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Laikas pakalbėti apie virtualią bendrovę
Lithuania has developed an advanced system for online business registration and incorporation. Nearly 90% of private limited liability companies, small partnerships, and other legal entities are registered fully online in just a few days at low cost. Lithuania also offers virtual registered offices that allow companies to use an address for official purposes without needing physical office space. Over 10,000 businesses currently use virtual offices. Lithuania is now exploring allowing fully digital "virtual limited liability companies" that would utilize blockchain-based digital share certificates and other online tools and processes.
Laikas pakalbėti apie virtualią bendrovę
- 1. Lithuania: Online Incorporationand Beyond Gintautas Bartkus “Incorporation of Companies in the Digital Age” 16-17 March, 2018, University of Würzburg
- 2. © Deloitte Legal2018 2 © Vilnius University Law Faculty E-Lithuania
- 3. © Deloitte Legal2018 © Vilnius University Law Faculty 3 1st internet bandwidth in CEE Global Competetiveness Report 2016-2017 1st globally for public WiFi speed www.ooma.com, 2017 4th in the EU for Bachelors graduates in science, math's, computing, engineering, manufacturing, and construction Eurostat, 2014. Age group 20-29 8th globally for overall mobile internet speed OpenSignal, 2017 13th in DESI 2017 DESI, 2017
- 4. © Deloitte Legal2018 © Vilnius University Law Faculty 4 Doing a Business 0 5 10 15 20 25 30 35 New Zeland Denmark Estonia Lithuania Latvia Germany Austria Poland Spain France New Zeland Denmark Estonia Lithuania Latvia Germany Austria Poland Spain France Source: The Word Bank
- 5. © Deloitte Legal2018 © Vilnius University Law Faculty 5 Starting a Business 0 20 40 60 80 100 120 140 New Zeland Estonia Latvia France Lithuania Denmark Spain Germany Austria Poland New Zeland Estonia Latvia France Lithuania Denmark Spain Germany Austria Poland
- 6. © Deloitte Legal2018 © Vilnius University Law Faculty 6 Starting a Business: Procedures, Time, Cost Open bank account and deposit minimum capital requirement Time to Complete: 1 day Associated Costs: no charge Obtain a confirmed electronic signature Time to Complete: 1 day Associated Costs: EUR 0.5 Check and reserve the name of the company (limited liability company) Time to Complete: Less than one day (online procedure) Associated Costs: EUR 16.22 Register at the Company Register, including registration with State Tax Inspectorate (the Lithuanian Revenue Authority) for corporate tax, VAT, and State Social Insurance Fund Board (SODRA) Time to Complete: 3 days Associated Costs: EUR 57.34 1 2 3 4 Source: The Word Bank
- 7. © Deloitte Legal2018 7 © Vilnius University Law Faculty Register of Legal Entities
- 8. © Deloitte Legal2018 © Vilnius University Law Faculty 8 01/07/2001 01/01/2004 01/01/2010 Civil Code of the Republic of Lithuania Register of Legal Entities Online Registration
- 9. © Deloitte Legal2018 © Vilnius University Law Faculty 9 • Public limited liability company • Private limited liability company • Small partnership • Agricultural company • Cooperative enterprise • General partnership • Limited partnership • Individual enterprise • European company • European cooperative society • European economic interest group • Advocates professional partnership • Private detective communities • State enterprise • Municipal enterprises • Budget institution • Non-govermental organization • Associations • Charity and relief foundation • Partnership • Society of gardeners • Political party • Traditional religious community • Other religious community, association • Trade union • Arbitration institution • European economic interest grouping • Households • National bank • Chamber of commerce, industry and crafts • The association of Lithuanian chambers of commerce, industry and crafts • General management and messaging center 32total 13private
- 10. © Deloitte Legal2018 © Vilnius University Law Faculty 10 Public company (19 023) Partnership (9 161) Budget institution (3 196) Individual enterprise (37 075) Small partnership (12 712) Trade union (1 793) Society of gardeners (1 382) Traditional religious community (1 114) private limited liability company (124 799) Branch of private limited liability company (1 014) Charity and relief foundation (1 630) Public limited liability company (366) All others (16 713)
- 11. © Deloitte Legal2018 11 © Vilnius University Law Faculty Standard registration procedure
- 12. © Deloitte Legal2018 © Vilnius University Law Faculty 12 1 2 3 4 5 Constitution documents Temporary name registration (optional) Bank account and initial contributions Management Public notary control 6 Registration
