1Office has done it again! Finland is the third country where 1Office has built an exceptional company formation portal.
Before Finland, the first country for which 1Office created the unique limited company registration portal that was connected directly to the local business registry, was Estonia in 2016, followed by the United Kingdom in 2018. Now the time has come to launch a company formation portal in Finland – 1Office presents an option to register a limited company fully online.
Finland is a great destination for your business. The business environment is very stable, and it is part of the Nordic ecosystem. At the same time, the hugely potential Russian market is a next-door neighbor. Additionally, Finland has a very good flight connection with Asia. It is also very safe to do business in Finland, there is no corruption and the business environment is very transparent and honest. The trustworthiness is very important to Finnish people. Even verbal agreements are valid and backed up by the legislation. The Finnish market is desirable for businesses as it is a consumer society with a high consumer buying power.
It is also worth mentioning that since 1 July 2019, Finland lost its minimum share capital requirement for private limited companies. This means that the founding shareholder no longer has to make a payment to the company’s share capital when starting a company. This facilitates the company formation process as there is no need to open a bank account to deposit the share capital, which used to be an obstacle for many entrepreneurs.
Starting a business in Finland is perfect for:
- Start-ups and freelancers – as the Nordic region is one of the fastest-growing start-up regions in Europe. Its friendly start-up ecosystem includes many accelerators, angel investors and venture capital funds, and the government also supports innovation.
- IT sector – the tech and IT worlds are vastly advanced in Finland due to their highly qualified specialists. The IT sector in Finland is receiving great attention and lots of investments. Workforce in Finland is generally very educated owing to the Finnish exceptional education system, and over 90% of people under 30 speak English.
- Transport sector – for a transport company, it is easier and more efficient to move goods between Europe and Russia or Asia through Finland. The transport sector is well-developed and receives many investments from foreign investors. Finland has also started the National Growth Programme for the Transport sector to enhance the cooperation between the public and private sectors. The growth programme aims to develop business-driven ecosystems and customer services. All, to support the transportation companies to develop new service models and progress to growing global markets.
- Construction sector – one of the most popular sectors among international businesses. Many entrepreneurs have expanded their construction businesses to Finland, as the profits are considerably high, and there’s plenty of reasonably priced workforce.
- Biotech and health care sectors – these sectors have been rapidly growing in the past years in Finland. What makes these sectors thriving, is a Finnish excellent local talent pool, which produces thousands of life science graduates every year. Also, a collaborative and trusting mindset between the public and private sectors. One of the characteristics that Finland is highly rated for every year is innovation, which is crucial in a fast-paced and technologically-driven sector.
1Office helps you to establish a Finnish limited company, comply with needed requirements, and assists with everyday accounting and annual reporting. You get all the support needed from one place, so you can focus fully on your core business and its growth. 1Office is a one-stop-shop, which makes business simple for you.
What to consider before starting the company formation process?
- Have you done your research and know about all the aspects of doing business with a Finnish company and its taxation in Finland and other countries?
- Make sure you are aware of the possible implications and risks involved.
- Have you figured out the company’s owner and management structure? Who will be the founder and board members? By law, there has to be a minimum of 3 board members, and out of those 3, at least 1 has to be the EU citizen or a residence permit holder. As an alternative, you can have 1 board member and 1 deputy board member, but then both have to be the EU citizens or residence permit holders.
- Choose a name for the company. It can’t be already registered or too similar to an existing company’s name.
- Choose a field of activity based on your business.
- Decide where you plan to open a bank or a business account? With a traditional bank in Finland (requires a personal visit to the Finnish bank office) or in another country or with a fintech provider like TransferWise or Payoneer?
If you need assistance in deciding over these points, then you can always rely on the help of 1Office support.
Steps to follow in Finnish company formation portal
In the Finnish company registration portal, you can do everything online and only in 20 minutes. Follow these easy steps to register your company:
- Create a user account in the portal and start the company registration form by checking the availability of the company name.
- Fill in the fields with your and other related persons’ information and upload the passport or ID-card copies.
- Add additional services to your order like address, accounting, insurance and banking solution.
- Proceed to checkout and pay.
- Wait for the application to appear in the system.
- Print out the application form, sign it, take a picture of the signed document and upload it to the portal.
- 1Office will send you all the details about the company, tax registrations and accounting (if chosen). Your Finnish company will be registered within 2-3 weeks.
And with all those steps, you are all set to start your business activities in Finland.
If you are wondering how to make it work in your case, then more information is available here.