As of 1 July, a faster start-up visa issue procedure will be launched: decisions on a visa issue for foreign start-ups in Lithuania will be made by Enterprise Lithuania twice as fast and the deadline will be reduced from 30 to 15 calendar days, and from 30 to 5 calendar days for start-ups invited to risk and private equity funds. The Migration Department will take the final decisions on the temporary residence permits in Lithuania after assessing the documents submitted by Enterprise Lithuania.
‘A small economy, like Lithuania is, seeking to become a global hub for start-ups, has to both rely on local start-ups and, like many countries of the world, seek to attract innovative, promising businesses from abroad. To make Lithuania a more attractive country for foreign start-ups and equally maintain national migration policy requirements, the Ministry of the Economy and Innovation has significantly reduced the timing for decision making by Enterprise Lithuania. This will enable foreign start-ups to get a start-up visa faster,’ says Minister of the Economy and Innovation Virginijus Sinkevičius.
The Startup Visa programme run since 2017, allows foreigners to perform procedures on the issue of an authorisation by the Migration Department sooner and in simpler ways. The objective of this programme is to attract start-up creators and their investments to Lithuania and to ensure smoother transition procedures.
This year, 101 applications were received under the Startup Visa programme, of which 31 were approved. Currently, there are 27 new innovative businesses in Lithuania established under the Startup Visa programme.
Currently, according to the data of the start-up database, 612 start-ups are operating in Lithuania. Their growth rate made 58 % in recent years. Last year, the Lithuanian start-up community reached record results, attracting EUR 183 million of investment from foreign and Lithuanian investment funds.
Information: Ministry of the Economy and Innovation of the Republic of Lithuania
Photo: Andrius Aleksandravičius