Expanding the business to another country or starting it there can be challenging and demanding. In the past years, Lithuania has grown and advanced as a market a lot, and now is more than ready for businesses, especially fintech ones, to grow and prosper here. Here are a few examples of how this little Baltic Gem can take the business further and how a fintech law firm in Lithuania will be a great addition to this equation.
There are many advantages to starting a business in Lithuania. These factors might catch business owners’ interest and prove that this small but advanced country is worthy of their businesses. Here are a few of those:
- progressive regulation. Fintech licenses are issued 2 or even 3 times faster than in any other EU country. Also, Lithuania has a Special Purpose Bank, regulatory sandbox, and a guidance and cooperative attitude. This will make the beginning stages of operating in Lithuania way easier.
- Centrolink – Sepa payments gateway. This means that you will have the ability to issue IBANs to your customers and much more.
- Large numbers of fintechs already operating. Lithuania can boast the rising numbers of businesses operating with more than 210 fintech businesses already operating in the country.
These are only a few main advantages of operating a fintech business in this Baltic state. Also, it is worth mentioning that fintech law firm in Lithuania, which was carefully chosen will boost the growth of the company even more and help in more demanding cases.
Fintech landscape in Lithuania
2019 marked a significant milestone for Lithuania in this sector. It was the year when the number of fintech companies operating in Lithuania reached 200, therefore it was recognized as one of the most dynamic and modern fintech hubs in the world. Here are some statistics:
- Lithuania was ranked #4 as a fintech hub in the Findexable global ranking.
- By the end of the year 2019, 210 companies were operating in the country.
- There were 3,100 specialists employed in the sector. That was a growth of 31%.
- 5 Specialized Banking Licenses were issued.
Of course, the majority of the growth in the sector can be attributed to the progressive regulation and forward-thinking of the local government, but the choice of the right law firm cannot be forgotten. This is the partner that helps with all of the law-related matters and that makes everything even easier.
Eager talent pool and infrastructure for success
Lithuania can boast high numbers of well-educated and eager specialists. The number speak for themselves:
- more than 38,000 ICT specialists.
- Lithuania is #1 in CEE for the employee motivation level.
- #3 in the EU for the proportion of the population with a higher degree diploma.
- 85% of young professionals are English proficient.
This shows that local people are very tech-savvy and ready for new challenges that your business might bring. Where there are employees the partner that helps with the law-related things is a must. So, it is always recommended to look for a law firm which will help in every step of the way.
All in all, Lithuania’s growth in the sector is undeniable. More and more businesses ascertain that. Yours could be doing the same. With the help of the right law firm, your business can grow and evolve in this country even faster.