Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Finland
A member of the European Union (EU), Finland ranks as the ninth easiest place in the world by the World Bank to do business according to the World Bank’s 2014 report. Finland’s location has allowed it access to wider markets.
English is widely used in Finland as a business language, making it easy for international businesses to set up base and register a company in Finland. The country is also fortunate to have a stable political environment and economy, which if you’re an investor seeking to begin a business base, is good news because this is exactly the kind of business setup every business aims to achieve.
Finland is also a global leader in the telecommunications and innovation technology applications market. For investors whose businesses are involved in this sector, this is the place that you want to be. Finland’s government is also focused on building a global marketplace and removing trade barriers to make business transactions much easier. The country’s open business environment comes with low levels of corruption, making it even more attractive to investors seeking an opportunity in the country.
Types of Businesses in Finland
For foreign investors who are interested in setting up a business in Finland, the options that are available for establishing a business include a private or public limited liability company or via a Finnish branch office.
There are also options for conducting business through general or limited partnerships or via co-operatives. Investors can also choose, if they wish, to set up a branch of the existing business in Finland.
The most common type of business entity that investors usually go with is the private or public limited liability company.
Registering a Company in Finland
Investors looking at registering a company in Finland would need to go through the following process:
- Choose a name for the company and register the name with the Trade Register in order to retain exclusive rights to the name. The Trade Register is maintained by the Finnish Patent and Registration Office (PRH).
- Open a bank account for the company with at least a copy of the memorandum of association.
- Deposit the paid-in share capital in a bank and pay the registration fee to acquire a receipt. The Companies Act requires that the paid-in share capital must be paid in full to the company’s bank account.
- Submit a single start-up notification form to the National Board of Patents and Registration, also known as the NBPR. A basic declaration to the Trade Register must be filed in either Finnish or Swedish.
- Submit a single start-up notification form to the Tax Administration.
- File at a private insurer for pension insurance, accident insurance and medical insurance of employees. Under the statutory pension insurance scheme, an employer is required to subscribe a pension insurance scheme for their employees with a pension provider.
For more information on registering a company in Finland, contact 3E Accounting’s website and get in touch with our panel of experienced and well-informed experts for further assistance.