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Company formation in Finland
Comprehensive assistance in company formation, including banking services
How to form a company in Finland
1
Document submission
You submit to us necessary documents of the future founders and directors for the purposes of company formation in Finland and opening a bank account in Finland
2
Payment of services
Payment of our services for company formation in Finland and/or bank account assistance in Finland
3
Company formation
We register a new company in Finland for you. Upon completion of the registraion corporate documents are either delivered to you or submitted to a bank for the subsequent opening of a bank account
4
Bank account opening
In case you request an assistance with a bank account, we arrange an interview at the bank for you, inform you about the date of the visit and accompany you on your way to the bank. After the bank account is opened and active you receive corporate documents of the formed company as well as the access to the bank account
Key aspects to consider prior to forming a company in Finland
Minimum share capital that is required to register a company in Finland as a Oy (a limited liability company) is just EUR 1.
1. Founders of a company in Finland can either be resident or non-resident in Finland. Founders can be either individuals or legal entities.
2. A resident or a non-resident individual can be a director in Finland. However, it is required to set up a company in Finland with a resident individual or an EEA resident individual as one of its directors.
3. One individual can be simultaneously a shareholder and a director in a company in Finland if such company is registered as a Oy (a limited liability company).
4. There is no requirement for creating substance in Finland - no need to hire local employees or rent an office in order to establish a company in Finland or to conduct business in Finland.
5. Minimum share capital that is required to register a company in Finland as a Oy (a limited liability company) is just EUR 1.
6. Information about company founders, shareholders and directors after a company registration in Finland is complete is publicly available in the state corporate register.
7. A company in Finland can be registered remotely, on the basis of a power of attorney. It is necessary for the director of the new company to travel to Helsinki for 1 day in order to open a corporate bank account.
2. A resident or a non-resident individual can be a director in Finland. However, it is required to set up a company in Finland with a resident individual or an EEA resident individual as one of its directors.
3. One individual can be simultaneously a shareholder and a director in a company in Finland if such company is registered as a Oy (a limited liability company).
4. There is no requirement for creating substance in Finland - no need to hire local employees or rent an office in order to establish a company in Finland or to conduct business in Finland.
5. Minimum share capital that is required to register a company in Finland as a Oy (a limited liability company) is just EUR 1.
6. Information about company founders, shareholders and directors after a company registration in Finland is complete is publicly available in the state corporate register.
7. A company in Finland can be registered remotely, on the basis of a power of attorney. It is necessary for the director of the new company to travel to Helsinki for 1 day in order to open a corporate bank account.
Cost of services
Formation of a Oy
Timeframe - 12 business days
Timeframe - 12 business days
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Advantages of forming a company in Finland
Attractive business-environment
- Access to major EU markets
- Access to the Gulf of Bothnia and to the Gulf of Finland allows to establish maritime trade
- Open economy
- Stable economic growth
- Highly-qualified workforce
- Low inflation
Stability and security
- Political stability
- Secure legal and justice systems
- Comprehensive protection of property rights
- Comprehensive personal security
- Investment protection
Tax benefits
- Corporate income tax incentive for R&D
- Multiple double tax treaties
No foreign exchange controls
- Finland joined the Euro area, which allows it to secure free capital transfer in any currency. Individuals and business-entities, either resident or non-resident in Finland may open bank accounts in local banks in any currency
Ease of establishing and doing business
- Remote company formation in Finland is available
- Minimum share capital that is required to register a company in Finland as a Oy (a limited liability company) is just EUR 1
More about Finland
The Republic of Finland is located in Northern Europe. Finland has a territory of 338,455 square kilometers. Finland has access to the Gulf of Bothnia and to the Gulf of Finland. Finland borders Sweden, Estonia, Finland, Norway and Russia. The capital city of Finland is Helsinki, the largest city and the location of key government institutions.
Finland has a population of 5,6 million people.
Finland has a population of 5,6 million people.
Official currency of Finland is euro (EUR).
Finland has a highly industrialized mixed economy. In terms of foreign trade the key sector is manufacturing: electronics, machinery, vehicles, forest industry, chemicals. Finland has timber and several mineral and freshwater resources. Finland has the 4th largest knowledge economy in Europe, behind Sweden, Denmark and the UK. Forests play a key role in the country's economy, making it one of the world's leading wood producers and providing raw materials at competitive prices for the crucial wood processing industries. Finnish electronics and electrotechnics industry relies on heavy investment in R&D, and has been accelerated by the liberalisation of global markets. Finland has an abundance of minerals, but many large mines have closed down, and most raw materials have since been imported. For this reason, current main focus is on the processing of metals. Chemical industry produces an enormous range of products for the use of other industrial sectors, especially for forestry and agriculture. In addition, its produces plastics, chemicals, paints, oil products, pharmaceuticals, environmental products, biotech products and petrochemicals.
