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Finland A Step-by-Step Guide on Starting a Business in Finland

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• Finland is a friendly place for global investors. It has a flourishing private sector, an advanced industrial economy, and a business climate that is quite welcoming to international investors. The country has a developed infrastructure, a trained workforce, competitive operating expenses, and business-friendly administration. 
• Finland is one of the least corrupt nations in the world, according to Transparency International, and there is very little bureaucracy there. Finland abides by both national law and EU directives as an EU member. In Finland, foreign-owned enterprises can benefit from government investment incentives and abrasive research and development resulting from significant collaboration between Finnish institutions and the commercial sector. Businesses also profit from clusters and centers of high-level knowledge in diverse areas, which attempt to maximize the advantages of research and international cooperation. Finland, being one of the world’s most competitive and open economies, has a lot to offer international investors.
• Considering the above, if you too are contemplating starting a business in Finland, then Tetra Consultants’ team of business set-up consultants is here to assist you to get started in Finland. Tetra Consultants is an international consulting firm that is proficient in assisting entrepreneurs to jumpstart their business expansion journey in countries like Finland. Through this article, our team aims to guide you on the step-by-step procedure that takes place to set up a business and register company in Finland.  

A step-by-step guide to starting a business in Finland

In order to establish a business in Finland, a candidate can use the Finnish LLC (Limited Liability Company), which is one of the most frequently employed business forms for forming a company. Apart from that, a shelf company can also be used when forming a company in Finland. The following steps must be considered the most prevalent when starting a business in Finland:

Step 1: Choose a company structure  

• In order to start a business in Finland, you need to have a corporate legal entity to maintain the good legal standing of your business as well as to protect you from the intervention of personal assets in case of bad debts. There are different business models available in Finland, such as private entrepreneurship, limited liability company, general partnerships, limited partnerships, public limited companies or corporations, and cooperative associations. 
• Limited Liability Company: This type of entity has the concept of limited liability. Such a company is also observed as a domestic tax resident. 
• Private Limited Company: This sort of company is otherwise called Osakeyhtiö (Oy). Listing shares in the stock exchanges is not permitted for such entities. Such entities have limited liability to the amount of capital that is bought in. Private Limited and Public Limited Companies in Finland are directed and governed by the Finland law system i.e., the Companies Act (2006/624). 
• Representative Office: It is a simple augmentation of a foreign parent company. The representative office can complete various types of exercises connected with the promotion of various exercises being performed of the parent company. This would typically incorporate statistical surveying and different kinds of exercises. 
• Branch Office: A branch office is a simple expansion of the foreign parent company. In the branch office generally, tasks can be completed under the purview of the foreign parent company. 
• Co-usable society (Osuuskunta): Cooperative societies are governed by the Co-operatives Act (2013/421). The members are individually liable and are not dependent on each other for commencing various activities. Co-operative society’s members are not liable for the debts taken by the company.

Tetra Consultants’ team of business setup experts will help you opt for the most suitable form of the business structure by analyzing your long-term business needs and goals. At the same time, we will help you navigate through the procedure and different points of concern for such entities including taxation, minimum regulatory requirements of directors and shareholders, etc. 

Step 2: Consider minimum regulatory requirements

• Once you have decided on the company structure for your business, it is important that you also analyze the resources required to form the same. 
• Minimum capital requirement: Accordingly, there is no minimum capital requirement for a limited liability company. Nonetheless, for a public limited company in Finland €80,000 is the minimum capital that must be maintained by the company. 
• Minimum number of Directors: For the limited company and corporation to be formed in Finland, at least one director and one deputy director are required. In the instance where two directors are appointed, the board will have to recruit a deputy director as well to begin various business operations. A director should be an individual above the age of 18 who has not been convicted of any criminal acts. The director should not be declared bankrupt or declared insolvent. A minimum of one member or director must be a resident in the European Economic Sector (EEA). This would typically be the case unless they are granted an exemption by the Finnish Trade Register.
• Minimum number of Shareholders: For all the types of company structures in Finland, there is a requirement of having at least one shareholder irrespective of nationality. 

Step 3: Register company name

• Prior to starting a business in Finland, the first step is to obtain registration for the proposed company name. You have to choose a suitable company name before proceeding to register the name. Some considerations you should take note of when choosing a company name include not being identical or similar to existing company names, does not infringe trademarks, not reserved, and not vulgar/obscene. 
• The entity must comply with the requirements for the name. A private limited corporation must contain the letters Oy (“Ltd”) or osakeyhtiö (meaning “limited company”) in its name. A public limited corporation created in Finland must contain the letters Oyj or “Julkinen Osakeyhtiö” in its name. Once decided, Tetra Consultants’ team of experts will reserve the same with Finnish Trade Register which is maintained by the Finnish Patent and Registration Office (PRH).

Step 4: Filing of business notification 

• Establishing and registering a Finnish LLC also requires that a notification be filed with the Trade Register and various Tax Administration registers. This can be done easily using the “Y form” through the Finnish Patent and Registration Office . 

