According to the Republic of Lithuania fundamental law on business and property valuation, a person or a company, willing to practice business or property appraisal, have to be properly certified.
A company, which is established according to the laws of Lithuania, has a civil insurance and at least one employed business or property valuator* [hereinafter – valuator], can get the certificate to practise business or property appraisal. The company has to be the principal employment for at least one valuator and he/she must work on non-termed basis (have a non-termed employment contract with the company). The only exceptions for this requirement are: when a valuator is the owner of an individual company, or when a valuator is a real member of an economic partnership** and has a valid valuation certificate.
The appraisal certificates are granted by the Public Institution Auditing, Accounting and Property Appraisal Institute of the Republic of Lithuania [hereinafter – the Institute]. A company, interested in obtaining the certificate has to produce certain documents and pay a one-time fee of 850 Lt (VAT included). The certificate is granted for an unlimited period of time and endues the right to appraise property within the territory of the Republic of Lithuania. The certificate is only valid for that particular company and it can conduct business or property appraisal within the qualification spheres of valuators and valuators’ assistants’ employed in the company.
The following documents have to be furnished in order to obtain the certificate:
- An application to obtain the certificate, signed by the director of the company and confirmed with the company seal. The application must contain the following information:
the name, address, type and registry code of the company;
The certified valuators’, employed in the enterprise, names, surnames, certificate numbers and dates, their sphere(s) of qualification and the dates when their employment contracts with the company were signed;
The date of the application.
- Company incorporation certificate and its certified copy, or a notarised copy of it.
- Company articles of association and their certified copy, or a notarised copy of them.
- Company insurance certificate and its certified copy.
- Valuators’ employed in the company qualification certificates and their certified copies. (see 1.2. above)
- Valuators’ employed in the company social insurance certificates and their certified copies (only for valuators’, who have their primary employment in the company).
- The proof that company certification fee was paid and a certified copy of this document.
The company employee should personally deliver the abovementioned documents to the Institute. The authentic abovementioned documents are required for comparison, unless their properly notarised copy is furnished. The authentic documents shall be returned to the company’s employee immediately.
*Applicants, who fulfil governmental educational and professional experience requirements, and who have passed the required qualification exams, can obtain the real estate, movable property and business valuators’ qualifications. The Public Institution Auditing, Accounting and Property Appraisal Institute of the Republic of Lithuania grants the certificates to the applicant, who have passed the qualification exams.
** A particular incorporation form under the laws of Lithuania.
The contacts of the Public Institution Auditing, Accounting and Property Appraisal Institute of Lithuania are added below:
Tilto str. 8/Z. Liauksmino str. 3,
LT-01101 Vilnius
Lietuva (Lithuania)
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