Who is the small business account
intended for?
Residents of Lithuania
We are the first to offer such an account to Lithuanian residents engaged in self-employed activities, both beginners and established professionals. We developed it together with the State Tax Inspectorate (STI).
Self-employed individuals
Self-employed individuals, except those engaged in agricultural activities, activities with a business licence, lawyers (their assistants) and notaries. This account can’t be opened for legal entities.
Those looking for a solution
This account is intended for those who are looking for a convenient way to simplify their administrative tasks and filing of annual income tax returns.
Benefits
Easy to get started
If you have not yet engaged in self-employed activities, all you need to do is open a small business account with Artea Bankas. The STI will contact you and initiate the issuance of a self-employment certificate.
Easy to file tax returns
All income deposited into the small business account, whether by transfer or in cash, will be considered income from self-employed activity. You will see all of it in your annual income tax return.
For everyday use
A small business account will help you separate your personal funds from those related to your business, but it will also function like a regular bank account – you can link a card to it, make transfers, make deposits, etc.
How does it
work?
- When you transfer your business income to your Small business account at Artea Bank, all information about these receipts will be periodically forwarded to the STI, which will include it in your annual income tax return.
- When filing your income tax return, you will only need to review the data submitted by the STI and select the method of calculating your expenses. This will not only save time, but also reduce the likelihood of errors.
- The account statement will conveniently show your business income at any time, and when you receive cash from buyers and deposit it into this account, you will be able to account for it.
How do I open a small business account
as a new client?
Become a client
Choose the most convenient way to become a client by opening a small business account.
Information about the account you have opened will be forwarded to the STI.
Provide information about your activities
If you are already engaged in self-employed activities, no additional action is required. If not, the STI will contact you, initiate registration and request additional information.
Sign the agreement
We will contact you and upload the agreement via the Dokobit platform. Read the terms and conditions carefully and sign the agreement.
How do I open a small business account
as an existing client of Artea Bank?
Fill out the application form
Log in to your Artea online bank account. Go to “Other services” -> “Applications and requests” -> “Request to open a Small business account”.
Provide information about your activities
If you are already engaged in self-employed activities, no additional action is required. If not, the STI will contact you, initiate registration and request additional information.
Sign the agreement
We will contact you and upload the agreement via the Dokobit platform. Read the terms and conditions carefully and sign the agreement.
Fees
- A small business account can be used with or without a selected service plan.
- If the account is used in conjunction with one of the bank’s service plans, a monthly small business account servicing fee of EUR 1.50 will also apply.
- If no service plan is selected, a monthly fee of EUR 2.99 applies to Small business account.
- With a service plan, daily banking services are subject to fees based on the selected plan.
- If you do not have a service plan, standard fees apply.
Frequently Asked Questions
Once the bank has transferred the data on receipts to the small business account to the STI, this information will automatically appear in the preliminary income tax return (in the “Income from self-employed activities” section of the STI’s Tax Return Wizard).
This means that:
- you won’t need to manually enter the income received in this account. You will only need to enter income that was received in cash and not deposited into this account, or operating funds received into other accounts.
- the STI will be able to submit more accurate preliminary tax returns based on actual data received from the bank.
- the likelihood of errors will be reduced.
- the data will be transferred automatically, without manual entry. All you have to do is check the information provided and, if it is correct, confirm it.
- you will only need to enter the expense data yourself.
You can open a small business account at Artea Bank online or at your nearest bank branch.
The STI will receive information about your newly opened account. If you have not yet engaged in self-employed activity, the STI will contact you, initiate its registration and request additional information: the location of the planned activity, its code and contact details.
If you are already operating and have a self-employment certificate, no further action is required.
If you have an account with Artea Bank, you need to submit a request by logging into your online bank account.
A small business account cannot be opened by residents who are self-employed with a business licence, engaged in agricultural activities, or lawyers (their assistants), bailiffs and notaries. This account can’t be opened for legal entities.
Yes. Income from self-employed activities received in cash can be deposited into this account.
Data on income received by residents who have a small business account are transferred to the STI once a month or once a year. Artea Bankas will only transfer your data if you have given your explicit consent.
Both Artea Bankas and the STI strictly comply with the requirements of the General Data Protection Regulation (GDPR). Data are transmitted via secure channels through the TIES system, and access to them is granted only on the grounds specified in legislation.
The agreement will also clearly define when data will not be provided – for example, if you withdraw your consent, your account becomes inactive, or you close it.
If you withdraw your consent for the transfer of data to the STI, this account will be closed, as in this case it loses its main advantage – the transfer of information about your business income for the purpose of preparing preliminary income tax returns.
A small business account can be used with or without a selected service plan.
If the account is used in conjunction with one of the bank’s service plans, an additional monthly small business account servicing fee of EUR 1.50 applies.
If no service plan is selected, a monthly fee of EUR 2.99 applies to this account.
With a service plan, daily banking services are subject to fees based on the selected plan.
If you do not have a service plan, standard fees apply.
