Lithuania plans to create a blockchain system that would allow foreign companies to remotely register your business in the EU. The initiative supports the country’s Central Bank. About it writes the edition Cryptovest.

The project will be appreciated by many companies wishing to do business in the EU without physical presence. Particularly relevant project for the representatives of the FINTECH sector. Analysts of the Agency for business development Invest Lithuania believes that the new service will be demanded by companies from the USA, Singapore, Israel and others.

Member of the Board of the Central Bank of Lithuania Marius Jurgilas, commented on the project:

The Bank of Lithuania has already created LBChain blockchain-accelerator for FINTECH sector. The project, which will open on the blockchain virtual company, represents a step towards the more ambitious goal of creating a LTChain, that is, transfer on the blockchain of important public services.

Managing Director of Invest Lithuania mantas Katinas said that countries that support such decisions, in the long run will benefit because the world is going in the future “without papers”. Katinas explained:

At the moment, Lithuania has already provided FINTECH-companies the opportunity to license payment institutions or electronic money institutions in just three months — two to three times faster than other EU countries. The current initiative is another step in the right direction.

Katinas stressed that the registration system virtual companies with limited liability will be available to the widest range of businesses — from small enterprises with a single owner to large public companies. Lithuania recognizes them as full legal persons, and they will have to submit financial reports and pay taxes in the Lithuanian jurisdiction.

If the initiative is implemented, companies will be able to register so in 2019. Lithuania — one of the 22 EU countries have recently signed a Declaration establishing a “European blockchain partnership”.