Business Guide

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BUSINESS PARTNER OPPORTUNITIES

All who are looking for business partners to enter new markets and indeed having the potential to work with foreign companies and Lithuanian business partners, KCCIC invites to send a business co-operation request for a subcontractor, agent, distributor, importer and/or a joint venture partner in Lithuania and abroad. The request is disseminated among partners across Europe, local partners or directly to Lithuanian companies of a specific sector.
One more option for finding business partners is participation in trade missions and matchmaking events organised by KCCIC.

Please contact Klaipėda Chamber of Commerce, Industry and Crafts for an advice and suggestions on the best match businesses within the local area on +370 46 390 867 or +370 46 390 863 .

More information about partner search services (click here).

MAIN BUSINESS INDUSTRIES IN LITHUANIA

Services are the fastest-growing segment of the Lithuanian economy, reflecting the structural changes. Transport and transit services are dynamic, with a good road system (improved through EU investment) as well as with the oil pipeline and refinery in the Baltic States.

Financial services are expanding rapidly, and the use of banking services, having remained low during the Lithuania's first decade of economic change, has grown exponentially in recent years, among both corporate and individual customers.

Lithuania's biotechnology companies are rapidly expanding with the help of foreign investment.

Other industries are: metal processing, plastics, furniture, wood processing, textile, construction, transport and logistics.

TAXES IN LITHUANIA

CORPORATE PROFIT TAX - 15%
For small entities (up to 10 employees) corporate profit tax is 5% if the income of the certain period is under 300,000 EUR.
Among other favourable conditions of corporate profit taxation in Lithuania are the following:

  • Entities can reduce taxable profit up to 50 percent if they are carrying out an investment project into qualifying assets, if certain conditions are met;
  • Expenses incurred by companies carrying out R&D projects can be deducted three times;
  • 0 percent withholding tax on interest when the recipient of interest is established in the European Economic Area (EEA) or country with which Lithuania has signed a treaty for the avoidance of double taxation;
  • No corporate income tax on capital gains on transfer of shares when a Lithuanian company is transferring the shares of the entity which is registered or otherwise organized in an EEA Member State or in another country, with which Lithuania has concluded a treaty for the avoidance of double taxation, and the transferring company holds over 25 percent of shares in the aforementioned entity for not less than two years (whereas in case of reorganization – for not less than three years);
  • 0 percent corporate income tax for six years in free economic zones.

VALUE ADDED TAX – VAT
General rate is 21%. For the certain services and products there is a reduced rate from 5 % to 9 %.
5% VAT for the compensated pharmaceuticals and medical aid devices; 9% VAT for books and non-periodicals; hotels; supply of heating and hot water to residential premises as well as heating of cold water.

PERSONAL INCOME TAX
General flat rate – 15%; reduced 5% applies to certain activities carried out by self-employed individuals.

COMPULSORY HEALTH INSURANCE CONTRIBUTIONS
Employee rate – 6% withheld from gross salary; for employer 3% on top of gross salary.

SOCIAL SECURITY CONTRIBUTIONS
Employee rate – 3% pension social insurance and a 6% health insurance contribution withheld from gross salary; for employer rate between 30,98% and 32,6%, depending on the insurer’s risk group
For more information, please visit the State Tax Inspectorate website: www.vmi.lt.

KEY FACTS ABOUT KLAIPĖDA

Klaipeda - Lithuania's third largest city, located on the Curonian Lagoon at the western coast of Lithuania. Historically Klaipeda has been one of the fastest growing municipalities in Lithuania and nowadays Klaipeda is an industrial, business, educational, scientific, cultural, health and recreational administrative center with very rich traditions.

Klaipeda stands out from other cities in Lithuania as the only Lithuanian seaport. Klaipeda State Seaport is the northernmost ice–free port on the Eastern coast of the Baltic Sea. A multipurpose, universal, deep-water port, with the annual port cargo handling capacity up to 40 million tones operates 24 hours per day, 7 days per week, all year round.

Klaipeda’s economy develops hand in hand not only with Klaipeda State Seaport, but also with Klaipeda Free Economic Zone, which provides clients with a unique opportunity for business development by offering industrial sites with support services and tax incentives. The Klaipeda Free Economic Zone (412 ha) occupies a strategic location - just 3km away from the Port of Klaipeda and with direct connections to the road and rail system.

Key Facts about Klaipėda:

  • Territory: 98,35 km2;
  • Inhabitants: 149 701 (2017), Klaipeda district: 318 003 (2017);
  • Active enterprises: 14 261 (2017), in Klaipeda city – 8 130 (2017);
  • GPD: the city generates approximately 13 percent of Lithuania's GDP and almost 80 percent of Western Lithuania's GDP.
  • Unemployment rate in Klaipeda region – 6,4 %, in Lithuania - 8,1 % (2017) .
  • Average salary in Lithuania– (third quarter of 2017) - 850,8 EUR (gross)

Business sectors: 

  • Ship building and repair / construction;
  • Transport and logistics;
  • PET / PVC;
  • Building and construction;
  • Production (wood, metal, chemical products, etc.);
  • Seaport activities;
  • Services and tourism;
  • R&D, etc.

Advantages:

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