Delloite just published their annual research about fastest-growing technology companies.
On their Linkedin page there are an article with a loud title “Congratulations to the 8 innovative, committed and successful companies in the Baltics recognized in the 2019 Fast 500 Europe, Middle East & Africa (EMEA)!” But, analyzing the research we can see, that there are no companies from Latvia, only one from Estonia, and 7 from Lithuania. What made us think of Lithuania as a jurisdiction with great potential. And we find some benefits:
- Annual audits are required if turnover exceeds EUR 1.4m
- The VAT is not calculated for and paid into budget by persons whose revenue from sales of goods and provision of services that are publicly important, such as food, postal services, etc.
- The standard corporate income tax rate is 15%, however small companies with fewer than ten employees and a gross annual income of less than EUR 300,000 can benefit from a reduction in the corporate income tax rate to 0-5%
- Low costs for office maintenance
- Possibility to get VAT number. VAT rate – 21%
Furthermore, Lithuania got 11th place in the World Bank ranking for “Ease of doing business”.