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SME POLICIES

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... bankruptcy process 1,7 year (20,45 months) Non-judicial bankruptcy process ... Simplified bankruptcy process 0,9 year (10,6 months) SME'S ACCESS TO FINANCE ... – PowerPoint PPT presentation

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Title: SME POLICIES


1
SME POLICIES
  • ivile Kriciuniene
  • Director of Small and Medium Business Department

2
REGULATORY ENVIRONMENT SUPPORTIVE OF SMES
  • Time required to start-up a company in Lithuania
    is 5 working days
  • ? Continuing work to reduce to 3 working days
  • ? Considering possibility to simplify the
    establishment of personal comapny and limited
    liability company (cancel the notarial
    verification of registration documents)

3
BUSINESS TRANSFER
  • Methodical publication Business Transfer and
    Purchase
  • http//www.eic-vilnius.lt/home/eic/lt/FilesForDown
    load/files/metodinis20vadovas.pdf

4
BANKRUPTCY
  • ? Time for all legal procedures to wind up
    bankruptcy procedures in 2008 
  • Judicial bankruptcy process 1,7 year (20,45
    months)
  • Non-judicial bankruptcy process 1,1 year (13,11
    months)
  • Simplified bankruptcy process 0,9 year (10,6
    months)

5
SMES ACCESS TO FINANCE
  • ? 01-10-2008 Holding Fund in Lithuania under the
    European Commissions initiative for SMEs
    (JEREMIE)
  • ? The overall capital amount assigned to the Fund
    80 million EUR (275 million Litas) increased to
    290 million EUR (1 milliard Litas) 04-03-2009

6
SMES ACCESS TO FINANCE
Holding Fund 377 million EUR (1300 million
Litas)
INVEGA Holding Fund 87 million EUR (300 million
Litas)
JEREMIE Holding Fund 290 million EUR (1000
million Litas)
  • Risk Capital Fund
  • Business Angels Co-investment Fund
  • Funded Risk Sharing Financial Instrument
  • Portfolio Guarantees
  • Small Credits up to 50 000 EUR (175 000 Litas)

7
JEREMIE HOLDING FUND
  • ? February-March 2009 Call for Expressions of
    Interest to select Financial Intermediaries that
    will receive resources to implement the following
    Financial Instruments
  • Risk Capital Fund (23,2 million EUR)
  • Business Angels Co-investment Fund (5,8 million
    EUR)
  • Funded Risk Sharing Financial Instrument (14,5
    million EUR)
  • ? April-May 2009 Evaluation of Expressions of
    Interest

8
SMES ACCESS TO FINANCE
  • ? Small credits (from national budget sources 6
    million EUR (20 million Litas) loans up to 50
    000 EUR (175 000 Litas)
  • ? Signed contracts with 3 banks
  • INVEGA Holding fund established 7 April 2009
  • ? Small credits loans up to 101 000 EUR (350
    000 Litas)
  • ? Call for Expressions of Interest (29 million
    EUR (29 million EUR (100 million Litas)

9
OTHER INVEGA MEASURES
  • ? Guarantee fund (15,6 million EUR( 54 million
    Litas) EU Structural Funds
  • February 2009, INVEGA guarantees 80 of
    investment loans and working capital loans
  • ? Regulations for the provision of credit
    guarantees to credit institutions for credits
    taken by large enterprises
  • (Temporary measure until 31-12-2010)
  • ? Partial compensation of interests (30 million
    EUR (104 million Litas) EU Structural Funds

10
TAX CREDIT SYSTEM
  • ? Delayed tax payments for newly-registered Small
    Family business (applied to Corporation tax, Real
    estate tax, Land-tax, State social security
    contribution)
  • ? Corporation income tax less than 290 million
    EUR
  • ? 5 year delay
  • First year 80 calculated tax
  • Second year 50 calculated tax
  • Third year 30 calculated tax

11
SMES INTERNATIONALIZATION
  • ? Lithuania is currently examining possibilities
    to apply trade credit insurance measures in the
    States Trade field
  • ? Concrete measures/steps to be taken will be
    established in the nearest term
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