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.
During the first half of every year, all companies are working hard to submit their annual reports. Annual reports must be submitted within six months after the fiscal year has ended. The submission deadline is usually June 30. Since the management board of a company must assemble all shareholders or stockholders at least once a year to approve the annual report, the following topics should be considered under the Estonian law.
For a long time, the legal position for combined carriage of goods by road has been more or less unclear. The Danish Transport, Building and Housing Authority has however recently issued an executive order implementing the rules of the so-called 'Combi Directive' (EU Directive 92/106). The executive order will come into force on July 1, 2018. In addition to implementing the directive, the executive order contains some 'new' rules that will clarify to what extent it is possible for foreign carriers to perform combined transport to and from Denmark.
Travelling in Nordic countries during summer time might trigger your Estonian entrepreneurial mind to start thinking about how to reach these neighbouring markets with your products and services. Great! But, before you start, make sure to do your homework and do not expect anything to happen during the period starting from Midsummer until mid-August, as summer is long and lazy for our dear neighbours.