Setting up a Finnish company

Setting up a Finnish company is a simple process that has few steps. Finnish government welcomes investment on its territory, having a good infrastructure and a modern approach to business development. In Finland the two most popular company types are the private and public limited company.

Preliminary activities before registering a public and private limited company in Finland
The first step that has to be competed prior to registration consists of paying the initial capital, or the paid-in share capital, deposit it in the bank and get a receipt. Also as the registration fee must be paid and certified by a deed. To open a bank account in Finland the company must provide a copy of the memorandum of association, a description of the nature of the banking transactions and the company's field of business. Withdrawals cannot be made until the company is registered.

Registering the Finnish limited and private liability companies with the National Board of Patents and Registration
The founders must file an application to the trade register along with a series of forms provided by the National Board of Patents and Registration. The founders must include in the registration application the articles of association and the receipt certifying the minimum capital has been deposited into a bank account, along with the information required on the application form. At this stage, the founder may also submit applications to the regional and local tax offices, Employment and Economic Development Centers, and Chamber of Commerce and Enterprise Agencies, which are very similar and easy to complete requiring information about the company, the members and shareholders.

Registering with the Employer Register in Finland
A registered company that has employees must register into the Employer Register in conformity with the law, by filling and submitting an application form which contains information about the company and employees.

Filing for pension and medical insurance at a private insurer
The employer must subscribe its employees for pension insurance with a pension provider which he can freely choose. The process is simple consisting of an application form and documents varying from different pension providers. Also a social security contribution has to be paid to the Regional Tax Office.

Founding a Finnish company from abroad
The Finnish government is generally positive and encourages foreign investors and there are no restrictions to fully owned companies, by foreign entrepreneurs. Foreign entrepreneurs may found a Finnish company which is regulated by Finnish law, but translations in Finnish or Swedish are required. The administrative procedures of setting up a company may be carried out by an authenticated representative of the company.
   
How long does it take to found a Finnish company?
Incorporating a Finnish company in the business world of Finland requires one day for opening a bank account, depositing the minimum capital and obtaining a receipt, also one day for filing for pension insurance and medical insurance of the employees, and up to three weeks for registering with the National Board of Patents and Registration. A Finnish company is established in maximum 25 days, but it can be also finished in 7 days, depending on the complexity o the company.