ECOVIS Miškinis, Kvainauskas ir partneriai advokatų kontora
Every Lithuanian limited liability company (public or private) must state in its Articles of Association the manner of publishing public notices. Previously, it was possible to publish the public notices only in the daily of the Republic of Lithuania.
The Lithuanian parliament changed the regulation of the procedure for publishing the public notices of a company. From Oct. 1, 2010, public and private limited liability companies can choose the manner of publishing public notices: in the press, online, or both. In case publishing in the press is chosen, this must be made in the daily of the Republic of Lithuania. If online publishing is chosen, then it must be made in the electronic publication, edited by State Enterprise Center of Registers (it should be noted here that it is not sufficient to publish public notices in the Web page of a company). It is also possible to publish public notices in both of the foregoing ways. The chosen manner must be stated in the Articles of Association of a company, and once stated, it must be followed (the chosen manner later can be changed only by adopting new edition of the Articles of Association of a company).
Another improvement of the business environment is the withdrawal of a paper certificate of registration, instead of which (temporary, until the end of year 2010) the new company will receive an extended extract from the Register of Legal Entities. From the start of 2011, a new company will be issued a certified electronic extract from the Register of Legal Entities. The company will be granted free of charge access to this up-to-date online certified electronic extract.
Publishing the public notices of a company online is expected to be cheaper and faster than publishing in the daily, and together with the certified up-to-date online electronic extract from the Register of Legal Entities it will definitely decrease the administrative load for companies.