Know your customer

Prior to establishing a business relationship, we are obliged to identify our clients. Where the client is a legal entity, identity can be established on the basis of an excerpt from the register of companies or on the basis of internationally accepted business documents. We also require the name and date of birth of the persons representing an entity. Information on the ultimate beneficial owner may also be required. The ultimate beneficial owner is considered to be the natural person who, directly or indirectly, owns more than 25% of the issued share capital of a company, or who otherwise has control over the company calculating the shares, except for the companies whose securities are traded on regulated markets, in accordance with the requirements of European Union legislation and where information is disclosed about their activities on equivalent international standards. 

The identity of natural persons can be established on the basis of a passport, identity card or internationally accepted documents.

Some stricter requirements are applicable for client for engaged in the following activities:

• transactions for the purchase or sale of real estate or business;
• customer money, securities or other asset management transactions;
• bank or securities account opening or management activities;
• transactions involving contributions required for establishment, operation or management of legal entities
• transactions arising from the creation or establishment, operation management and / or related transactions of a trust company 

Should you need any further information about tax and the legal environment in Lithuania, please contact us at info@SulijaPartners.com