Earlier this year, Lithuania launched its own Startup Visa program, designed for entrepreneurs who wish to establish or develop their startup on the Baltic Sea shore inside the European Union.
Under this program, startup entrepreneurs no longer need to fulfill certain capital or employment requirements to obtain a residence permit, should their business idea be deemed suitable by a panel of experts.
There are already several hundred startups in operation in Lithuania. Some that are gaining traction include secondhand clothing marketplace Vinted, image-editing app Pixelmator, and mobile gaming company Game Insight, VentureBeat noted recently.
The country’s new visa program aims to bring the country’s innovation ecosystem to a new level, building on the broader region’s track record of producing top tech talent.
“We see startups as an integral part of an innovative economy,” explained Mindaugas Sinkevičius, Lithuania’s minister of economy. “So we open our doors to talent that will both embrace and contribute to our 320-strong startup ecosystem.”
Opportunities for Russian startups
While the program is open to entrepreneurs from any country, Lithuania aims to position itself as the new sweet spot for startups from Russia and neighboring countries to penetrate the EU and broader Western markets.
Thus the Lithuanian authorities have set up several initiatives to inform Russian startups about this program:
- On March 8, Startup Lithuania organized a meetup in St. Petersburg, in partnership with the local Ingria business incubator.
- Another event will take place on April 27 in the Lithuanian embassy in Moscow. It will cover the different aspects of Lithuania’s migration, tax and business regulation rules, with the participation of experts from the international law firm Cobalt. (To register, please contact Remigijus.Kabecius[at]urm.lt).
- The new visa program and the related opportunities will also be discussed at the LOGIN Startup Fair, a major startup event in the Baltics. Hundreds of entrepreneurs and VC investors are expected to attend the event, which will be held in Vilnius on May 24-26. The program includes keynote speeches, workshops, startup pitches, B2B meetings and a variety of networking opportunities, in addition to pleasant cultural and open air features.
EWDN is conducting a research study about the startup ecosystems of 25 countries of Central & Eastern Europe. Startups, investors, industry experts, local innovation agencies and other interested organization are cordially invited to participate in this research. For more information, please click here.
