FinTech is an extremely quickly growing, modern way of operating in the financial sphere. More and more companies and business people are starting to reinvent themselves in this field. Whilst looking for the right environment to evolve and expand in this industry, companies can look long and hard before finding the right one. And when they find the one, some things should not be forgotten. The laws and rules, no matter how easy they could be, should never be ignored, so the wise choice of the corporate law firm will help tremendously. With all factors carefully inspected, Lithuania could be the right answer for any business that wants to grow efficiently in the field of FinTech.
First and foremost, it is vital to mention that the Lithuanian government is extremely favorable when it comes to the FinTech field. The beginning of the rapid growth of businesses in Lithuania could be traced back to 2016 when the Ministry of Finances and Bank of Lithuania sat down and agreed on allowing the new FinTech businesses the access to the SEPA (Single Euro Payments Area) using the platform CENTROlink which was developed by the latter one.
Another example of the flexibility can be the development of the regulatory sandbox which helps to test out the new product and financial solutions. Nevertheless, flexibility and friendly regulations could not be used efficiently without the help of the right corporate law firm. It could get a bit tricky from time to time but the right partner will help with keeping the FinTech business on the right track whilst acquiring the necessary documents and so on.
Eager talent pool and great quality to cost ratio
Lithuania could be one of the better places to grow a business, especially a FinTech one. The quality to cost ratio in this country is amazing. In comparison to countries such as the UK or Germany has a base salary that is much more employer-friendly.
To add, the talent pool is also great. There are higher numbers of well-educated, eager professionals who are ready to dive into the FinTech world. For some companies that are stepping into Lithuania for the first time, the Human resourcing could be a challenge. A corporate law firm can help with this and will be a great partner in dealing with the law matters. This will the company an amazing opportunity to focus on growing the business and developing in the FinTech sector.
Working here can be even easier
Lithuania can be a great place to work and grow. That already was mentioned. But there is another perk whilst operating a FinTech business in this country. The means of working easier are:
- Easy migration. Highly skilled non-EU citizens can easily acquire the right to work and live in Lithuania. And even bring their families with them. That will broaden the horizons whilst looking for eager employees even more.
- Multidisciplinary local talent pool. Lithuania is packed with professionals who are ready to help your business grow. There are more than 38,000 ICT specialists here, and 85% of them are English proficient.
- High numbers of people with university degrees. Lithuania is ranked third in the EU by the number of people with higher education.
These numbers and facts clearly show that Lithuania is an amazing place, that is quickly developing and is ready for some more serious growth.
To sum up, Lithuania can be a great place to grow the business, but some very important points should not be forgotten. The right corporate law firm can make that even easier and more effortless so the business can flourish and evolve without any unnecessary headache or worries.