Company Registration in Finland

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Company Registration in Finland

Finland has a stable economic, political, and friendly business environment, attracting residents and foreign investors. From July 1st, 2019, the share capital requirement for a Finnish company is 0€, which makes establishing a company in Finland a preference because you won’t need to pay a penny while opening a startup account in a bank. But planning to set up a company and setting up a company in real are two different matters, and you will need a confident and expert consultant by your side who could aid you in your company formation. Connect with our experts at Enterslice, and we will make company setup in Finland easy for you. We have an expert service portal through which we will provide you with the needed technical support. Start your business with the help of our consultants and make your company reach new heights.

Why Finland is an ideal region for launching your company

Finland has a location advantage due to its setup between east and west markets. It offers a company's infrastructure for successful operation in a competitive economy. Finland's central location in northern Europe makes it a full-time member of the European Union; it has generational and established connections with Russia and Nordic and Baltic countries, making it an ideal base for conducting business.

Connect with Enterslice and feel safe that all your procedures for company formation in Finland are taken care of appropriately by our professionals; right from the start till making your company operational, we will do it all for you.

What you could expect from Enterslice’s company incorporation services

Customized incorporation

You choose your business category, and we will customise our services to your structure to ensure hassle-free company incorporation.

Expert advice and consultancy

Incorporation of a company Without appropriate advice and consultancy is a significant risk for a company. We can keep your company secured by time-to-time expert advice for incorporation.

Support and assistance

At Enterslice, our belief is to build long-term relations with our clients. Our journey with you is not limited to company incorporation but assists and supports you whenever you face difficulty with your business operations.

Panoramic view of Enterslice’s Finland company incorporation services

Advisory

Right from choosing a suitable business type to capital requirements and the need for a license, with the help of our advisory experts, you can plan your business goals and activities effectively.

necessary paper Assistance

Company incorporation includes formulating necessary papers such as KYC necessary papers, proof of address and passports of directors and shareholders, certificate of incorporation, memorandum and articles of association, etc. Enterslice has a separate team of Paper works experts who will walk you through the Paper works process.

Planning & strategy

Depending on your business goals and activities, you will need Enterslice to plan and strategise these goals as per the local regulations.

Compliance

Incorporation without compliance is impossible, so we have a separate team of legal experts who will assist you in understanding and complying with the laws and bylaws necessary for company incorporation in Finland.

Types of business structure in Finland

Proprietorship (Toiminimi)

Establishing a proprietorship firm in Finland is the easiest as it requires no minimum capital and a single person can initiate the business under a company name. It is a founder who makes decisions for a proprietorship and is an ideal business structure for individuals willing to start their own company. Still, In the scenario of bankruptcy, the business owners possess the entire responsibility, and all the financial obligations are to be defended by him. The debts need to be furnished through his assets.

Limited liability company (Osakeyhtiö, OY)

In Finland, the limited company is the most popular business structure for any commercial operation. This could be formed individually as well as with shareholders. A shareholder holds shares, and these shares determine the power to vote, enjoy profits, and fulfil other obligations. From 2019 onwards, a limited liability company will have no minimum capital requirement.

General Partnership (Avoin Yhtiö)

It takes two individuals to start a general partnership in Indonesia; minimum capital is unnecessary, and all the partners attached to the firm enjoy equal status and opportunities for the company's activities, which applies even to the liabilities.

Limited partnership

One limited partner is a must in a limited partnership firm who could serve as an investor. This structure needs one general partner and one limited partner who could aid the company monetarily. In a limited partnership, initial capital is not required, and debts and other responsibilities are held by at least one member of the partnership firm.

Public limited company

Big businesses in Finland usually set up their industry as a public limited company; trading publicly traded securities is allowed. A public limited company must have at least one partner and share capital of €80,000 at its formation. It must have a board comprising three members and a CEO.

Cooperative Association (Osuuskunta)

Members own a cooperative association and have no minimum capital requirement. These must have at least three founders, their participation shares will be of equal worth, and the shareholders have the liability towards the share capital they have invested.

Branch Office

A branch office can be established by a foreign company, and they do business from that fixed location; a branch office doesn’t have a separate legal entity but is considered an extension of the foreign parent entity. The foreign company holds all the responsibility for the debts and liabilities of the branch office.

Benefits of incorporating a company in Finland

Happiest country in the world

Equality, education, and well-being are the core of Finland’s territory, and happiness, through all these years, has been built into the fabric of Finland's society. The country has the highest happiness index and is ideal for living and doing business.

Digitalized economy

in Finland, digitalisation is at its peak, providing an excellent environment for entrepreneurs. In 2019, it was rated the most digitally advanced country in Europe.

Perks of angel investment

Each year, around 4000 startup companies start their business. FiBAN, the Finnish business angel network, invested about 54 million euros in more than 400 startups, making the region rich in angel investment.

