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International Internet Magazine. Baltic States news & analytics Tuesday, 22.10.2019, 12:04

Lithuanian businesses back idea of legalizing virtual registered office

BC, Vilniaus, 05.09.2018.Print version
IT firms and foreign investors welcome the Lithuanian Economy Ministry's proposal to allow registering a company without a physical address, saying that this will help position Lithuania as a competitive country that creates modern business conditions, cities LETA/BNS.

"It's very good that such proposals come to light. They show that Lithuania can be an advanced state," Paulius Vertelka, director of the IT association Infobalt, told.


"Sometimes we have too little confidence to make advanced and bold decisions, and now we have a very specific example showing that we can use technologies for a real change in improving the business environment," he said.  


Making it possible to found a business without a physical mailbox address will remove another bureaucratic obstacle to business development, Vertelka said. 


"The digital economy is changing reality (...). This is a great proposal that I think we'll be able to be proud of and advertise ourselves in the world," he said.  


Ruta Skyriene, executive director of the Investors' Forum, an association of foreign investors in Lithuania, says that any decision that improves business conditions is welcome.


"We always support innovative decisions, especially those that improve the business environment. I believe that a virtual registered office will be a not-too-distant future for all businesses," she told.


The Economy Ministry said on Tuesday that it is submitting a proposal to allow registering a company in Lithuania without a physical registered office address. Such a company would be able to handle all communication with authorities and other businesses online. 


If the move is approved, Lithuania will be among the first in the world to legalize a virtual registered office, it said. 


Lithuania's existing regulation on the registered office of a legal person does not provide for such alternatives as a virtual office address.

 






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