Startups actively operating in Lithuania will use the country’s budget in 2023. added 372 million euros, which make up – 23 percent. more than a year ago. The Minister of Economy and Innovation Aušrinė Armonaitė assures that this figure is only a very small part of the value created by start-ups, but it perfectly shows how well new businesses can succeed in Lithuania.
“There are 17,000 people working in the startup sector in Lithuania today. specialists, the average salary paid to them is 3.8 thousand. EUR before taxes. Taxes paid and well-paid jobs created are only a small part of the value created by the country’s startups – they are an important part of the country’s innovation ecosystem, whose innovative solutions contribute to progress in various fields and the promotion of Lithuania’s name in the world,” the minister added.
It is an extremely significant achievement that Lithuania ranks 9th among 132 countries in the World Innovation Index of the World Intellectual Property Organization (WIPO) according to the policy and culture criteria for promoting entrepreneurship. The Deputy Minister of Economy and Innovation, Ieva Valeškaitė, assured that this very clearly shows that the legal and tax environment in Lithuania is extremely favorable for business establishment and development.
“It is possible to register a business in the country within a day. It is also worth mentioning that Lithuania is also among those EU countries where it is extremely easy and simple to pay taxes. The electronic services provided by the state are among the best in Europe. Currently, it is possible to start a business online – all the necessary information, from licenses to other documents, is systematized and easily accessible”, emphasized I. Valeškaitė.
What services can I use?
According to I. Valeškaitė, it is extremely easy to start a business in Lithuania today, and it should be used for that purpose The page of the Innovation Agency, where you can find detailed and useful information on how to start a business and e. training for budding entrepreneurs. The agency’s experts provide consultations and introduce budding entrepreneurs to all the possibilities. Each step is described clearly and in detail on the mentioned page – from business planning, starting a business to growing it. To familiarize yourself with the steps of starting a business in more detail, just click here: https://inovacijuagentura.lt/paslaugu-sarasas?lang=lt
It is understandable that starting a business starts with an idea, so every beginner wants to know whether his idea is worth realizing, how much and how it is possible to grow it. That is why, on the page of the Innovation Agency, a person intending to start a business can find the most relevant information, from consulting to business testing, which helps to refine a business idea, by choosing the “planning a business” section.
Personal archive photo/Ieva Valeškaitė
There are plenty of services and offers that help you find the right business path and answer your questions. Starting with consultations on business start-up issues, practical business e- training “Business e. guide”, business skills training and events, business idea testing program for young people “Come+test+grow”, entrepreneurial skills program “Start from 50+”, startup business pre-acceleration program, social business acceleration program, practical e. commercial workshops “e.comGO”, events for start-ups, and ending with co-working centers “Spieias”, which are joined by over 100 businesses every year.
It is extremely important, as soon as you enter the business world, to know as many opportunities as possible, which are provided by entrepreneurship programs, because it is thanks to them that startups get in much easier, find partnerships, partners and find sustainable development solutions.
In this regard, those intending to start a business will find extremely useful information on the website of the Innovation Agency by selecting the “starting a business” section. New entrepreneurs can expect: a guide to financing tools; calls for funding from the EU and other sources; individual consultations for companies of skillful specialization; for small and medium-sized businesses – the Start-up SME Development Program “Business Flight”; Business diagnostics; assistance to businesses in implementing new digital solutions – European digital innovation centers; consulting on issues of green transformation and circular economy at GreenTech Hub; services are intended for business representatives operating in the space sector – “Space Hub LT” group; Social business platform; the program is intended for companies seeking to professionally grow their e-business in Lithuania – E-Export Nation Lithuania Academy.
When, after starting a business, you start thinking about its development and growth, there is also a separate section for that on the Innovation Agency page – “I’m growing a business”. This is a tool for companies planning to expand abroad. This is a tool for companies planning to expand abroad. You can safely use the tool – the contact search service “Orbis”, and those who would like to expand to the USA are offered advice and information in the sections: “InnoHub Lithuania” in Silicon Valley and International Business Exhibitions.
Finally, there are a few more tools for those simply looking for various foreign partners – export diagnostics; consulting on export issues; export leaders program “Wings”; commercial attache assistance to exporters; INVEGA’s export credit guarantees; events for exporting business.
It is necessary to add that on the website of the Innovation Agency, you can also find information about what requirements apply to products, what professions are regulated, about the administrative services provided by institutions, and use guides that will help you understand what documents and permits are needed to provide certain services.
Steps forward
Vice Minister I. Valeškaitė emphasized that the Ministry of Economy and Innovation is constantly improving the business environment and reducing the administrative burden.
“Various tools have been developed to help budding entrepreneurs, from expert advice to business growth programs.” Measures are also provided for businesses to grow and expand to foreign markets. For example, an innovation center was opened in Silicon Valley this year, which helps Lithuanian exporters of high-tech products and services establish themselves in the strategically important US market,” says I. Valeškaitė.
There are a variety of tools designed to help budding entrepreneurs, from expert advice to business growth programs.
Entrepreneurs often name the administrative burden as one of the biggest challenges. According to I. Valeškaitė, a lot of important work has been done to make it easier. According to the Ministry of Economy and Innovation, last year the administrative burden on business decreased by 1.35 million. euros.
“Effective regulation is a very important factor in order to increase the competitiveness of the country’s business.” Over the past four years, the burden has already decreased by 30 million. euros, but we have to reduce it even more. We have to make decisions, change legislation so that there are as few obstacles and bureaucratic challenges as possible for business. Therefore, we started to evaluate a new indicator – the costs of adaptation to regulation, in order to see the real situation”, A. Armonaitė assured.
The minister added that last year adaptation to the requirements of new legal acts cost the business over 1.9 million. euros.
The results of the progress of Lithuanian startups are clearly visible on an international scale – the country’s startup ecosystem is one of the fastest growing in Central and Eastern Europe. From 2018 until 2023 The value of the Lithuanian startup ecosystem grew more than 7 times to 13.7 billion. euros, and in the latest ranking of startup ecosystems published by StartupBlink, Lithuania ranks 16th in the world.
Currently, a thousand startups are actively operating in Lithuania, the number of startups in the country grew by 13 percent during the year. Lithuanian businesses have “harvested” three unicorns, and according to their value and GDP ratio, Lithuania shares the first place in the world with countries such as Estonia, Israel, and the USA.
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2024-08-02 03:26:59