The Government of Lithuania recently approved amendments to the legislation that will facilitate obtaining a residence permit for entrepreneurs from countries, which are not EU members, including Ukrainians, informs AIN (RU).
The bill must be approved by the Lithuanian Parliament. Taking into account the support of the government and business community, it will happen before the summer, according to business publication Vz.lt.
New immigration rules will accelerate the obtaining of a residence permit for high-tech startups on early stages with scalable innovative product or business model.
Group of certified organizations such as venture capital funds and accelerators will form the Startup Visa Committee.
It will evaluate the candidates for the right to receive a startup visa. In the case of a positive decision, the founders will receive a residence permit valid for one year, with the possibility of an extension for one year. After this period, if the startup has attracted investment and create workplaces, the founders will be able to extend a residence permit.
The list of sectors, for which you can get the startup visa, and detailed procedures will be known after approval of reforms by the Lithuanian parliament.
The three-year residence permit will be also possible to receive for foreign managers who didn’t invest their own money in the company. Such companies should have a capitalization of not less than 500 000 euros and ten employees.
Work on the corresponding changes in the legislation was carried out for about a year. They are designed to help reduce the deficit of highly skilled professionals and contribute to the development of innovative directions.
Despite these possibilities, some foreigners chose Ukraine to work on their own startups.