Step 5: Preparation of corporate documents

• Once the above things are in place, you can proceed with the preparation of incorporation documents including memorandum and articles of association, business plan, and other relevant policies/ documents specific to the business operation. 
• The documents prepared are required to be additionally notarized by the local public notary. Tetra Consultants can take due care of the preparation and notarization of incorporation documents. We additionally assist with the translation of documents in case they are required to be drafted in the local language. 
• Tetra Consultants’ legal team is proficient with the drafting and proper collation of the above-mentioned documents. Once drafted, our team will provide you with the prototypes for your confirmation and modification based on your business activity in the nation. 

Step 6: Corporate bank account opening

• Prior to registering a company in Finland, corporate legislation demands the deposition of the registered capital. You will need to have a bank account opened in Finland or another nation to do so. Ensure consulting with Tetra Consultants’ team of banking specialists on corporate bank account opening and deciding on the best international bank account for your business needs in Finland.

Step 6: Deposit the registered capital:

The registered capital has to be deposited in full. The required amounts depend on the form of company ownership:

• Public limited company – €80,000.
• Limited liability company – €1. 

Step 7: Company registration with the Finnish Trade Registry

• Tetra Consultants team will ensure that you fulfill the other regulatory requirements of company incorporation in Finland. 
• Our team can provide assistance with the provision of a company secretary and local registered address which will be used to keep the official records and register your entity. 
• Notarized and apostilled passport copies.
• A recent utility bill or a bank statement to serve as proof of the residential address.
• Police clearance from the company founder’s home country.
• Prospective company by-laws.
• A bank statement confirming the deposit of the registered capital.
• Company officers’ signature samples.
• Completed application form for company registration (Y-form).

Step 8: Tax registration 

• Once the entity is duly registered and you have received the certificate of incorporation, it is time that you consider the post-registration compliance like registration with the tax authorities, hiring of employees, registration of entity under different social contribution or work scheme necessary if hiring local employees. 
• Tetra Consultants team of chartered accountants usually take over the engagement once the entity is duly incorporated, in order to address the tax concern of the entity. Our team will collate the necessary documents to obtain the tax identification number from Finnish Tax Administration.   
• All in all, you can expect to start the business operation under your newly incorporated Finnish entity within a period of 8 weeks. 

Conclusion 

• Navigating the country of Finland’s complex business climate might be a challenging process – a hassle to say the least. However, with the key benefits and a business-friendly environment outlined above, it is easy to see why many businesses would choose to set up in Finland. As such, Tetra Consultants hopes that this article has provided you with a much better understanding of the key steps to start a business in Finland so that you can truly decide on whether you should undertake the business registration process in Finland yourself. 
• So, what are you waiting for? Contact us to find out more about the process of starting a business in Finland, and our dedicated and experienced team will respond within the next 24 hours. Tetra Consultants will not only empower you by helping to navigate the different regulations of Finland but also aid in facilitating the registration of your company there while providing invaluable, nuanced insights into any potential challenges.

Tetra Consultants

Tetra Consultants is the consulting firm that works as your advisor and trusted partner in your business expansion. We tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients. Contact us now at [email protected] for a non-obligatory free consultation. Our team of experts will be in touch with you within the next 24 hours.

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1. Submit your eligibility statement application to Business Finland

Business Finland will evaluate whether your business plan and the team meet the criteria for fast growth startup business. This must be submitted on behalf of a team, with one team member designated as the main point of contact. Submit your Eligibility Statement through the Enter Finland Platform and attach passport copies and CVs of all team members.

• Eligible criteria when applying for the Finnish Startup permit
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2. Complete your residence permit application to the Finnish immigration service

Once you have established your company in Finland, you can benefit from a wide range of services and resources. For example, you can apply for Business Finland’s Tempo Funding, provided there is a €30,000 equity investment by a third party or entrepreneurs.

Read more: 

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• How to file a start of business notification

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4. renew your startup permit.

If you decide to continue living in Finland after your residence permit expires, you will need to apply for an extension. You can apply for your Extended Startup Permit directly at the Finnish Immigration Service. You do not need to apply for a new eligibility statement from Business Finland. If the Finnish Immigration Service requires a renewed Eligibility Statement, they will contact Business Finland.

• How to extend your residence permit from the Finnish Immigration Service

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Helsinki is a thriving business hub that has a stable and innovative business environment along with a high quality and talented work force. Setting up a business in Helsinki takes only a couple of weeks and the vast majority of services are in English with plenty of information available. Helsinki Partners, along with other public organisations, backed by the City of Helsinki, are here to ease your entry into the market. Besides, you will get to enjoy one of the most equal capitals in the world and the world’s best city for establishing a healthy work-life balance. Read below the top 5 reasons why you should start a company in Helsinki. If you’re curious for more reasons why Helsinki might be the right place for you, find them  here .

1. Helsinki as a Service

What sets Helsinki apart is great access to services for young and established companies alike. Helsinki-as-a-service comes in many flavours, like fast 4G across the whole country, innovative testbeds, proactive city and government organisations, and much more.

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2. Great access to talent

Helsinki offers a huge pool of technical and creative talent. And for an employer, the timing is perfect. Growth companies like Wolt, Smartly, and Supercell have trained Helsinki’s tech workers what real growth looks like, and they’re hungry for new opportunities.

