Finland

Finland

* The register of beneficiaries in Finland is in the process of its formation. It will be completed by July 1, 2020.

Finland is a well-developed country located in Northern Europe. With an area of 338,448 km² it is one of the largest states in the world. It borders on Sweden, Norway and Russia and is a member of the EU.

Registering a company in Finland and opening a bank account in Finland will be a profitable decision, because it is one of the richest countries in the European Union. The capital of Helsinki is located on the peninsula and its archipelago in the Baltic Sea.

Throughout the countryside, the right of universal access to 90% of the territory is valid.

The population is approximately 5.5 million. The official currency is EUR. Official languages: Finnish and Swedish. The population speaks fluent English.

You can receive personal advice on business registration process in Finland from YB Case experts. Also, we can provide you with support at every stage of setting up a Finnish company.

Business benefits

In order to register a company in Finland and open a corporate bank account in Finland, it is not necessary to make a seal: Finns are law-abiding and in many respects business is based on trust: oral agreements are legally binding.

Finland is one of the safest and least corrupt countries in the world. It ranks 10th out of 137 countries in the Global Competitiveness Index, 24th out of 180 in the Finland Economic Freedom Index and 9th place in the world in terms of ease of doing business.

Economy features

If you are interested in opening your own business in this jurisdiction, then we recommend that you consider the following business lines:

  1. Setting up a mining company in Finland. This country is the largest exporter of talc in Europe. Other industrial minerals include: large deposits of gold, significant reserves of copper, nickel, zinc, chromium, wollastonite, dolomite, apatite, quartz, boulder clay and feldspar;
  2. Registering a Finnish electronics company. Until recently, the forestry and paper industry were the most developed economic sectors. In recent years, metallurgy and electronics were surpassed these industries. The bulk of the industry belongs to telecommunications company Nokia and its suppliers;
  3. Opening a farm in Finland. Please, note that Finnish farmers are subsidized by the EU;
  4. Setting up a company in Finland for the production/sale of alcohol. Please, take into account that you will need to obtain a license for the sale of alcoholic beverages in Finland, since this area is regulated by numerous legal restrictions;
  5. Opening a venture capital fund in Finland or a bank. You will need to obtain a banking license in Finland;
  6. Registering a Finnish clothing and footwear company;
  7. Setting up a Finnish travel company.

When planning to register a Finnish company remotely and open a bank account for a company in Finland, it should be borne in mind that employers are required to pay two-thirds of insurance premiums and fund medical examinations.

Read also:
Legal forms:
  • Co-operative enterprise (income tax is 20%, at least 3 legal entities or individuals can register a co-operative enterprise in Finland);
  • JSC with income tax of 20%;
  • SP (minimum 1 manager must be the resident of EU);
  • General partnership (at least 1 out of 2 founders must be a resident);
  • Limited partnership (with a resident in business structure);
  • Branch.

For more information, you can request for qualified advice on LP registration in Finland or other business entity types from YB Case experts.

Tax rates:
  • VAT is 24%. If you decide to open a Finnish company for the production of food or feed, as well as in the restaurant industry, you will be subject to 14% tax. Companies providing services to foreign consumers are exempted from taxes. Pharmacies, bookstores and companies selling event tickets are subject to 10% tax;
  • Corporate tax is 20%.

In order to set up a Finnish company you will need to prepare a share capital in the amount of 2 500 euros.

How to start a business in Finland?

YB Case professional team will provide you with individual advice on account opening in Finland. Also, you can ask for support services on business registration procedure in Finland.

In order to request for an appointment with YB Case experts, please call our office.

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