Investment in Finland

It is very easy to start a business in Finland, but in practice, many foreign companies and individuals need foreign help to set up a company in Finland. Theoretically, a company can be established by a foreign institution, but in most cases, the most cost-effective way is to use foreign aid. Creating a business in Finland requires a lot of paperwork and is done by a bank and the Finnish Registry Office (PRH). The usual and recommended form for a foreign limited liability company is called “osakeyhtiö” and “Oy” for short in Finnish. Oy always has a business ID knowen as “Y-tunus”, which is required to run a business in Finland. The business ID is usually issued to the Civil Registry Office after the registration notice has been sent.

Due to the relatively precise rules and methods of money laundering, opening a bank account is usually the most time-consuming part of starting a company. Banking policies and practices are somewhat different, but before opening an account, there are several documents that must be submitted to the bank. Before registering a company, the company’s bank account must be opened. After creating a bank account, the capital of 2500 euros is usually transferred to the account. This amount is for a privet limited liability company. You should know that the initial capital for registering your public limited liability company is at least 80,000 euros. After receiving this payment and registering documents from the company that is being established, the company can be registered at the registry office and you will be granted a business ID.

As mentioned, creating a bank account is the first step. Before creating a bank account, the Oy board meeting is usually held. Along with board meetings, the bank usually needs a copy of the shareholders’ passports who are real decision-makers of Oy. Owners are those who own at least 25% of the main company or other individuals who have the real decision making power in Oy. These shareholders should also be mentioned in the board of directors’ transactions. Proved documentation of the owners’ residence is required. The board members must reside in the EU. Contact information, place of residence, and a copy of one’s passport who owns the bank account are also required.

The important point in obtaining residence in Finland through company registration is that you must be able to present a strong business plan and prove that your investment is profitable for Finland. It is therefore very important to know the Finnish economy and the market in your area of activity in Finland.