Lithuania, the southernmost Baltic state, is a modern European Union state, located in the Schengen area, with a business-friendly and tech-oriented economy. English is a major business language in Lithuania and it is one of the easiest places to set up a European company. Corporate tax rates start at just 5%.
A well-developed infrastructure and strategic location make Lithuania an ideal hub for business between the EU and CIS countries. There are two international transport corridors in Lithuania: North-South and East-West. There are four international airports, a railway connecting Europe with the Scandinavian countries, and a seaport.
Lithuania has made a mark for itself in recent years as Europe’s most important fintech hub, attracting hundreds of payment institutions. Lithuanian PSPs boast direct access to the European Central Bank’s clearing systems and funds are generally protected in segregated accounts at Lithuania’s National Bank, a member of Eurosystem. Unlike commercial banks, national banks within the Eurozone cannot go bankrupt, meaning that for anyone worried about the safety of funds, customer deposits in Lithuanian PSPs are guaranteed to a greater extent than in traditional banks.
Lithuania is undoubtedly the jurisdiction of choice for opening commercial payment banking accounts for companies from other European Union countries, as well as companies from outside Europe including offshore companies, that need access to fast and cheap Euro payment clearing.
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