The general awareness of Vilnius is growing in all areas: tourism, meeting industry and business:
- Vilnius is levelling from a ’best-kept secret’ category to categories like: ’best city for a city-break’ (source: Post Office) or a ’best city for expats to live’ (source: Lonely Planet).
- Vilnius is getting more popular among tourists: in the first six months of this year the city has experienced more than 12% growth in tourist numbers;
- Most tourists came from Poland, Belarus, Germany, Russia and Latvia. We’ve seen growing numbers of tourists from all our target markets (Germany, UK, Italy, Poland, Israel).
- MEETING INDUSTRY: The number of international events in Vilnius grew by 30% in one year, putting Vilnius brightly on the map of meeting industry professionals.
- Large multinational corporations leading the Fortune 500 list choose Vilnius for their global business centres – healthcare industry giants McKesson and AmerisourceBergen are just the most recent examples.
- Vilnius frequently leads various prestigious business rankings as the most dynamic city, for example: Vilnius was elected the most dynamically developing city of service centres in the CEE region in the CEE shared service centre awards; was listed among top 10 Fintech locations globally by fdi performance (Financial Times), got an award for the best business climate in Emerging Europe Awards.
Vilnius is one of the best business playgrounds in Europe
Vilnius is a forward-thinking place. Public and private actors are constantly working together to create better conditions for individuals and businesses to thrive here, investing in the tools and technologies of the future that will help us solve real life problems, for citizens of Vilnius but also beyond.
Vilnius has historically been the place where businesses are based on innovation.
- Good examples of this are two sectors – life sciences and lasers, in which Vilnius is among world leaders.
- Now start-ups take the lead on innovating in Vilnius.
Vilnius is a perfect playground for start-ups:
- Vilnius is a city-sized sandbox: It’s a perfect place to develop and test new products due to city’s special sandbox programmes, friendly regulatory environment, useful tools like open data and a vast pool of local talent.
- Vilnius has five currently active sandbox programmes: three Fintech sandboxes, a PropTech and an energy sandbox, each offering possibilities for start-ups to test and create new products in live environment under some guidance.
- Vilnius is especially successful in those sectors where innovation plays a key role: Fintech, lasers, life sciences, game development, ICT.
Vilnius has one of the most radical open data policies:
- Municipal data on finances, public procurement, real estate, public transport and much more is readily available to the public, aiming to promote efficiency and transparency.
- City of Vilnius actively engages local tech talent to help create smart solutions with the aim of continuously providing new benefits to its citizens.
Vilnius already established itself as Fintech hub – a success story that could be repeated by other tech sectors:
- Vilnius is the largest Financial centre of the Baltic States.
- Sandbox environment allows Fintech companies to test their products in a real marketplace.
- Vilnius is providing exceptionally forward-thinking regulation – it has sandbox regime and no regulatory sanctions for Fintechs for the first year.
- The Fintech licensing process is one of the Europe’s quickest (3 months to get e-money or payments licence). It is 2-3 times faster than other EU jurisdictions.
- The licence from the Bank of Lithuania allows Fintech companies to access all European market: a single Fintech licence for 28 EU countries with access to 512 million customers, 24 million Small and Medium Enterprises, 7 350 banks and credit unions.
- Vilnius is full of talent required for rapid growth: the number of IT professionals and students is constantly increasing.
- The most prominent Fintech names in Vilnius – Transfergo, InstaREM.
Vilnius is full of talent
- Vilnius is the second-youngest capital in Europe
- First in CEE for mathematics, science and technology graduates per capita
- Over 22 000 ICT professionals in Vilnius.
Vilnius is big enough to build business, but compact enough to make it easily manageable:
What distinguishes Vilnius from other cities is the combination of a good market size, ambitious talent pool, a world-class business infrastructure and institutional support for tech start-ups.
There are many examples of companies that have started as start-ups in Vilnius and gained international success: Vinted, Trafi, Oberlo, Deeper, etc. Many of successful Lithuanian start-ups acknowledge that Vilnius is their playground, where they test innovative ideas and then are able to export them to other markets.