Lithuania's Economy Minister Evaldas Gustas has promised to initiate new reforms next year to improve the country's business environment and help Lithuania move up on the Doing Business rating.
Evaldas Gustas
© DELFI / Kiril Čachovskij

According to the minister, 2016 will see changes in laws that cover the areas of the Ministries of Environment, Economy, Energy, Agriculture, Justice, Finance, and Social Security and Labour.

Minister Gustas says that one of the priorities of the current government is to improve the business environment.

In the Doing Business 2016 report by the World Bank, Lithuania is ranked 20th among 189 economies in the world, while among member-states of the European Union it is 8th this year.

The study is published by the World Bank Group every year since 2003.

Lithuania, together with FYROM, this year entered the list of the economies with the most business-friendly regulation.

For the registering property topic, along with Denmark, Lithuania is among those that combine high efficiency and high quality. Supporting this efficiency is a high-quality land administration system. Property records are fully digital and provide complete coverage of private land in Lithuania.

Thirteen economies strengthened minority investor protections in 2014/15. Lithuania adopted amendments to its Law on Stock Companies that prohibit subsidiaries from acquiring and owning shares issued by their parent company, resulting in greater clarity of ownership and interests.

Also, Lithuania made starting a business easier by introducing online VAT registration. The utility in Lithuania reduced the time required to get an electricity connection by enforcing the legal time limit for completing the external connection works.

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