Non-EU entrepreneurs, this might come to you as a surprise, the Startup Visa program started by Lithuania in 2017 has gained recognition throughout the world.
The “Startup Visa” is a new program developed by the Lithuanian government, which allows startup entrepreneurs from non-European Union countries to stay in Lithuania and establish a startup here.
This Visa allows entrepreneurs who are setting up a startup in Lithuania to live and work in Lithuania for a period of 1 year. Which could also be extended for one additional year. Even family members are permitted to accompany them.
The best part about this Visa program is that there is no requirement to invest any particular amount of capital into the company (Only enough to start and operate), nor is the company required to employ a particular number of staffs.
Entrepreneurs who are eligible to receive Startup Visas must be operating in one of the following areas:
- Information Technology
- Laser Technology
How to apply?
Applying for a Startup Visa is very simple and can be done in the following few steps:
Obtain confirmation from Enterprise Lithuania or Startup Lithuania that your startup meets the selection criteria.
- Step 1:
Fill and submit an online application which asks for your personal information, team composition, professional background, information about your startup, a 1-year action plan, financial resources and a 2-year strategy.
- Step 2:
2-5 mins video interview with a Startup Lithuania representative about your startup idea.
- Step 3:
An evaluation committee consisting of representatives of startup accelerators, venture capital funds, Startup Lithuania and the Agency for Science, Innovation and Technology will evaluate your application.
Once your startup application is approved, an official confirmation document from Enterprise Lithuania will be sent to you.
- Step 4:
Apply for a temporary residence permit (Startup Visa) either at the Lithuanian embassy in your home country or submit the documents directly at the Migration Department if you are already in Lithuania. Applications will be processed in about 15 days (fast track, for a premium) or 2 months (normal).
- Step 5:
Start your Business.
NOTE: Establishment of the business should be done within 30 days upon arrival.
For more information check the below link: https://startupvisalithuania.com/about
Lithuania has been attracting foreign startups with innovative ideas to boldly choose Lithuania for their business development. Startup Lithuania currently has 612 startups in its database, operating in Lithuania.
During the first quarter of this year, Lithuania has already granted permission to develop 18 innovative startups in Lithuania through the “Startup Visa” program.
- SketchAR – the startup of drawing technologies from Russia. This startup uses augmented reality and enables tracing sketches on any surface.
- QLU – a startup from South Korea and Switzerland to create a scientific research optimization solution.
- Just Arrived – another startup from Russia develops software designed for the tourism sector.
- com – a startup operating on intermediary of digital advertising channels. (Russia)
- MUUL – platform of digital content management in social network. (Russia)
- Rapira – creating a sales platform for social networks. (Russia)
- PanPay – a Chinese startup developing electronic payment services.
- Aesthete – an innovative startup from South Korea which develops a smart e-commerce platform for Lithuanian designers for trading with Asian countries.
- Go Talent – a Ukrainian startup which develops a smart employee search and management application for employers.
These are the few examples of innovative startups which have utilized the Startup Visa scheme to enter and do business in Lithuania.
For more information, please click the link below: https://www.startuplithuania.com/news/