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3. An attractive business environment

The Finnish business environment is based on trust, facts, sharing and frankness. It has ranked as  the most attractive environment in the world , and  in the EU , thanks to such factors as security, extensive IP rights, and consistent political stability. Helsinki is an innovative region full of enthusiastic people, and the city’s startup hub is the  8 th  most valuable in Europe  – which is constantly growing year by year.

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4. A collaborative ecosystem

Helsinki offers a huge pool of technical and creative talent. And for an employer, the timing is perfect. Growth companies like Wolt, Smartly, and SHelsinki is an innovative region full of enthusiastic individuals who love to solve problems together with likeminded people. Information is shared both peer-to-peer and between academic, private and public organisations.  Open data  and public testbeds bring innovators together and help them learn from each other .

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Home > Business Setup > How to Start a Business in Finland

How to Start a Business in Finland

Mar 26, 2024 | Business Setup

Understanding how to start a business in Finland involves navigating through a mix of market analysis, legal stipulations, and cultural nuances. This Nordic nation offers a progressive and innovative environment for entrepreneurs, underpinned by a stable economy and a penchant for high-tech and sustainable solutions. Whether you’re a local Finn or an international entrepreneur, the path to establishing a business in Finland is paved with specific steps, from choosing the right business structure to securing the necessary funding .

We break down the essential stages, ensuring you comply with Finnish regulations and integrate foreign companies seamlessly into the nation’s vibrant business ecosystem. With careful planning and an understanding of Finland’s economic landscape, starting a business here can be exciting and rewarding.

Table of Contents

Considerations Before Starting a Business in Finland

The finnish market.

When considering a business venture in Finland, it is important to understand the market dynamics. The Finnish economy is sophisticated, with services taking the lead at 72.7%, followed by manufacturing and refining. Electronics, machinery, and vehicles are key sectors.

Finland’s economy is tightly woven into the global market, with international trade making up a significant slice of the GDP. As part of the eurozone, Finland provides a stable financial environment for businesses. However, the market’s size might be a hurdle if you’re looking to scale up quickly, so it’s wise to adopt a global outlook immediately.

Legal Requirements for Startups

Staying on the right side of the law is critical when setting up a shop in Finland. Suppose you’re from the EU, Nordic countries, Liechtenstein, or Switzerland. In that case, you won’t need a residence permit, but you’ll still need to register your right of residence. If you’re from outside the EU, you’ll need a residence permit to set up as an entrepreneur.

You’ll need a solid business plan that outlines your operational strategies, customer and competitor analysis, and risk management, which includes insurance and financial planning. You’ll also have to choose the right company form for your business, like a proprietorship , partnership , company incorporation or limited company, and ensure you’ve got all the necessary operational permits.

If you need more time to establish a company, light entrepreneurship allows you to sell services and handle taxes through invoicing services.

No matter your business structure, once your income reaches a certain level, you’ll need self-employed pension insurance.

Cultural Norms and Business Etiquette

To thrive in Finnish business circles, you’ve got to understand the local cultural norms and business etiquette. Finns appreciate modesty, straight talk, and being on time. Business meetings are usually set up by email or SMS, and sharing an agenda in advance is common.

Make sure your presentations are thorough to avoid any need for follow-up questions. Don’t be thrown off by silence during discussions— it’s not a sign of disinterest. While most Finnish business professionals speak English, knowing these cultural subtleties can help you build strong business relationships.

Economic Sectors with Growth Potential

Finland’s startup scene is buzzing, with a keen focus on innovation and sustainable solutions . The government backs startups with support like funding and grants through initiatives and organisations such as Business Finland and Tekes . The Finnish startup culture is all about collaboration and looking beyond borders. It’s known for churning out companies that make a mark internationally.

Technology, digital services, and AI are sectors ripe for growth, especially geared towards sustainability and social impact . As an entrepreneur , you’re encouraged to tap into Finland’s extensive international network to break through the limitations of a smaller domestic market and to draw in and keep the best talent.

Choosing the Right Business Structure

Selecting an appropriate business structure is crucial when embarking on your entrepreneurial journey in Finland. This decision influences numerous facets of your enterprise’s operation, including the number of proprietors, required initial capital, distribution of responsibilities and decision-making, and financial and tax obligations.

Sole Trader vs. Limited Company

Opting to be a sole trader, or ‘Toiminimi’, is advantageous for those beginning on a smaller scale or still need to be able to employ staff. This form is uncomplicated, demands minimal initial investment, and grants you complete authority over your enterprise’s decisions. The registration process is simple and cost-effective.

This structure suits part-time entrepreneurs or individuals transitioning from unemployment to self-employment. However, it’s important to note that sole traders bear full responsibility for all business liabilities , potentially affecting personal assets.

Conversely, an Osakeyhtiö (OY) is a favoured structure for various businesses. It can be established solo or with multiple shareholders, where influence is proportional to share ownership . A key advantage is that shareholders’ financial risk is confined to their share contributions.

In July 2019, the requirement for a minimum capital of USD 2,700 was removed, simplifying the establishment of an OY.

Partnership Options in Finland

Business partnerships are typically categorised as either General Partnerships (Avoin Yhtiö) or Limited Partnerships. A general partnership involves at least two individuals jointly managing the business, sharing responsibilities, and directly distributing profits to the partners.

