Head of International Corporate Law and Fintech Practice
Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.
Business formation support in Finland
Company registration in Finland is a clear and technological process that attracts entrepreneurs from Ukraine due to its stable economy, favorable regulatory conditions and access to the EU market. Below are the main stages, legal requirements, approximate costs and features of obtaining business residency.
Main stages of registration
There are 8 basic steps to starting a business in Finland:
- Choosing a name for your company that should be unique and meet Finnish requirements.
- Choosing a business form: the most popular are a limited liability company (Oy), a sole proprietorship (toiminimi), a partnership or a cooperative.
- Preparing constituent documents: Articles of Association and Memorandum of Association.
- Registering your company in the Trade Register, which is administered by the Finnish Patent and Registration Office (PRH).
- Obtaining an identification number (Y-tunnus).
- Opening a bank account in a Finnish bank.
- Registering with the tax authority (Verohallinto).
- For certain industries, obtaining a license for regulated activities.
Requirements for founders and documents
A company can be established by both an EU resident and a non-EU resident. It is necessary to provide notarized articles of association and a memorandum of association describing the founders, authorized capital, distribution of rights, main areas of activity.
Documents are submitted via the electronic system YTJ or in paper form via PRH. Electronic registration is usually faster (2–4 weeks) than paper registration.
Tax rates
Standard VAT rate — 24%. Reduced rates — 14% (food, restaurants) and 10% (public transport, cultural events).
Opening a bank account
To open a corporate account in a Finnish bank (Nordea, Osuuspankki, Säästöpankki, Danske Bank), you must provide:
- The company’s articles of association, certificate of registration and appointment of directors.
- Identification documents of all owners and managers (passport, henkilökortti).
- Document proving the right to stay in Finland (residence permit or temporary protection card).
- Proof of address (rental agreement, utility bill).
Opening an account often involves a personal presence at a branch, verification of KYC data, assessment of sources of income and details of the business. The cost of opening a corporate account is from 800 euros, depending on the bank and the need for additional checks. Some banks may require diplomatic translation of documents and personal interviews.
For non-resident companies, the procedure is more stringent and can take several weeks. If necessary, you can use the services of consultants and accounting companies to support the opening of an account.
Accounting in Finland
All companies in Finland are required to maintain full accounting records in accordance with local legislation and standards. This includes:
- Monthly accounting and filing of VAT returns.
- Wage payments and reporting to social funds.
- Annual submission of financial statements to the Trade Register and the tax office.
- Electronic accounting, integration with local services (Visma Fivaldi, Briox, Heeros).
Accounting using modern platforms allows you to automate routine operations, control finances online, reduce risks and facilitate preparation for audits.
Obtaining business residency through company registration
For non-resident entrepreneurs, it is necessary to obtain a residence permit based on business. The application is submitted in two stages:
- Assessment of the business plan and financing through the ELY-keskus or Business Finland (for startups).
- Decision of the Immigration Service, which issues a residence permit.
Finland promotes active investments, especially in the field of high-tech startups, energy and medicine. National policy stimulates the development of innovative businesses and entrepreneurs with promising ideas.
Advantages of opening a company in Finland
- Transparent system of business registration and operation.
- Easy access to the EU market.
- Reliable protection of investments and corporate rights.
- Favorable investment climate and business support.
- Possibility of obtaining business residency for founders and family members.
Business registration in Finland is a working tool for developing a European company and obtaining legal protection in a stable jurisdiction.
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Do you need help choosing a business structure in Finland?
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Are you considering purchasing a ready-made company in Finland?
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