Fintech boom in Lithuania: new type of financial institution
A new concept of a specialized bank has been incorporated into Lithuania’s legal framework of banking legislation from 1 January 2017.
With some exceptions, specialized banks will not be able to provide investment services, manage investment, pension funds or be active by providing other services related to securities emissions.
However , on other operational levels specialized banks will not differ from full service banks.
Specialized banks have significant competitive advantages and opens the European financial market at lower incorporation and operational costs.
This new type of financial institution is a creation of a regulatory environment and favorable ecosystem for foreign FinTech companies, established to attract foreign financial institutions and FinTech start-ups to Lithuania.
Authorities at both national and municipal levels have shown strong levels of commitment to the previously mentioned goals and Lithuania has an ambitious goal; to become the FinTech leader in the Baltic and Nordic regions.
What tax liabilities are created, when an employer terminates their work relationship with the employee e.g. due to layoffs? Often when the working relationship ends, the parties agree that the employer will pay a compensation to the former employee during a certain period. There are several reasons for paying compensations, perhaps most common of them is the restriction of competition clause.
We are very proud that NJORD partner, Ulla Fabricius, has been appointed as Denmark's leading female lawyer in shipping on Expert Guides' list. This is an incredible distinction, which is particularly remarkable in an industry area primarily dominated by men.
As Estonia is gaining recognition for its successful increase of creativity, more and more brands are spreading beyond our borders. When noticing Estonian design in foreign airports or department stores, many of us Estonians feel impressed. But, be sure to register your brand as a trademark to ensure legal protection for your idea. Copyrights, trademarks, designs and patents can be registered both domestically and on a more or less global scale, and it gives the registered author the exclusive right to use his or her own creation in any way and to permit or prohibit the use of the work by other persons. In other words, no-one should earn money on your creativity without a license!