March 14, 2018
Lithuania could easily be one of the friendliest countries for FinTech startups looking for a pathway into Europe. In fact, the country ranks third for ease of doing business in Doing Business 2018 for Europe & Central Asia region. Lithuania’s corporate tax rate (0-15%) is the third-lowest in the EU, and personal income tax rate (15%) is the second-lowest, allowing for capital accumulation in the hands of consumers and entrepreneurs – 25% of FinTech startups in the country are bootstrapped.
Lithuania has certain invaluable advantages for FinTech startups in the age of evolving bank-FinTech narratives when collaborations and M&A are on the rise. For example, startups can obtain an e-money or payment license in just three months (four with preparation stage), which is two to three times faster than in other EU jurisdictions, Invest Lithuania, the official agency for Foreign Direct Investment and Business Development in Lithuania, emphasizes.
Additionally, initial capital requirements for lite bank license (license for challenger banks) are five times smaller than in other EU jurisdictions, and the license can be obtained in just six months (eight, if we count preparation). Moreover, according to