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Audit methodology
At Grant Thornton, we use a single audit methodology across our global network. This means that our clients gain the same proven, high-quality approach wherever they are.
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Financial statements and consolidated financial statements
Preparation of monthly, quarterly or annual report and consolidated report on the basis of information presented by the client.
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Financial Accounting
Effective bookkeeping and financial accounting are essential to the success of forward-thinking organisations. To get the optimum benefit from this part of your business, you'll need an experienced team behind you.
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Tax compliance
Tax is likely to have an impact on almost every business decision you make. Whatever your business’s specific needs, we respond quickly and devise solutions tailored to you. We perform VAT, income tax, social tax and other tax accounting as well as present tax declarations to the tax authorities.
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Chief financial officer service
Chief Financial Officer services include the periodic reporting, information systems standardization, internal document management and information flow optimization, budget preparation, cost accounting, cash flow and working capital management, financial analysis, investment return evaluation for managers.
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International taxation
Grant Thornton operations in the Baltic States give us an access to the international expertise and allow advising the client on the minimisation of tax risks arising from conducting business in a foreign tax jurisdiction. We also consult foreign investors in finding an optimum group structure and form of enterprises in Lithuania and other Baltic States.
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Transfer pricing
We advise the management bodies of local and multinational groups of companies in issues concerning transfer pricing of intra-group transactions and, if necessary, in the preparation of the relevant compliance documents. We also assist in preparing transfer pricing policies in order that future transactions are priced in accordance with the local as well as international regulations.
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VAT refunds
We advise foreign clients in issues concerning the refund of value added tax paid in Lithuania, and Lithuanian clients – in the refund of value added tax paid in the EU member states. If necessary, we carry out these procedures on behalf of the client.
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Profit tax, tax incentives
Our tax advisory department consults local and international clients in both everyday and specific taxation issues related to business activities.
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Due diligence
Making the right investment decision can have a significant impact on shareholder value. To make an informed investment decision and create the best value from the transaction you will need the following an understanding of the target business identification and understanding of key business drivers an understanding of all the relevant issues clear analysis, conclusions and recommendations.
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Assistance and representation during tax investigations, inspections, disputes
We provide services for registration in the Register of Taxpayers and the Register of VAT Payers. We represent clients' interests in tax disputes at the State Tax Inspectorate, Tax Disputes Commission, courts and other institutions.
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Legal advisory for business start
We assist to quickly establish a company, branch or permanent establishment in Lithuania, open a bank account, VAT registration and obtain all necessary licenses for activity.
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Legal advisory for business development
Our team has gained the greatest experience in advising international companies on the management of groups of companies. We advise and implement reorganizations or liquidations. Together with a team of tax and financial advisors, we perform a comprehensive due diligence (tax, legal & financial).
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Labor law for CEOs and employees
We provide modern labor law solutions for the CEO, C-level managers and employees, which are tailored specifically to your business industry. We will take care of well-judged employment contracts and benefits package, protection of confidential information and non-compete agreements, handling of employee data or stock option rules, posting of employees, employment of EU and third-country nationals, organization of telework.
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Fintech
With extensive experience in money laundering prevention and compliance and a strong team of financial experts, we advise clients on financial services, electronic money, licensing of payment institutions, capital formation, listing of mutual lending platform operators and other operational issues.
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Migration and relocation
We assist you, your family members and employees of the organization to obtain national and European Union (Schengen) visas, residence permits, e-resident status, provide mediation letters and ensure a smooth relocation to Lithuania.
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Due diligence
Making the right investment decision can have a significant impact on shareholder value. To make an informed investment decision and create the best value from the transaction you will need the following an understanding of the target business identification and understanding of key business drivers an understanding of all the relevant issues clear analysis, conclusions and recommendations.
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Fintech advisory
The rapidly changing world and evolving technology are driving the development of new business models such as acting as a payment institution, a provider of virtual currency services and a financial institution. Grant Thornton Baltic provides support and advice to these companies.
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Corporate finance management
Building a successful business requires a clear vision backed by a focused strategy. To achieve this vision, businesses must negotiate an increasingly complex environment.
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Business Valuations
Choosing the right valuation method is the most important element in the process of estimating the fair value of a business as it must be adequate in terms of the purpose and object of the valuation. Grant Thornton uses only proven and generally accepted methods from among the wide range of income, asset and market approaches. Having conducted a preliminary analysis of the object and purpose of the valuation, we identify the method that will be the most appropriate considering the situation and characteristics of a given enterprise and the business sector in which it operates. Prior to commencing valuation, we also identify the documents necessary in the process.
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Mergers and acquisitions
We provide advice to clients in all material aspects of the process of conducting transactions: finding a candidate for buyer, purchase or merger, initial analysis and valuation, negotiations, due diligence, structuring transaction price, preparing legal documentation and formal closing of the transaction. We also provide consultation for management buyouts.