Limited Partnerships differ in that they require one general partner with full liability to a private limited company and one or more limited partners whose liability is restricted to their contribution. Both types of partnerships do not necessitate substantial initial capital.

The Process of Forming a Limited Company

Establishing an OY necessitates registration with the Finnish Trade Register . The process has been streamlined, and the previous capital requirement for private limited companies is no longer applicable. However, a permanent establishment with a minimum of USD 87,555 in share capital is required for a public limited company.

Registration can be completed through a startup notification or by utilising a guided startup package.

Legal Implications for Different Business Structures

The legal ramifications of your chosen structure are significant. For instance, the contrast in liability between a sole trader and a company’s shareholders is considerable. In partnerships, the extent of liability and decision-making authority is contingent on whether you are a general or limited partner.

Foreign entities, such as branch offices, that share the liability of the parent company should also be considered.

Cooperative associations offer a versatile structure without specific capital requirements. Members’ control is akin to that of shareholders in an OY, with liability limited to their contribution. A Public Limited Company allows for share trading on the stock market for larger enterprises. Still, it requires significant initial capital, a CEO, and a board of directors.

Finnish Business Registration

Registration at the finnish trade register.

Registering your enterprise with the Finnish Trade Register is a crucial initial step. This public register maintains comprehensive data on traders and businesses, with entries predominantly comprising limited liability companies and private traders.

The online notification system can expedite the process, although it is currently only accessible in Finnish and Swedish . The PRH offers an advisory service to aid with the registration process and any related notifications or applications.

Sensitive personal details should not be included in notifications to the Trade Register. Additionally, most companies are required to submit a notification of their actual beneficial owners, which is obligatory for all limited liability companies and cooperatives and can be done at no cost.

The Trade Register’s information is publicly available, and anyone can access it. For information in English, translated extracts and registration certificates can be obtained through the Virre Information Service . However, certain details, such as financial statements, may be provided solely in Finnish or Swedish.

Tax Identification: VAT and Employer Registrations

Securing tax identification, including VAT and employer registrations, is another critical aspect of business registration. VAT registration becomes necessary if your company’s turnover surpasses USD 16,270 per accounting period. This is managed by the Tax Administration and can be completed through MyTax or the BIS at ytj.fi .

The registration process typically takes about three weeks. Once registered, you are required to apply VAT to your sales and periodically report and remit this tax. VAT paid on purchases can also be reclaimed from the date your business is liable for VAT registration.

Businesses with lower turnover may opt for voluntary VAT registration. Any alterations to your company, such as changes in VAT registration status, must be communicated to the Tax Administration. Non-EU businesses providing taxable supplies in Finland must appoint a VAT representative. At the same time, it remains optional for EU-based companies.

Necessary Permits and Licences

Certain business activities in Finland mandate specific permits or licenses. These include serving alcohol, debt collection, and operating a private security company. The Suomi.fi portal provides comprehensive information on the permits and obligations relevant to your business.

Foreign entrepreneurs or employees must also obtain the appropriate permits to work and conduct business in Finland, ensuring compliance with local regulations and avoiding legal complications.

Opening a Finnish Bank Account for Your Business

Establishing a bank account is indispensable for conducting business, given the country’s preference for non-cash transactions. An extract from the Trade Register is typically required to open a bank account. The documentation needed may vary depending on the bank and your company’s legal structure.

Banks in Finland have discretion over whether to open accounts for companies, and their criteria can differ significantly . To delineate personal and business finances, private entrepreneurs should maintain a separate account for business transactions.

Partnerships and cooperatives may need to provide an extract from the Trade Register and other documentation specific to their structure. Foreign companies generally must register in Finland to open a bank account . While various banking options are available, accounts for non-residents may have certain limitations, such as initially restricted access to online banking services.

Physical presence is usually required to open a bank account, although some banks may offer preliminary online procedures. N26 , a fully licensed European bank, allows for the entire account opening process to be conducted online and provides deposit protection per EU regulations.

Drafting a Business Plan and Securing Funding

Components of a strong business plan.

A robust business plan is crucial for any entrepreneur looking to start a business in Finland. It acts as a guide for strategic planning and shows potential investors that your business is viable. Your business plan should capture the operational environment of your company, its modes of operation, and clearly defined objectives. It’ll lay out a detailed road map with time-bound goals and quantitative targets.

The plan must explore the core of the business idea, examining your expertise, the unique selling points of the product or service, the target customer demographics, and the competitive landscape. It should also include a SWOT analysis to visualise the company’s strengths, weaknesses, opportunities, and threats within the market context.

Moreover, your business plan should provide a financial forecast detailing the initial funding requirements, projected profitability, sales volumes, and an assessment of potential risks. It’s a tool for validating the business’s success potential and a persuasive instrument when engaging with financiers.

Funding Options Available in Finland

Securing adequate funding is a critical step in launching a business. In Finland, entrepreneurs have access to various financing avenues. Banks are a traditional source of capital, offering loans to those embarking on a new business venture. Additionally, Finnvera , a state-owned financing company, provides loans and guarantees to both new and existing businesses. Finnvera steps in when a business has sound prospects for profitability but needs more collateral or capital to secure a bank loan.

