Edvinas Jurevičius, the Head of Customer Services at Luminor
Over the past decades, the Baltic states have created the right conditions for newly established companies to grow and prosper, from making it easy to register a business to banks offering custom solutions in daily banking.
Lithuania, Latvia and Estonia are attractive locations for establishing a company. An investment‑friendly taxation system, transparent and effective legislation, economic freedom, and low corruption levels are just some of the advantages of doing business in the Baltics. In addition, the Baltic countries boast a highly skilled workforce, well‑developed infrastructure, vibrant atmosphere, and a high quality of life. Entrepreneurs from other regions who choose to establish their companies in the Baltic states also appreciate the ease of interaction with government offices, with e‑services being widely available.
It is then no wonder that small and medium‑sized enterprises (SMEs) dominate the Baltic economies. Over 15,000 new businesses are created yearly in Lithuania, 20,000 in Estonia and just under 10,000 in Latvia. Across the countries, they mostly emerge in the same economic sectors, including transportation, entertainment and recreation, accommodation, and food services.
Establishing a business is easy
Edvinas Jurevičius, the Head of Customer Services at Luminor, explained that the number of new business entities in our region is not surprising, as it is quite easy to establish a business – sometimes taking just minutes. “Baltic countries have created a friendly environment for starting a business,” E. Jurevičius remarked. “There is also an entrepreneurial spirit here, especially among the youth, who often set up their own businesses or are actively involved in others’.”
Investments are needed to build a business
The beginning years of newly established companies are typically costly, and it is common to operate with a little profit or even loss during these early stages. Companies use their capital mostly to hire people and to implement their business plans – be it to establish a physical or online shop, ensure a sufficient stock of goods to be sold, generate sales through marketing activities. Those companies value each and every invested euro and possibility to save while using daily banking services.
Newly established companies are eligible for a wide range of benefits
When working with banks, new businesses can make the most of a wide selection of benefits and comprehensive support in various daily banking services. For instance, Luminor offers many discounts tailored to specific banking needs.
Newly established entities can enjoy unlimited euro transfers for 12 months and additionally get attractive 1% annual interest rate on current account balances as long as it does not exceed 100 000 EUR.
For e‑commerce businesses, the bank offers a payment collection service, which can be used free of charge for an initial three‑month period while the needs to collect payments in physical stores could be addressed by using two POS terminals with no monthly rental fee for the first 12 months.
Explore our offers and additional applied conditions here.