Procedure for Company Registration in Finland   

Please choose the appropriate business structure within which you want to register your company, then choose a distinctive name and check for its availability, provided it is not offensive or misleading. Prepare Paper works such as articles and memorandum of associations specifically mentioning within it the purpose behind the establishment of the company, structure of ownership within and management and roles of the people who are part of management. Apply for licenses and permits required and mandated by the regulatory authorities. Register the firm in the trade register under the Finnish Patent Registration Office (PRH) and provide them with all the necessary necessary papers related to the name of the company, articles of association, name and address of the company, its shareholders and directors. Finally, register the company under the Finnish tax administration and obtain a VAT number if planning B2B transactions.

Reasons to choose Enterslice service for company incorporation in Finland

Planning your company

Creating and planning your company well is a significant step for company incorporation. At Enterslice, we have a team of expert consultants with expertise in accessing correct information; we have the right sets of reliable skills and expertise to assist you in setting achievable company goals. We will help you register your company with careful planning and streamlined evaluation.

necessary paperation and company structure assistance

 We will assist you with the Paper works process necessary for Finland company incorporation; we will furnish a suitable name for your company along with its availability check in the Finland region. Our experts will assist you in drawing up a memorandum of association and articles of association along with support for bank account opening, beneficiary, owner, directors and shareholders and other utilities-related support.

Company incorporation assistance

After registering your company, you will need to incorporate your company in the Finland region, for which you will need to acquire variable certificates from different authorities; this is where our part comes into play. Upon completion of registration by the Finland authorities, we will then provide you with a certificate of incorporation, certificate of directors and secretary, certificate of shareholders, certificate of registered office, trust deeds, certified memorandum and articles of association, letter of appointment of the first directors, letter of appointment of secretary, minutes of the first meeting, entire set of corporate registers and share certificate.

Bank account opening & taxation assistance

For company incorporation, you must open a bank account and do tax-related formalities such as registering for tax, VAT, etc., the structures of which are complex but will establish a strong foundation for your company in Finland. Our expert financial advisors will create a solid financial footing for you, ensuring your financial success in the Finland finance marketplace. We offer comprehensive support for all your company’s additional requirements, facilitating a seamless transition into the entire operation.

Ongoing consultation and other services support

Our relationship with you doesn’t end upon company incorporation; even post-incorporation, we will give you ongoing consulting services so that you keep on gaining the expertise necessary to stay ahead in the Finland market, mainly for the smooth functioning of your business. Your firm will have our dedicated associate who will improve your business approach, helping you take your organisation to the next level.

necessary papers required for company incorporation in Finland

The types of ownership structure dictate the necessary papers required for company registration in Finland. Still, generally, the company’s purpose is outlined in the articles of association, names and addresses of the shareholders attached in the catalogue of shareholders list, and names and addresses of the company’s board of directors. A necessary paper outlining the company's business plan and proof of electricity bill or rental agreement comprising of official address is attached—ID necessary papers of shareholders and directors, attachment of payment of registration fees.

Challenges Faced by Companies During Company Incorporation in Finland

Cultural & language barriers

Physical conduct is necessary for Finnish people due to their egalitarian nature; they don’t appreciate physical contact. They are punctual and efficient, so if you are late for a business meeting with your Finnish investors, it might result in your loss.

Lengthy construction permit procedure

To obtain construction permits, there are, in total, 16 procedures involved, which take around 70 days to complete. Official departments such as public rescue services and real estate offices do numerous inspections, and several permits are required before you initiate your operations.

Regulatory obstacles

There are certain regulatory aspects of the Finland company incorporation regulations that are complicated and, at times, burdensome for foreign business establishments; regulations related to setting up a business, regulatory transparency, recruitment of talented brains, and labour market regulations are specific major roadblocks which might arise in the way of stakeholders.

 

Eligibility conditions for companies expanding their business in Finland

Minimum Capital Requirements

There are no capital requirements for a private limited company. However, the minimum capital requirement for Finnish public limited companies is EUR 80,000. An applicant for company formation in Finland must satisfy the company's minimum capital requirements.

Minimum Directors

To form a company in Finland, there has to be one director and one deputy director. If there are two directors, the board must appoint a deputy director to fulfil the company's requirements. A director must be above the age of 18 years, should be a natural person and not have conducted any criminal offence. A director must be a natural person above the age of 18 years and should not be liable for any criminal offences. He must never in his lifetime be declared bankrupt or convicted as insolvent. At least one member or director must be a European Economic Area (EEA) resident.

Minimum Shareholders

A minimum of one shareholder is required for company formation in Finland.

Tax structure for company incorporation in Finland

Corporate income tax

Corporate income tax is payable on profits the firms earn and levied at 20%.

Value-added tax (VAT)

VAT in Finland is generally at the rate of 24%, and in certain services, its rate could be lowered up to 14% & 10% and applies only to specific products and services.

Property Tax

Companies pay property tax on the real estate they lease or own.

