{"id":835,"date":"2018-04-24T12:23:58","date_gmt":"2018-04-24T09:23:58","guid":{"rendered":"https:\/\/rigasseifi.lv\/en\/?p=835"},"modified":"2018-04-24T12:27:10","modified_gmt":"2018-04-24T09:27:10","slug":"lithuania_blockchain","status":"publish","type":"post","link":"https:\/\/rigasseifi.lv\/en\/2018\/04\/24\/lithuania_blockchain\/","title":{"rendered":"Lithuania to establish blockchain-based share register for non-EU companies"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-837\" src=\"https:\/\/rigasseifi.lv\/en\/wp-content\/uploads\/sites\/3\/2018\/04\/vilnius-1570452_1920-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/rigasseifi.lv\/en\/wp-content\/uploads\/sites\/3\/2018\/04\/vilnius-1570452_1920-300x200.jpg 300w, https:\/\/rigasseifi.lv\/en\/wp-content\/uploads\/sites\/3\/2018\/04\/vilnius-1570452_1920-768x512.jpg 768w, https:\/\/rigasseifi.lv\/en\/wp-content\/uploads\/sites\/3\/2018\/04\/vilnius-1570452_1920-1024x683.jpg 1024w, https:\/\/rigasseifi.lv\/en\/wp-content\/uploads\/sites\/3\/2018\/04\/vilnius-1570452_1920-1080x720.jpg 1080w, https:\/\/rigasseifi.lv\/en\/wp-content\/uploads\/sites\/3\/2018\/04\/vilnius-1570452_1920.jpg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>Lithuania is to establish a blockchain-based system for overseas businesses to remotely register and manage their company in the EU.<\/p>\n<p>The plan, which would allow &#8216;Virtual Limited Liability Companies&#8217; to gain access to Lithuania&#8217;s innovation-friendly sandbox regulatory system, is endorsed by the country&#8217;s central bank.<\/p>\n<p>&nbsp;<\/p>\n<p>Marius Jurgilas, a member of the board of the Bank of Lithuania, says: \u201cBank of Lithuania is already building LBChain &#8211; blockchain-based solutions accelerator for fintechs. Initiative to create virtual companies on blockchain is a move towards even more ambitious goal &#8211; creating LTChain, i.e. moving relevant public services on blockchain.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>The ability to remotely establish and manage a company in the EU is on the wish-list of many fintech companies. Analysts from Invest Lithuania, a foreign direct investment and business development agency, believe companies from Singapore, the US, Israel and other non-EU locations would all be interested in such a service.<\/p>\n<p>\u201cAs the world is moving towards a paper- and bureaucracy-free future, jurisdictions that adapt to the increasing demand for instant solutions will win in the long run,&#8221; says Mantas Katinas, managing director of Invest Lithuania. &#8220;As of now, the country already offers fintech companies the ability to receive a payments institution (PI) or e-money institution (EMI) license in just three months, which is 2-3 faster than in other EU countries. These draft proposals on the possibility of establishing a virtual company which can be managed remotely is another step in the right direction.&#8221;<\/p>\n<p>The new breed of VLLCs could range from small companies owned by a single individual to large corporations with publicly-traded shares and other securities, says Katinas. They would be fully-recognised corporate entities under Lithuanian law and would file financial statements and pay taxes in Lithuania.<\/p>\n<p>If the necessary amendments to the legal framework are made, entities from around the world would be able to register virtual companies in Lithuania as early as 2019.<\/p>\n<p>Source: https:\/\/www.finextra.com\/newsarticle\/31958\/lithuania-to-establish-blockchain-based-share-register-for-non-eu-companies<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lithuania is to establish a blockchain-based system for overseas businesses to remotely register and manage their company in the EU.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[22,21,23],"class_list":["post-835","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-blockchain","tag-lithuania","tag-nonresident"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/posts\/835"}],"collection":[{"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/comments?post=835"}],"version-history":[{"count":2,"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/posts\/835\/revisions"}],"predecessor-version":[{"id":838,"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/posts\/835\/revisions\/838"}],"wp:attachment":[{"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/media?parent=835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/categories?post=835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rigasseifi.lv\/en\/wp-json\/wp\/v2\/tags?post=835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}