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London Chamber
Knowledge base
Company Registering In Finland

Advantages of Registering a Company In Finland

-Finland is a state in Northern Europe with a population of about 5.5 million people. Finland shares borders with Russia, Sweden, Norway, and Estonia. The area of the state with water and land territories is about 340 thousand km2.

-Despite the fact that Finnish and Swedish are official languages in Finland, Finns mostly speak English.

-Finland is a member of the EU. The capital is Helsinki.

-The monetary unit is the euro.

-Finland is an easy place to do business, for foreign companies and entrepreneurs alike. Plenty of assistance is available, and over 6,500 Finnish businesses have been established by people who have moved from abroad.

-You will need to arrange to fund, make a business plan, select your company form, obtain any required trade-specific permits, register your business, arrange the necessary insurance, and organize your accounting

-Establishing a company in Finland has never been easier. From July 1st, 2019 the share capital requirement for a Finnish company is 0€, which makes establishing a company really easy as there is no need to travel to Finland, apply for a start-up account in a bank nor requirement to pay in share capital.

-Company formation in our Company Formation Portal takes around 20 minutes. It requires you to create an account and fill in information about your company. The process is fully online and you can order all additional services with a few clicks – banking solutions, tax registrations, insurance, accounting, address service.


4 Quick Steps to set up a business in Finland

  1. Select a name for your company. To gain exclusive rights to the name, you should submit it to the Trade Register which is maintained by the Finnish Patent and Registration Office (PRH).
  2. Open a bank account for your business. The company requires a bank account to pay share capital, process payment transactions, and support accounting.
  3. File a start of the business notification. Establishing and registering a business requires that a notification be filed with the Trade Register and various Tax Administration registers. This can be done easily using a single form ("Y form").
  4. Take advantage of online tools. You can establish a limited liability company online through the Business Information System online service. You can also create a workspace at My Enterprise Finland. The My Enterprise Finland service gives you access to a wealth of useful services. These online services require you to log in with your online banking credentials.


Important information Regarding Company Formation In Finland:


Forms of doing business in Finland

You can use the enterprise in one of the following forms for business registration in Finland:

· either self-employed person or sole proprietor;

· general partnership;

· limited partnership;

· joint-stock company;

· cooperative;

· corporation.


Currently, according to the laws of Finland, the person who does not permanently reside in any of the EU countries can act as the entrepreneur, the participant of a general or limited partnership, the founder of a joint-stock company exclusively upon the permission of the Ministry of Trade and Industry of Finland.

Today, the most prevalent form of doing business in Finland is a joint-stock company (oy)


Registering a joint-stock company in Finland

Pay attention that there are almost no facts of a smashup of business and winding-up of industrial enterprises in Finland. The state supports employers in order to protect employees.


Setting up a Limited Company in Finland

A limited company can be established by one or more natural or legal persons (founders). At least one of the founders shall be a permanent resident or, if the founder is a legal person, have their domicile in the European Economic Area – unless the National Board of Patents and Registration grants an exemption from this rule. The nationality of the founder is thus irrelevant. A legal person shall have their domicile in the European Economic Area when it has been established in accordance with the laws of a State which belongs to the European Economic Area and when its registered office, central administration, or head office is in a state belonging to the European Economic Area. A person who is legally incompetent or declared bankrupt may not act like a founder.

If a permit is required, the application is to be submitted to the National Board of Patents and Registrations either in Finnish or in Swedish. An application fee (EUR 120) is paid for each permit decision.

A public limited company shall have a minimum share capital of EUR 80,000 (Until 30th June 2019 a minimum share capital of EUR 2,500 was also required from a private limited company, now capital is not required). The share capital must be paid to the company's account in full before the company can be entered in the Trade Register which is maintained by the National Board of Patents and Registration.

New businesses submit the basic declaration to the Trade Register using the start-up notification form. This form can also be used for registration with the Tax Administration, registration of a VAT liable business, registration as an employer, and registration in the tax prepayment register.


Setting up a branch of a foreign trader in Finland

A branch refers to a part of a foreign organization or foundation that conducts continuous business or professional activities in Finland from a permanent place of business in Finland in the name of and on behalf of a foreign organization or foundation.

The trade name of a branch of a foreign entrepreneur established in Finland shall contain the trade name of the foreign entrepreneur with an addition to the name which indicates that it is a branch – e.g. CDE Cargo Ltd., a branch of Finland.


Opening a Finnish Corporate Bank Account in Finland

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 registration 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 authorized 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.


Registration of the General Partnership

This form is suitable if several people are actively involved in business and conduct commercial activities. At the same time, it is important that the partners have confidence in each other.

In order to establish a partnership, the participation of at least two persons, either natural or legal ones, is required.

The constituent document is the agreement on the foundation of the partnership. It is drawn up in writing.

The following is recommended to be included in the agreement:

- name of the partnership;

- its location;

- sphere of activity;

- information about partners (the number of their contributions, the right to sign on behalf of the company, the allocation of responsibilities);

- reporting period and audit;

- principle of distribution of profits and losses;

- termination procedure and means of changing the constituent agreement and other issues.


Partners of the general partnership, in the absence of residence in the EU countries, are required to obtain permission from the Ministry of Trade and Industry. However, the partnership shall have an indwelling representative in Finland. The partners are responsible for the obligations of the partnership also with their personal property.