Capital gains tax and dividend tax

Capital gains tax is on the sale of assets, including shares and real estate; companies are accountable for this 30% withholding tax is to be paid by deducting it from the dividends paid to the shareholders.

Incentives enjoyed by foreign companies in Finland

A comprehensive range of government and EU incentives are available for EU companies in Finland. A foreign company will have EU-funded support, R&D and innovation incentives from Tekes, a finished funding agency for technology and innovation that provides grants for research and development work carried out by the companies—capital investments from Finnish industry investment businesses directly and through private equity funds.

Potential benefits after taking Enterslice’s company incorporation services

We make it easy.

We aim to assist you in quick and accurate company incorporation along with easy and hassle-free paperwork; the dilemma you feel when entering the Canadian market could be resolved with our assistance.

Personal asset protection

Incorporation creates a separate legal entity for a corporation entirely different from its shareholders and other members; along with incorporation, we also focus on shielding personal assets from creditors and any other future legal actions.

Enjoy potential tax benefits.

Incorporating a company in Finland includes various corporate tax benefits, which sometimes are unknown to companies, and Enterslice assists you in taking advantage of these tax concessions.

Gain credibility

Incorporating your business with the help of Enterslice will make incorporation easy for you, ultimately providing added credibility and trust to your organisation from potential investors, customers and business partners.

Enterslice company incorporation services

Our experts offer easy and hassle-free Paper works assistance with checklists and updated formats occasionally. Incorporating a cross-border company involves multiple compliances, which, when not appropriately followed, cause delays in the licensing process. Our legal team will help you in systematic compliance formulation along with time-to-time compliance support per the regulation changes. We customise FinTech strategies as per your company's business model. To achieve the same, we assign a dedicated fintech expert who will provide expert guidance and support and help you make the right decisions for your company.

Helping you set up a new business

Our team will advise you on the best structure for setting up your business. We will guide you on the company’s article of association, directors, share capital and the choice of the company’s name. We will ensure that you avoid any pitfalls that could unnecessarily welcome expensive legal proceedings. We choose straightforward ways of setting up a company and handle all the intricacies.

Frequently Asked Questions

There are no minimum conditions for company Incorporation in Finland. Acquiescence with the relevant Finish Corporate Law is required for the Company registration process in Finland.

 

A Finnish Limited liability company is usually used for company Incorporation.

There are no foreign investment limitations in Finland. However, per the Ministry of Economic Affairs, if any acquisitions or investments about national interest, such restrictions would be levied.

For a private limited company, there are no capital requirements. However, the minimum capital requirement for Finnish public limited companies is EUR 80,000.

A director can be a resident in Finland to carry out the responsibilities. However, Finnish residents of the European Economic Area (EEA) are also accepted as directors. If the trade register grants the same, there can be an exemption related to this.

Yes, insurance and banking-related sectors require regulators' consent in Finland. In areas related to retail trade, there is a monopoly on gambling.

A comprehensive range of government and EU incentives are available for EU companies in Finland. A foreign company will have EU-funded support, R&D and innovation incentives from Tekes, a finished funding agency for technology and innovation that provides grants for research and development work carried out by the companies, capital investments from Finnish industry investment companies both directly and through private equity funds.

For a private limited company, there are no capital requirements. However, the minimum capital requirement for Finnish public limited companies is EUR 80,000. An applicant for company formation in Finland must satisfy the company's minimum capital requirements. There has to be one director and one deputy director to form the company in Finland. If there are two directors, the board must appoint a deputy director to fulfil the company's requirements. A director must be above the age of 18 years and should be a natural person; he must not be liable for any criminal offences. The director must also not be declared bankrupt or convicted as insolvent. At least one member or director must be a European Economic Area (EEA) resident. A minimum of one shareholder is required for company formation in Finland.

Corporate income tax is payable on profits the firms earn and levied at 20%.VAT in Finland is generally at the rate of 24%, and in certain services, its rate could be lowered up to 14% & 10% and applies only to specific products and services. Companies pay property tax on the real estate they lease or own. Capital gains tax is on the sale of assets, including shares and real estate; companies are accountable for this 30% withholding tax is to be paid by deducting it from the dividends paid to the shareholders.

Physical conduct is necessary for Finnish people due to their egalitarian nature; they don’t appreciate physical contact. They are punctual and efficient, so if you are late for a business meeting with your Finnish investors, it might result in your loss. To obtain construction permits, there are, in total, 16 procedures involved, which take around 70 days to complete. Official departments such as public rescue services and real estate offices do numerous inspections, and several permits are required before you initiate your operations. There are certain regulatory aspects of the Finland company incorporation regulations that are complicated and, at times, burdensome for foreign business establishments; regulations related to setting up a business, regulatory transparency, recruitment of talented brains, and labour market regulations are specific major roadblocks which might arise in the way of stakeholders.

 

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