of Independent States- including Latvia, Belarus and the Ukraine-, former Soviet Republics.
Workforce: Lithuania enjoys a well educated workforce. It is thought that 30% of the population hold a higher education degree. English is widely spoken by the workforce and in business circles.
Incentives: Foreign investors are able to apply for INVEST LT+ support of up to EUR 3.5million investment per project. Support can also be given for staff training, construction and infrastructure.
Quality of Life: When considering factors including the cost of living, leisure and culture and environment, Lithuania is considered to have one of the highest qualities of life in the European Union. In 2010, Lithuania was ranked 22nd in the world for quality of life, and in 2011 it maintains a strong position at 36th best worldwide.
Innovation: Lithuania began piloting new schemes to help small and medium sized businesses benefit from state-of-the-art innovation facilities and partnerships. Schemes include a voucher system that can be put towards R&D services, run through Science, Innovation and Technology Agency (SITA).
Free economic zones: there are two FEZ in Lithuania, at Kaunas and Klaipeda. Doing business in these business orientated areas provides a range of benefits for enterprise in these areas, including tax benefits. These two areas also enjoy solid transport infrastructure and support services close at hand.
SMB support: Small and medium sized business is important to creating a competitive and robust market across most of Europe. The state of Lithuania offers financial support for business development of small and medium sized business, including small credit grants and open credit funds.
GDP: The GDP of Lithuania is increasing, up by 6.3% in the second quarter of 2011, compared to the same quarter in 2010, as estimated by Statistics Lithuania.
Export trade: Lithuania's trade with its Central and Eastern European neighbours is strong, particularly with Russia (15.7%). Exports accounts for a growing percentage of total trade which finds Lithuania in the top third worldwide for exports - USD$20.82billon.
Business infrastructure: Infrastructure for efficient business is world class. Lithuania is in the top 20% worldwide for its internet hosts, and a rapid advancement of mobile technology is causing decline in fixed land telephone communication.



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