For entrepreneurs transitioning to full-time business ownership, a startup grant is available to support personal livelihood during the initial phase of business operations. You can apply for this grant through local Employment and Economic Development Offices or municipal employment services. The taxable grant is set at approximately USD 815 per month. It depends on your full-time commitment, competency in the business domain, and the potential for profitable operations as assessed by the TE Office or municipality.

Finnish Business Grants and Subsidies

Finland offers startup grants aimed at fostering new businesses and employment. These grants are designed to provide financial security to new entrepreneurs during the critical startup period, which can last up to 12 months. Administered by the Employment and Economic Development Offices, the startup grant requires applicants to be engaged full-time in their business, possess the necessary skills for their chosen field, and demonstrate the necessity of the grant for their subsistence. The business must also show promise for sustained profitability.

The grant amount is pegged to at least the basic unemployment allowance and is disbursed for a maximum of five days per week. As of 2023, the daily rate of the startup grant is USD 40, translating to around USD 800 per month, and is considered taxable income for the entrepreneur.

Tips for Presenting Your Business to Investors

Clarity and persuasion are key when it’s time to present your business to potential investors . Your business plan should articulate your business concept, the market opportunity, the competitive environment, and detailed financial projections. Investors will want to understand your background, the distinctiveness of the product or service, and the growth and profitability strategy.

Be ready to answer questions about your business model, revenue streams, and the specific use of the investment to reach business milestones. Practising your pitch and delivering it with confidence and brevity can significantly boost your chances of securing investment. It’s vital to convey your passion for the business while also showing a realistic and well-thought-out plan for its success.

Taking the Leap in Finland

Embarking on the entrepreneurial path in Finland aligns you with a nation celebrated for innovation, equal opportunity, and a high standard of living. A keen understanding of the Finnish market and the practical steps covered lays a strong foundation for your business aspirations.

With your business plan polished and funding channels identified, you’re poised to navigate this promising Nordic market’s landscape. As you forge meaningful connections and build your enterprise, keep in mind the value of cultural insight and professional etiquette.

Embrace the challenge with confidence, backed by Finland’s supportive climate for startups, and your venture is already on its way to carving out its own success story in the heart of Scandinavia. Welcome to the realm of Finnish entrepreneurship – your gateway to a thriving business journey.

Can A Foreigner Own A Business In Finland?

Yes, a foreigner can own a business in Finland. There are no nationality restrictions for business ownership in the country. Foreign entrepreneurs can establish a company just like Finnish residents. However, non-EU/EEA residents might need to apply for a residence permit based on entrepreneurship if they intend to reside in Finland for the operation of their business. The Finnish Patent and Registration Office (PRH) manages the process. It involves registering the business and complying with Finnish laws and regulations.

How Easy Is It To Start A Business In Finland?

Starting a business in Finland is relatively straightforward. Finland offers a transparent and efficient business environment and is ranked highly for its ease of doing business. The process involves registering the company with the Finnish Patent and Registration Office (PRH) and the Tax Administration. Online services simplify the submission of documents and application tracking. Finland also provides comprehensive guides and support services in English to assist foreign entrepreneurs. The entire process can be quick, especially for simple company forms like sole proprietorships or private limited companies.

What Types of Businesses Are Profitable In Finland?

Several sectors are profitable for business in Finland, with technology, clean energy, and services leading the pack. Finland is renowned for its innovation in technology, making IT companies, especially those in software development and digital services, highly profitable. The country’s commitment to sustainability also creates opportunities in clean energy and environmental technology. Additionally, the service sector, including tourism, education, and healthcare, offers profitable business opportunities driven by Finland’s high standard of living and the government’s support for entrepreneurship.

Is Finland a Good Country to Start a Business?

Yes, Finland is an excellent country to start a business. It is known for its high standard of living, well-educated workforce, and strong rule of law. Finland boasts a supportive ecosystem for startups and companies, with various government programs and incentives aimed at fostering innovation and entrepreneurship. The country’s strategic location provides easy access to European and Russian markets. Furthermore, Finland’s commitment to technology and sustainability creates a conducive environment for businesses in those sectors. The ease of doing business and a transparent regulatory environment make Finland a compelling choice for entrepreneurs.

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Establishing a Business in Finland

• Introduction: Start a Business in Finland
• Professional Services for Starting a Business

Advice for Entrepreneurs

• Registering a Business: Trade Register
• Business Information System (YTJ / BIS)

Online Forms, Notices and Applications

• Opening a Corporate Bank Account
• Relocation Services
• Business Premises in Finland
• Employer & Entrepreneur Obligations
• Related Links

Summary: Establishing a Finnish business, Finnish firms offering professional start-up advice and services in English+, Business ID and the Trade Register, BIS - The Business Information System, Forms and notifications, Corporate banking

Introduction to Starting a Business in Finland Finland is an easy place to do business, for foreign companies and entrepreneurs alike. Plenty of assistance is available, and over 10,000 Finnish businesses have been established by people who have moved from abroad.

You will need to arrange funding , make a business plan , select your company form , obtain any required trade-specific permits , register your business, arrange the necessary insurance , and organise your accounting (see Accounting Practices and Accountants ).

