Starting a Business in Finland

This table summarizes the procedures and costs associated with setting up a business in Finland.

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Legal Form: Private Limited Company (Oy)
City: Helsinki

	Procedure	Time to complete:	Cost to complete:
1	Deposit the paid-in share capital in a bank; pay the registration fee and get a receipt	1 day	no charge
2	Submit a single start-up notification form to the NBPR (National Board of Patents and Registration) and the Tax Administration.	5 working days – 3 weeks	€330, includes the notification fee related to establishment of a limited liability company
*3	File at a private insurer for pension insurance, accident insurance, and medical insurance of employees	1 day, simultaneously with procedure 2	no charge

* Takes place simultaneously with another procedure.

Procedure 1.: Deposit the paid-in share capital in a bank; pay the registration fee and get a receipt
Time to complete:: 1 day
Cost to complete:: no charge
Name of Agency:
Comment:: The paid-in share capital must be paid in full into the company’s bank account. According to the new Companies Act, the subscription price may be paid to a bank account abroad. However, the bank account should correspond to a bank account of a Finnish depository bank or a branch of a foreign credit company in Finland. There is no legal maximum for the company’s share capital. However, the company’s articles of association may limit the maximum capital. To open a bank account, the company must produce at least the following documentation:
- The memorandum of association (a copy).
- The minutes of the meeting of the board of directors containing a resolution to open a bank account and the persons authorized to make withdrawals from the account.
- A description of the nature of future banking transactions.
- A detailed description of the company’s field of business.

No withdrawals may be made from the account until the company has been registered and has provided the bank with proof of registration. The company’s auditors shall issue a written statement confirming the payment of the share capital.

Procedure 2.: Submit a single start-up notification form to the NBPR (National Board of Patents and Registration) and the Tax Administration.
Time to complete:: 5 working days – 3 weeks
Cost to complete:: €330, includes the notification fee related to establishment of a limited liability company
Name of Agency:
Comment:: A basic declaration to the Trade Register must be filed (in either Finnish or Swedish) as specified on forms issued by the National Board of Patents and Registration. For each type of business, a separate basic declaration form must be used. The forms are available from the National Board of Patents and Registration, regional tax offices, local tax offices, Employment and Economic Development Centers (TE Centers), local register offices, and Chamber of Commerce and Enterprise Agencies. All registrations to the Trade Register and to the Tax Administration are performed with the same basic declaration. Copies of any licenses for licensed trades are required, where applicable.

If the company has employees, the company must be entered into the Employer Register, according to Section 31 of the Preliminary Taxation Act.

When the basic declaration is submitted, a certificate of the company’s business identification number may be obtained at a fee of EUR 5. This certificate allows companies to use their bank accounts before registration has been completed.

Procedure 3.: File at a private insurer for pension insurance, accident insurance, and medical insurance of employees
Time to complete:: 1 day, simultaneously with procedure 2
Cost to complete:: no charge
Name of Agency:
Comment:: Under the statutory pension insurance scheme, an employer must subscribe its employees for pension insurance with a pension provider handling earnings-related pensions. Supplemental pension insurance is optional.

The employer also pays the pension institution statutory employee earnings-related contributions: accident insurance, unemployment insurance, and group life assurance premium. A social security contribution is also payable to the Regional Tax Office.

The employer must insure its employees against accidents and occupational diseases, according to Section 8 of the Employment Accidents Act. In addition, certain collective labor agreements require that employers provide their employees with group life insurance.
No proof of insurance is needed to start operations.