Register of Legal Entities
The Register of Legal Entities registers businesses, institutions and NGOs and collects detailed data about Lithuanian legal entities as well as branches and representative offices of foreign companies and organizations. The Register contains complete information (and historical data) about legal form and status of legal entities, fields of its activity, size and structure of the authorized capital, members of sole and collective management bodies, licenses acquired, etc. It is obligatory for the most of business companies to submit annual financial statements to the Register of Legal Entities since 2004. Starting from March 2010 private limited liability companies are obliged to declare current list of shareholders to the Register.
As a matter of fact, the Register of Legal Entities implements the policy of transparency of Lithuanian businesses, institutions and NGOs since all the data and information mentioned above is public. Excerpt from the Register on any legal entity as well as annual financial statements, a list of shareholders or a copy of any other document (such as memorandum of association or board minutes) stored in the archive of the Register are accessible for anybody for the fee set by the Government.
In 2010, the Centre of Registers introduced the electronic service for incorporation and registration of legal entity. The service which requires no paper documents, relies heavily on electronic signature based on Public Key Infrastructure (PKI). So far, this electronic service for incorporation and registration of legal entities is available for the citizens of Lithuania, but the Centre of Registers strives hard to implement equal possibilities for foreign investors. By then, the E-Guide for starting business in Lithuania is offered for foreign clients to assist them in incorporating and registering the companies.
Information System of Legal Entities Participants
The Information System of Legal Entities Participants (hereinafter referred to as the JADIS) is developed to collect and store data about legal entities participants by using information technology tools and to provide data to the natural and legal entities having the right to receive it.
Register of Contracts
The Register of Contracts is a public register with the main function to register contracts of purchase and sale by instalments; contracts of purchase and sale with repurchase rights; leasing contracts where subjects are items that are not registrable and acquired for business use or provision of services; also to collect, process, systematise, store and distribute the Register data.
The Register of Contracts registers the following contracts:
Data to the Register of Contracts is provided by one of the contracting parties.
- Contracts of purchase and sale by instalments when items that are not registrable are acquired for provision of services or business use;
- Contracts of purchase and sale with repurchase rights when items that are not registrable are acquired for provision of services or business use;
- Leasing (financial leasing) contracts where subjects are items that are not registrable and are used for business.