- 13. © Deloitte Legal2018 13 © Vilnius University Law Faculty Online Registration
- 14. © Deloitte Legal2018 © Vilnius University Law Faculty 14 Individual enterprise; Association; Public institution; Charity and relief foundation; Religious community; Traditional religious community; Private limited liability company; Small partnership. 90% Source: Lithuania Center of Registers
- 15. © Deloitte Legal2018 © Vilnius University Law Faculty 15 Preconditions for Online Registration Electronically signed permission to use premises for the registered office Standard founding documents Initial consideration for shares should be paid only in cash. Firm name has been temporary registered in Legal Entities Register. Certified electronic signature Source: Lithuania Center of Registers
- 16. © Deloitte Legal2018 © Vilnius University Law Faculty 16 9:18 min Source: https://www.youtube.com/watch?v=JH0YdhGSgao
- 17. © Deloitte Legal2018 © Vilnius University Law Faculty 17 Source: Lithuania Center of Registers Legal form 2016 total Among them electronically 2017 total Among them electronically number % number % Private limited liability company 6347 4399 69,3 6541 4737 72,4 Individual company 267 134 50,2 255 145 56,9 Association 603 177 29,4 478 162 33,9 Public institution 659 418 63,4 691 482 69,8 Charity and relief foundation 66 29 43,9 63 39 61,9 Small partnership 2160 1883 87,2 2987 2717 91,0
- 18. © Deloitte Legal2018 © Vilnius University Law Faculty 18 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 2014 2015 2016 2017 Total registered PLLC From which registered electronically
- 19. © Deloitte Legal2018 © Vilnius University Law Faculty 19
- 20. © Deloitte Legal2018 © Vilnius University Law Faculty 20 Number of electronically registered PLLC with one founder 0 1000 2000 3000 4000 5000 6000 2014 2015 2016 2017 95% 90% 90% 89%
- 21. © Deloitte Legal2018 21 © Vilnius University Law Faculty Minimal capital for Private Limited Liability Company 2500 2500 57,2%71347 Total number of Private Limited Liability Companies Percent of Private Limited Liability companies with minimal capital
- 22. © Deloitte Legal2018 © Vilnius University Law Faculty 22
- 23. © Deloitte Legal2018 23 © Vilnius University Law Faculty Virtual Registered Office
- 24. © Deloitte Legal2018 © Vilnius University Law Faculty 24 Architektų st. 56-101,Vilnius 1263 business entities 10 000 addresses 35 legal persons Source:“Kurk Lietuvai“, Virtualios buveinės įkūrimas“
- 25. © Deloitte Legal2018 © Vilnius University Law Faculty 25 Public consultation: the need for virtual office Would choose virtual office instead of physical For communication with state institutions, would choose e- messages (sent via the online platform) A permanent place of work does not coincide with the registered office Experienced difficulties with physical address searches when registering a legal entity 75% 71% 95%60% Registered legal entity in premises which belongs to others 89% Source:“Kurk Lietuvai“, Virtualios buveinės įkūrimas
- 26. © Deloitte Legal2018 © Vilnius University Law Faculty 26 Performed analysis: how much use can bring digital measures? 14,4 mln €134 mln €36 000 € DenmarkVilnius Estonija Source:“Kurk Lietuvai“, Virtualios buveinės įkūrimas
- 27. © Deloitte Legal2018 27 © Vilnius University Law Faculty Virtual Limited Liability Company
- 28. © Deloitte Legal2018 © Vilnius University Law Faculty 28 Digital Share Certificate (DSC) 1 2 3 4 5 DSC Wallet Management access to information Smart contract Priority right Contract signed by the digital signatures 6 Management notification 7 Shareholders register automatically updated
- 29. © Deloitte Legal2018 © Vilnius University Law Faculty 29
- 30. Deloitte refers toone or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.lt to learn more about our global network of member firms. Deloitte provides audit, tax, consulting, financial advisory and legal services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 245,000 professionals are committed to becoming the standard of excellence. In Lithuania, the services are provided by Deloitte Lietuva UAB and Deloitte verslo konsultacijos UAB (jointly referred to as “Deloitte Lithuania”) which are affiliates of Deloitte Central Europe Holdings Limited. Deloitte Lithuania is one of the leading professional services organizations in the country providing services in audit, accounting, tax, consulting, financial advisory, business advisory and legal services through over 100 national and specialized expatriate professionals. © 2018 Deloitte Lithuania