I set up a company — what to do in the first week? Checklist

You have registered your company — congratulations. In the first week after setting up a company the goal is not to do absolutely everything, but to finish a handful of essential tasks without which you cannot legally take money or issue your first invoice. In practice, the first 5–10 days come down to six jobs: open a business current account, sort out bookkeeping (accountant or DIY), register with VMI (the State Tax Inspectorate) and "Sodra" (the social insurance fund), decide on VAT (value added tax) registration (the threshold is EUR 45,000), set up your invoicing routine, and prepare a website for your first clients.

This article walks through those jobs in a logical order and ends with a short checklist. All rates, thresholds and amounts here are indicative (2026) and for general understanding only — always check the current figures at the Register of Legal Entities, VMI and "Sodra". For the wider context of how to start a business at all, see the full 2026 guide to starting a business.

The first week is not about perfection — it is about being able to legally issue your first invoice. Everything else can be refined later.

1. Open a business current account

Without a business bank account you cannot receive payments or pay your taxes, so this is the first practical step.

• UAB (private limited company). When incorporating you already had a capital accumulation account for the share capital (EUR 1,000, of which at least 25% — EUR 250 — is paid in before registration and the remainder within 12 months). Now you need to open or activate a current account for day-to-day operations.
• MB (small partnership). No share capital is required, so you simply open a business account at your chosen bank or fintech.

Whether an account is mandatory at all, how a bank differs from a fintech and how to pick the cheaper option, we cover in do you need a business bank account.

2. Sort out bookkeeping: accountant or DIY?

The second job is deciding who keeps your books, because documents and obligations start piling up from day one.

• A UAB almost always needs an accountant — double-entry bookkeeping, declarations and reports require expertise.
• An MB with no employees that is not VAT-registered is far simpler, and you can handle part of it yourself.

In the first week it is worth noting future deadlines: the annual financial report is filed with the Register of Legal Entities by 06-30, and the corporate income tax (CIT) return with VMI by 06-15 (for a calendar year). Where the line runs between what you can do yourself and when you need a professional, we explain in do you need an accountant, what can you do yourself.

3. Register with VMI and "Sodra"

Once the company is entered in the Register of Legal Entities, the data usually flows automatically to VMI and "Sodra", but sorting out your personal status and logins is on you.

• Director status. If, as the company's director, you do not draw a salary, you may still have to pay at least the PSD (compulsory health insurance) contribution — the 2026 minimum is about EUR 80.48 per month. Check your exact situation with "Sodra".
• The self-employed (individual activity). Note that from July 2026 the "Sodra" contribution base rises to 90% of taxable income (it was 50%) — this changes the real burden.
• The calculation base. In 2026 the "Sodra" calculations are built on the EUR 1,153/month minimum monthly wage base, and the business-certificate VSD (state social insurance) contribution is calculated as 8.72% or 11.72% of that base.

Set up your logins to the "My VMI" and "Sodra" self-service portals — you will need them for declarations and contributions.

4. Do you need to register for VAT?

One of the most common first-week questions is whether to register for VAT straight away.

• The mandatory threshold for a Lithuanian business is EUR 45,000 of turnover over the last 12 months (unchanged in 2026). Once you exceed it, registration is compulsory.
• The standard VAT rate is 21%. From 2026 reduced rates also apply: 12% (accommodation, passenger transport, catering, culture) and 5% (books, medicines).
• When selling to consumers in other EU countries the EUR 10,000 distance-selling threshold applies.
• For a foreign business not established in Lithuania there is no threshold — the obligation arises from the first transaction.

If you are approaching the threshold or working with VAT-registered partners, it may be worth registering early. Always check the current rules and forms at VMI.

5. Set up your invoicing routine

To get paid you need a tidy invoicing system.

• Numbering. Choose a sequential invoice numbering scheme and stick to it from your very first invoice.
• Mandatory details. An invoice must show your company details, the buyer, the date, the goods or services, the amounts and, if you are VAT-registered, the VAT.
• Automation. From the start it pays to use a tool that issues, numbers and stores invoices — saving time and avoiding errors.

How to choose and set up such a tool we cover in invoice automation.

6. Prepare a website and start finding your first clients

The last but decisive first-week job is making sure clients can find you.

• Website. Even a simple, fast website with a clear offer and contact details builds trust and collects enquiries.
• First clients. Start with your existing network, a Google Maps listing and social media — you do not need to wait for the "perfect" website.
• Technical quality. A slow or poorly working website drives clients away, so it is worth checking its speed and SEO basics. You can do that with a free website check.

Example: what the first week looks like

Imagine a new one-person UAB sorting out its launch in the first week (2026, indicative figures):

• On incorporation you paid in at least EUR 250 of the EUR 1,000 share capital; the remainder goes in within 12 months.
• You open a current account and register with VMI and "Sodra".
• Because you are a new small company (fewer than 10 employees, income up to EUR 300,000, not part of a group), for the first two years you may qualify for 0% corporate income tax — later the small-company rate is 7% or the standard 17%.
• You expect turnover approaching EUR 45,000 in the first 12 months — so you prepare to register for VAT in advance (standard rate 21%).
• If, as director, you take no salary, you may have to pay at least the PSD contribution (about EUR 80.48/month) — check the exact position with "Sodra".

The exact amounts depend on your income, your costs and how you pay yourself out, so recalculate them with the "Sodra" and VMI calculators before deciding.

A short first-week checklist

• Business current account opened and ready for operations.
• Bookkeeping sorted — an accountant or tool chosen, deadlines noted (06-15 CIT, 06-30 annual report).
• Registration with VMI and "Sodra" checked, self-service logins working.
• VAT decision made against the EUR 45,000 threshold.
• Invoice template, numbering and issuing tool ready.
• Website live, speed checked, first client-acquisition channel started.

This is the condensed first-week version; for a wider action plan see the "I set up a company" starter checklist.

Check your figures and deadlines

Before paying contributions or registering for VAT, recalculate your numbers and check the deadlines. Use the official VMI and "Sodra" calculators and information, and check your company data and reporting deadlines at the Register of Legal Entities. You can quickly assess the technical side of your website with a free website check.

Disclaimer: all rates, thresholds, amounts and deadlines in this article are indicative (2026) and for general understanding only — this is not tax or legal advice. Always check the current figures at the official VMI, "Sodra" and Register of Legal Entities sources, or consult an accountant or lawyer.

Want to get through the first week in an orderly way — with a working website, clear invoices and client flow from the very start? web1o helps small businesses build a fast website and organise everyday processes. Start with a free website check, and if you want a concrete first-week plan, book a free consultation.