Funding: See Development & Finance

Business plan: You should have this for yourself as well as for consultants and investors. Free assistance at Suomi.fi and Business Plan

Company form: Business can be conducted as a general partnership , a limited partnership , a limited liability company , a cooperative , or an entrepreneur . An entrepreneur , also known as self-employed or private trader , acts in their own name - they are not a 'company'. Foreign companies most commonly conduct business through a limited liability company ( osakeyhtiö, "Oy" ) or a Finnish branch office.

Permits: Certain types of business need a permit or licence from, or inspection by the authorities. Check whether permits or notifications are required for your business at Suomi.fi: Permits and Obligations

Registration: All new enterprises, including foreign companies starting up business in Finland , must submit a start-up notification to the trade register . The notification can also be used for registration in the employer register, prepayment register and/or VAT register. Details below

Insurance: Employers and entrepreneurs alike have certain insurance obligations. See Employer & Entrepreneur Obligations

Definition of Authorised Accounting Firm : To be eligible an accounting firm must be a member of and comply with the rules of the Association of Finnish Accounting Firms , and meet the requirements specified in the Institute for Accountancy’s rules concerning authorised accounting firms.

Note: Setting up as an entrepreneur impacts your pension obligations and social security entitlements.

Starting a Business: Professional Services

These reputable firms provide professional help setting up and effectively operating a new business in Finland.

• Legal aspects and the Finnish legal system
• Key dimensions of the Finnish corporate environment
• Subsidiary or Branch? Ways of doing business in Finland
• Establishment: Costs and length of time
• Obligations
• Electronic corporate environment in Finland
• Starting a Business in Finland Information and PDF

Rantalainen has over 60 locations and over 1,100 experts in Finland, with 80+ partners world-wide. Service available in Finnish, English, Swedish, Russian, German, Estonian, French and Spanish - please ask about other languages . International Services cover the whole of Finland, with offices for example in Helsinki City Centre and by Helsinki Airport.

• Choosing the most appropriate company form (e.g. subsidiary or branch)
• Registering your company with the Finnish Trade Register
• Opening a corporate bank account
• Finding Board members or other key people for your company in Finland

Setting Up support:

• Finding an office, production facility or other premises
• Assistance with business development funding and applications
• Ensuring statutory compliance, e.g. accounting, occupational healthcare, pension insurance
• Help with recruitment, sales and marketing, and legal matters

Any needs which cannot be met by Companies House can usually be fulfilled within their partner network. Services are available in English, Spanish, and Finnish . Companies House also provides Relocation Services , helping your employees feel at home from day 1.

• Initial consulting
• Completion of all minutes and forms
• Walk-through until finalisation of registration

Jasecon's head office is in Vantaa. Services are available in English, Finnish, Estonian, German and Italian .

• Company formation
• Tax, business, financial advisory
• Accounting, auditing
• Payroll management, administration

Established as Tehotilit Oy in 1989, Leinonen Finland has become Finland's most international accountancy company, operating as part of the Leinonen Group in 12 countries. Service is available in English, Russian, Estonian, Swedish and Finnish. The Leinonen Group has offices in Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Kazakhstan, Ukraine, Poland, Hungary, Belarus and Bulgaria.

• What are the different company types, and which is best for you?
• What else do you need to plan for?
• Should you be self-employed or switch to more structured entrepreneurship?
• Advice on, or preparation and filing of, notifications and registration documents
• See Mesiperä's informative article Starting a Business in Finland

Once you're established, Mesiperä's affordable digital accounting services help make business operation and development fast and easy, allowing you to focus on your core skills. Clients have access to the Fennoa financial administration suite - modern, efficient and versatile financial management software. Service Finland-wide, in English or Finnish.

• Company foundation and registration
• Identifying sources of start-up and back-up
• Selecting the best business structure for tax advantages and legal exposure
• Payroll and payroll tax filing if you become an employer
• Compliance with employment laws
• Identifying business insurance needs
• Identifying needs and benefits of audit services

Tailored bookkeeping, accounting and financial services including tax returns, payroll services, annual and VAT notifications. Local and international business taxation. Personnel management and business advisory services. Service in English, Finnish and Swedish .

• Company foundation and registration services
• Accounting services and international tax consultation
• Legal: commercial / labour / contract law advice, document preparation
• Virtual office, meeting room and secretarial services

The 1Office Blog includes informative articles on starting and running a business in Finland - as well as 1Office's other countries of operation. 1Office Finland is part of the 1Office Group , with 7 offices in Europe and the UK providing both local know-how and international experience.

Suomi.fi Government authority Suomi.fi offers guidance for new entrepreneurs. They can help you assess your personal and financial capabilities, and your business's chances of success. They can assist with development of your business concept, formulation of your business plan, and practical measures involved in establishing a business. Financial support at the start-up stage may be available, and information on legal and tax obligations is provided.

