[ESTABLISHING A BUSINESS ENTITY IN LITHUANIA] 320
The temporary residence permit to live in the Republic of Lithuania may be issued for a period of one to three years, depending on the grounds of issuance of the temporary residence permit, among them employment, owning a business, studying and family reunification. The permanent residence permit may be issued among other grounds after living for 5 years in the Republic of Lithuania with the temporary residence permit, subject to passing the Lithuanian language exam and the exam of the basics of the Lithuanian Constitution. The permanent residence permit is valid for a maximum period of 5 years. After this period, the permit shall be renewed. In general, a foreigner of a non-EU Member State must also obtain a work permit to be issued under a separate procedure when applying for the national visa on the grounds of employment. The work permit is not necessary in certain cases including those when such foreigner establishes a company, becomes a co-owner of it and becomes a CEO, or a shareholder holding not less than 1/3 of the authorised capital of the company. The company should meet the special requirements: (i) the company must operate at least six months; (ii) the company must have employees who are citizens of the Republic of Lithuania or has permanent residence permit to live in the Republic of Lithuania with the monthly earnings in total at least 2 monthly average wages (gross); (iii) equity value of the company must be not less than EUR 28,000 and the foreigner's invested part should be not less than EUR 14,000. An application for the issuance of the temporary residence permit must be submitted to any migration office in the
territory of Lithuania (prior submission of an application and registration for migration services online through the Lithuanian Migration Information System (MIGRIS) is required). The lodging of such application is not entitling a foreigner to stay in the territory of the Republic of Lithuania before the application is examined and a decision is taken. The same applies when lodging an application for the replacement of a temporary residence permit. The application for the issuance of the first temporary residence permit must be considered not later than within four months from the lodging of the application with a relevant institution (exceptions are applied for highly qualified employees, start-up founders or shareholder who invested not less than EUR 260,000, etc.), whereas an application for the replacement of a temporary residence permit – not later than within two months from the lodging of the application.
ILN Corporate Group – Establishing a Business Entity Series
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