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Lithuania - Legal Aspects of Doing Business in Europe - Second Edition
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9066
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Lithuania Rolandas Valiûnas and Simona Oliskeviciûte-Ciceniene
Lideika, Petrauskas, Valiûnas ir partneriai LAWIN
Vilnius, Lithuania
Introduction
Lithuania is an advancing country open for investment, occupying 65,303 square kilometers
in the center of enormous European markets on the southeast coast of the Baltic Sea. The
nation of about 3.6-million people restored its independence in 1990 and created competitive
economy in Central and Eastern Europe. From the very first days of independence, Lithuania has clearly determined the ultimate
objective of its policy--to become a respectable, equal, and active partner of the interna-
tional community. Today, it seems that most of that vision has become reality: Lithuania is
a member of the European Union,NATO, the United Nations, the Council of Europe, and
theWorld Trade Organization, as well as numerous other important international organi-
zations. Due to the integration processes, Lithuania has implemented significant reforms
in its legal, tax, and customs systems and also made remarkable progress towards a mar-
ket economy. Lithuania already enjoys the advantages of free movement of persons,
services and capital, the collective security system, and widely opened common markets.
Such significant changes influenced the stabile growth of the economy. To this day, for-
eign, direct investments in Lithuania have already reached the amount of €9.12-billion.1 The main factors making Lithuania a country of challenging investment opportunities are
good geographical location crossed by two transit corridors of continental importance, an
ice-free seaport, a modern road network, an even collocation of infrastructure throughout
the territory, low operating and living costs, a highly educated labor force with competi-
tive wages, and a developing information society. All these advantages provide investors
the possibility to produce extremely competitive goods and services to global markets
while keeping the qualified operation of production. Therefore, investment in Lithuania
becomes an integral part of EU-wide business development strategies.
Company Law
Forms of Doing Business The most popular forms of doing business in Lithuania are operating through business
entities, branches, or representative offices. The salient feature of the latter two are that
Rolandas Valiûnas and Simona Oliskeviciûte-Ciceniene, Lideika, Petrauskas, Valiûnas ir partneriai LAWIN, Vilnius, Lithuania
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