See Suomi.fi's Starting a Business section. Topics are covered step by step in the Checklist for start-up entrepreneurs , in the order in which a prospective entrepreneur would usually encounter them. Web: Suomi.fi > Starting a Business

Finnish Enterprise Agencies There are 30 Enterprise Agencies in Finland offering free and confidential business counselling to all interested in entrepreneurship. Help for entrepreneurs, Does entrepreneurship suit me?, Planning a business, Setting up a business. Web: uusyrityskeskus.fi See also: Becoming an Entrepreneur in Finland, 2023 PDF Versions of this document are available in several languages

See Also: NewCo Helsinki Details of courses, information seminars, business tools, and services. NewCo Helsinki is soon to become part of Business Helsinki. If the link fails, visit www.hel.fi/en/ > Business and work > Businesses and entrepreneurs

Registering a Business: The Finnish Trade Register

Administered by the Finnish Patent & Registration Office , the Trade Register is a public register containing information about businesses and companies in Finland. As a rule, all businesses have to be registered at the Trade Register.

Details can be obtained from the Trade Register concerning for example the existence of a company, its articles of association, its representatives, and submission of the latest annual accounts for registration. Register entries are accessible both to the public and to authorities. Finnish Trade Register

Businesses also have to notify the register of any changes in their registered details, and most businesses must also submit their financial statements (annual accounts) to the register. This information also needs to be provided to the Finnish Tax Administration , but the procedure is simplified with the joint notification procedure . See next section, the Business Information System .

The Finnish Business Information System (YTJ / BIS)

The Business Information System (BIS) is jointly maintained by the The Finnish Patent and Registration Office and the Tax Administration .

BIS enables businesses to report their company information to both the above authorities in a single notification rather than submitting duplicate data to the Trade Register and the registers kept by the Tax Administration.

The Business Information System includes businesses and corporations entered into the

• Trade Register
• Register of Foundations
• VAT register
• Prepayment Register
• Employer Register or
• the Client Register of the Tax Administration.

Business ID / Y‑tunnus A new business will get a Business ID / Y‑tunnus as soon as the start-up notification has been entered in the Business Information System. Once you start doing business, your Y‑tunnus is very handy - like a Personal Identity Code / Henkilötunnus for your company.

Company Search Using a Y‑tunnus, company name or keyword, you can search detailed information about Finnish companies at Business Information System > In English Search results appear at bottom of page; click the Business ID for the business you're looking for. Apart from contact details you will see the company form , main lines of business , registrations in force, registration history, and more. This tool can help you make educated decisions about whether to deal with a company, and you can ensure the details of registration of your own company are correct.

The required notices and applications to the various registers are used by the Tax Administration and the National Board of Patents and Registration. They do not however need to be submitted to these authorities separately; through the Business Information System enterprises can report their information to both authorities using single notifications .

BIS offers bilingual English / Finnish versions of most notification forms to make completion easier. They are grouped as Start-up notifications, Notifications of changes , and Notifications of termination of business and are available for private traders, limited companies, general and limited partnerships and more. Note: Even though these forms include English translations, they must by law be submitted in Finnish or Swedish! Business Information System

Opening a Finnish Corporate Bank Account

Opening an account for your company is generally quite simple. Following are the documents typically required, but due to variances between banks you should confirm prior to your meeting. You may need to book an appointment in advance.

1. Extract from the Trade Register (no older than three months). If the company has not yet been registered, the extract from the Trade Register can be replaced by:

• a register certificate indicating that a declaration of establishment has been submitted
• documents of incorporation (for example for a limited company, memorandum of association, articles of association and the minutes of the constitutive meeting of shareholders)

2. An extract from the minutes of the company's decision-making body , which indicates the names of those officials of the company authorised to use the account and their authorizations, the decision to open an account, possible lending and submitting of collateral

3. An account of incoming and outgoing payments; their volume and the size of individual payments

4. An account of the company's operations (more detailed than the official line of business clause)

5. Other accounts (e.g. information on companies having shareholdings in the company etc.)

The required documents and information can be submitted either in Finnish, Swedish or English.

• Nordea > Business
• Osuuspankki > Corporate Customers
• Danske Bank > For Business

See also: Banking

Related Links Links to other sites are direct to the relevant page, where possible

• Business Plan : Free site by Business Oulu helps you build your business plan, including financial projections En, Fi, Sw
• Business Finland : Government agency providing free sector-specific expertise to international companies seeking business opportunities in Finland.
• Business Finland Government organization providing services and funding opportunities to help your business grow and innovate.
• Lawyers & Legal Representation in Finland : Legal advice on business matters; finding a lawyer
• Legal Framework for Doing Business in Finland : PDF Information about the legal and business infrastructure in Finland. Booklet prepared 2018 by Roschier Attorneys Ltd. for the series 'Lex Mundi Guides to Doing Business'.
• Development & Finance : Expat Finland page including information on business startup financing
• Yrittäjäkassa : Finnish Entrepreneurs' Unemployment Fund  Finnish / Swedish only
• Finnvera : Different financing methods for start-up enterprises
• Ministry of Economic Affairs & Employment : Promotes entrepreneurial activity, including development and finance activities
• Suomi.fi : Information and e-services from Finnish government agencies and authorities, for residents, companies and organizations