The GDP of Finland grew by 3% in 2021 and amounted to USD 297.6 billion. Tertiary sector makes up 60% of the GDP of the country, followed by industry sector at 25%, agriculture at 2.5%.
In terms of foreign trade the largest exports of the country are electrical and optical equipment, machinery, transport equipment, motor vehicles, paper and pulp, chemicals, steel, copper, chromium, gold, zinc, nickel, wood, wood pulp, steel, medical equipment, ships and electrical transformers.
Imports of Finland consist of energy, oil, electricity, natural gas, raw metals, cars and vehicles, electrical equipment, consumer goods, parts of motor vehicles, food products.
Primary trading partners of Finland are Sweden, Estonia, Germany, United Kingdom, Netherlands, Poland, USA, China, Belgium and Italy.
Finland has a highly industrialized mixed economy. In terms of foreign trade the key sector is manufacturing: electronics, machinery, vehicles, forest industry, chemicals. Finland has timber and several mineral and freshwater resources. Finland has the 4th largest knowledge economy in Europe, behind Sweden, Denmark and the UK. Forests play a key role in the country's economy, making it one of the world's leading wood producers and providing raw materials at competitive prices for the crucial wood processing industries. Finnish electronics and electrotechnics industry relies on heavy investment in R&D, and has been accelerated by the liberalisation of global markets. Finland has an abundance of minerals, but many large mines have closed down, and most raw materials have since been imported. For this reason, current main focus is on the processing of metals. Chemical industry produces an enormous range of products for the use of other industrial sectors, especially for forestry and agriculture. In addition, its produces plastics, chemicals, paints, oil products, pharmaceuticals, environmental products, biotech products and petrochemicals.
The GDP of Finland grew by 3% in 2021 and amounted to USD 297.6 billion. Tertiary sector makes up 60% of the GDP of the country, followed by industry sector at 25%, agriculture at 2.5%.
In terms of foreign trade the largest exports of the country are electrical and optical equipment, machinery, transport equipment, motor vehicles, paper and pulp, chemicals, steel, copper, chromium, gold, zinc, nickel, wood, wood pulp, steel, medical equipment, ships and electrical transformers.
Imports of Finland consist of energy, oil, electricity, natural gas, raw metals, cars and vehicles, electrical equipment, consumer goods, parts of motor vehicles, food products.
Primary trading partners of Finland are Sweden, Estonia, Germany, United Kingdom, Netherlands, Poland, USA, China, Belgium and Italy.
International business expands to Finland and incorporates a company in Finland primarily for:
Restricted for foreign entrepreneurs are the following sectors:
- cleantech
- wholesale and retail trade
- energy
- bioeconomy
- R&D
- agruculture
- manufacturing industry
- ICT
- healthcare
- tourism.
Restricted for foreign entrepreneurs are the following sectors:
- defense industry
- television
- telecommunications and radio
- air transport
- postal services.
- Corporate income tax - 20%. Tax returns are filed on an annual basis. Advance income tax payments are made on a monthly basis for most companies
- Dividend withholding tax - 20% if the recepient is a company, 30% if the recepient is not a company
- Interest withholding tax - 20% if the recepient is a company, 30% if the recepient is not a company
- Royalties withholding tax - 20% if the recepient is a company, 30% if the recepient is not a company
- Capital gains tax - 20%
- VAT - Standard tax rate 24% or reduced rates from 0% up to 14% or tax exempt. Tax returns are filed on a monthly, a quarterly or an annual basis
- Personal income tax - from 0% up to 56.95%.
Apart from such traditional business entity types as a private limited company (Osakeyhtiö - Oy) and a public limited company (Julkinen Osakeyhtiö - Oyj), corporate law in Finland offers to establish a business as:
1. General partnership (Avoin yhtiö - Ay)
2. Limited partnership (Kommandiittiyhtiö - Ky)
3. Cooperative company (Osuuskunta)
4. European company (Societas Europaea)
5. Branch office (Sivuliike)
To receive a detailed description of the company formation procedure in Finland and information about documents necessary for company formation in Finland please contact our experts.
1. General partnership (Avoin yhtiö - Ay)
2. Limited partnership (Kommandiittiyhtiö - Ky)
3. Cooperative company (Osuuskunta)
4. European company (Societas Europaea)
5. Branch office (Sivuliike)
To receive a detailed description of the company formation procedure in Finland and information about documents necessary for company formation in Finland please contact our experts.
Send a request for company formation in Finland
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London, EC1V 2NX
Phone: +44 20 8157 4037
Email: request@pil-services.com