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Protection of Interests of Bondholders'
Grant Thornton provides bondholders' advocacy and protection services. We have resources, knowledge and the latest technology. Defending the interests of bondholders · Representing the interests of bondholders
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External Financial Management Services
Providing an external financial management services makes it possible to manage a company’s finance on a day-to-day basis by a competent economist, without the need of offering full-time employment. By cooperating with experts on managing big-budget projects, we provide our clients with excellent support in comprehensive management of company’s finance.
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Training
Financial Management Training and Seminars. Our experts have significant regional competence and close co-operation with our global colleagues. They happily share their expertise with our clients.
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Internal Audit Services for Financial Sector Companies Licensed in Lithuania
Internal audit services adapted to Lithuanian financial sector companies ensure compliance with regulatory acts, risk management and operational excellence.
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Internal Audit Services for EU/Foreign Aid Projects
Internal audit for EU/foreign aid fund projects helps to ensure compliance of activities and related costs with requirements.
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Internal Audit for the Companies Certified by ISO
Internal auditing ensures ISO standard compliance, evaluates management system effectiveness, and gathers objective evidence of performance.
October saw the addition of four new partners at Grant Thornton Baltic – Kristjan Järve, Eneli Perolainen and Anastasia Borovaja from Estonia and Milda Mikušauskienė from Lithuania.
The promotions brings the number of partners to 17. All of the new partners have been with the company for many years, having led developments in the taxation, legal advice and outsourcing areas as managers at the company.
Managing partner of Grant Thornton Baltic Mati Nõmmiste, who was one of the company’s founders 24 years ago, said the following about the increase in the number of partners: “We’ve worked with Anastasia, Eneli, Milda and Kristjan for years and they have stood out for their broad vision and superb professional knowledge. Their work heading their respective areas has also shown that they are good at developing customer relations and motivating employees,” said Nõmmiste.
He added that he was particularly pleased that the new partners had come up through the organisation. “An instinct for growth is also Grant Thornton’s motto and it’s perfectly logical that we should recognise capable people and want to grow with them. Naturally we expect them to contribute to development of our company and our employees,” said Nõmmiste.
Artur Suits, partner responsible for advisory services, said that advisory activities are becoming more important in business activity. That is why Grant Thornton Baltic is looking to place major emphasis on developing advisory services. “Clients can focus on their core business and we can take care of the support and advisory aspect, helping clients keep abreast of the constant changes in legislation and the economy in general. That means broader-based financial, tax and legal advice, but not only. We can also add the marketing and IT fields, so that clients can receive consultation on every nuance of their business activity,” said Suits.
Eneli Perolainen, who has been responsible for legal advisory at the company since 2010, also noted that she sees the future above all as lying in collaboration between all advisory areas. “It’s my job to contribute to it. I believe that in a couple of years, we can say that Grant Thornton Baltic is a business advisory firm where customers are offered everyday support not just in one specific field but on any topic, and where the issues that arise are analysed from the financial, taxation and legal aspect. By creating value in this manner, we can help clients expand and grow their business,” said Perolainen. She added that she wishes to help clients find solutions that will make their eyes light up and come away with the feeling that it was exactly what they needed.
Kristjan Järve, partner responsible for tax advisory services, has been involved in establishing and developing this division at Grant Thornton Baltic since 1999. Järve said that as the economic environment is becoming increasingly codified and global, tax advisory services have a huge role in supporting clients on their path to success. He seconded the idea that business advisory is more client-based than service-based. “Clients need multifaceted advice in managing their business and constant changes. Broad-based consultation is the most important objective that Grant Thornton Baltic has to reach, and as part of it we will need to increase cooperation between the Baltics,” emphasised Järve.
Head of the outsourcing department Anastasia Borovaja has been working for Grant Thornton Baltic since 2009. As a partner, she is responsible for development of outsourcing at the company. Borovaja has definite plans for furthering the field. “Outsourcing is changing. Clients are more knowledgeable and their expectations for outsourcing service are growing – they expect more advice, innovative solutions, prices that can be forecasted and real-time information on the company’s state for making snap decisions. We have to be prepared to offer this to all of our current and future clients,” said Anastasia Borovaja. “I’d like Grant Thornton Baltic to be known a few years from now as the most innovative most customer-engaged outsourcing service provider.“
Outsourcing department manager Milda Mikušauskienė has over two decades of experience in accounting field and has joined Grant Thornton Baltic in 2012. "21st century has provided an even greater leap in technological innovations in accounting industry and outsourcing services has been developing rapidly since." stated Milda. "My mission and vision on the future of outsourcing in Grant Thornton Baltic is to embrace innovations, follow emerging trends and provide effective solutions for our clients. I see our team as full of dynamic and creative professionals who recognize adopt and capitalize on innovations, provide valuable advice helping our clients unlock their potential and focus on what they do best – their business.” she added.
Founded in 1992 as Rimess OÜ, Grant Thornton Baltic is one of the leading providers of audit, outsourcing and tax, legal, finance and business advisory services in the Baltics. The company employs 200 people and provides service to several thousand clients.
Since 2012, the company has been part of Grant Thornton, a network of affiliated companies represented in more than 130 countries with more than 43,000 employees. Grant Thornton is one of the world’s seven largest audit, tax and business advisory companies.