• Expat Finland
• Expat Finland Privacy Policy & GDPR: Collection and use of information Confidentiality of communications Google Analytics cookies Social sharing Expat Finland does not collect or store personal data, cannot identify site visitors, and does not engage in email marketing or personalised advertising ">GDPR & Privacy
• Terms of Use
• Visitor facts & figures Promotions & rates">Advertising
• History & Development Performance, Audience & Traffic In the Press Competitive Advantage">About EF
• Expat Finland has a strong reputation for trust, reliability, child safety, privacy, and freedom from malware, spyware and viruses.">Reputation
• Social & Fun
• Finnish fun, tips, and news for expats">EF Facebook
• Finnish Jokes
• Pertti Jarla's famous comic strip">Fingerpori
• The Finnish Immigration Service: For all matters related to immigration, residence, refugee issues, and Finnish nationality" target="_blank">Migri.fi
• KELA, Social Insurance Institution of Finland: All residence-based social security matters Kela card European Health Insurance Card Social security when moving to/from Finland & much more..." target="_blank">Kela.fi
• Verohallinto / Finnish Tax Administration: Information for individuals & companies Tax cards & adjustments Many additional services..." target="_blank">Tax.fi
• About Finland!
• Visit Finland The Official Travel Site of Finland!">visitFINLAND
• thisisFINLAND Things you should and shouldn't know">thisisFINLAND
• Finland Today
• Finnish News by YLE In English, Easy Finnish, Swedish, Russian, Sámi, Finnish Sign Language & Finnish">News in English
• YLE Weather Finnish & global weather">Finnish Weather
• Sunrise, sunset & daylength calendar Hours of daylight in Helsinki range from under 6 hours on the shortest day to almost 19 hours on the longest. Watch it change!" target="_blank">Sunrise / Sunset

Creating and starting business in Finland

Step-by-step plan for starting a business in finland.

Finland is one of the most stable and reliable countries in terms of opening and doing business here.

The process of starting a business is first of all the search for a business idea. You need to know what kind of the business to start. You, as an entrepreneur, should have an idea!

The next important step is market analysis overview and a business plan creation. There is no need to look for a ready-made business plan, since it is most likely not suitable for you, as a rule such business plans have nothing to do with reality.

Then is followed by setting goals and objectives, searching for investors and calculating future profitability, analyzing competitors and identifying the most important customer groups, drawing up a marketing and sales plan, risk analysis and business insurance, quality management, studying the Finnish tax system and specifics of accounting, the nuances of Finnish legislation and finally registering your business in Finland.

Some aspects of the registration and opening of a company might seem tedious with the view of bureaucratic formalities, requiring a considerable investment of time and energy. Those entrepreneurs who prefer to focus primarily on developing their business often choose the option of buying a ready-made company in Finland.

If you already have a company and you want to open a representative office in Finland, but do not plan to physically be in the country and maintain a real office with employees, you can register a company and use a service such as a "virtual office" in Finland, which will provide you with all the attributes of full-fledged company.

All of the above-mentioned and not only of that you will find in details at our website.

• Can You Be an Entrepreneur?
• Entrepreneurship in Finland
• Establishing a company in Finland and business plan creation
• Productization. Product and Service Creation
• Marketing and advertising business
• Business Economy. Startup funding
• Taxation of enterprises in Finland
• Business Risks and Business insurance
• Company accounting in Finland
• Finnish legislation for entrepreneurs
• Company management
• Quality management, Permits and professional qualifications
• Constituent documents of the Finnish company
• Entrepreneur's social security in Finland
• Business plan creation. Structure and scheme
• Virtual office in Finland
• Ready Made Company or Shelf Company in Finland
• FAQ about business creation
• Resources. How to set up and start business in Finland

Important Tax Changes in Finland in 2024

The State budget revenue for 2024 is estimated at EUR 76,3 billion, of which tax revenue will account for EUR 66,8 billion (+3,6 % compared to the year 2023)

Unemployment Insurance Reform in Finland

The Finnish Government is currently preparing legislative reforms that can affect unemployment security system. Changes would enter into force throughout the year 2024.

Finnish Pension System: Trust Remains at a High Level

According to the recent Pension Barometer data conducted by the Finnish Centre for Pensions, citizens' trust in the pension system remains at a high level.

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The Start My Business Guide

With the help of this guide you can get a better understanding of what it takes to start your own business. We have gathered all the relevant steps you need to get started.

Become a corporate customer online

• How to start a business in Finland? Use this guide

Plan for a successful start

They say that our dreams can come true if we have the courage to pursue them. When it comes to starting your own business, besides courage one must be committed and work hard so that the dream business can become real business. You do not need to go through every single step or read every single word of this guide. As the title says, it’s a guide to starting your business and how you choose to use it, is up to you. We hope it will help you get your business started in the best possible manner. 

1. Start my business

See how starting a business, various company forms and entrepreneurship affect your personal finances.

Read more about starting a business

2. Doing your research

Read about the benefits and tools of market research and about competition in the markets.

Read more about market research

3. Business planning and budget

See what the concrete means and tools of business planning and budgeting are.

Read more about planning and budgeting for your business

4. Dealing with financing

Learn about analysing your financing needs and various financing alternatives and see our pitching tips.

Read more about financing options

5. Let’s get started!

The first steps of a small business can be challenging. We will enable you to steer clear of obstacles and help you with the practicalities.

Read more about practicalities for new businesses

Use ready-made templates for business planning

We have created templates for you so that you can start planning your business activities efficiently. You can benefit from our templates when developing your business or when planning to start a new business. 

Download the template

Business Plan Template

Budget plan, marketing plan, share this page.

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