How well can you start your business in Finland? You only need to read this guide on how Finnish companies can be set up. It may be a daunting task, but the rewards will surely come after success has been attained.
The Finnish government has put many initiatives in place to foster healthy business growth in Finland. Entrepreneurs and small businesses are encouraged with such incentives, making the country an attractive place to start a venture in. Nine growth opportunities for businesses have been identified in Finland.
This guide will describe the steps you need to take to make sure your business idea takes off in the shortest time possible. It also contains some resources and tips your start-up needs to succeed.
You can also read about Finnish finance companies later.
Set Up Your Business in Finland in Four Steps
Setting up in the Finnish territory requires a simple process that may take less than a month to be done. The following are the steps that can make that happen:
Step 1: Submit an Eligibility Statement Application
This application is made to Business Finland, which in turn evaluates whether your plan and team meet the requirements for speedy growth. Your application must be made on behalf of a team. A team member has to be made the major point of contact. The Eligibility Statement should be sent through the Enter Finland Platform. CVs and passport copies of all group members should be attached to the document.
You can also read about insurance in Finland later.
Step 2: Get Your Residence Permit Application Done
This step can only take place after step 1 has been completed. It must be made to the Finnish Immigration Service. Team members will need to submit their applications in person via the Enter Finland Platform. The designated major point of contact will be the one to share the statement with all group members.
You can find more information about applying for a residence permit on the website of the Finnish Immigration Service (Migri). Your residence permit can be gotten in 14 days.
Step 3: Establish a Company in Finland
You can enjoy a range of benefits after establishing your company in the country. For instance, start-ups can apply for Tempo Funding at Business Finland. The requirement for such a fund is a €30,000 equity investment by entrepreneurs or a third party.
Step 4: Get Your Startup Permit Renewed
You can apply for an extension if you want to continue living in the country after the expiration of your residence permit. Your Extended Startup Permit application can be done directly at the Finnish Immigration Service. A fresh eligibility statement from Business Finland will not be necessary here. Although Business Finland will be contacted if the Finnish Immigration Service wants your Eligibility Statement to be renewed.
Tips for a Successfully Setting Up Your Business in Finland
Starting a business in Finland can be challenging, but with the right preparation and mindset, you can increase your chances of success. See tips that can help you attain success as a budding entrepreneur below.
● Seek Out Resources and Support
The Finnish government offers many resources and support programs for small businesses; including funding, training, and networking opportunities. Take advantage of these resources to help you get started and grow your business.
● Network and Build Beneficial Relationships
Building relationships with other businesses and industry professionals can be crucial to your success. Attend local business events and join industry associations to meet potential partners, customers, and suppliers.
● Stay up to date with Regulations
It is important to stay informed about the laws and regulations that apply to your business in Finland. Make sure you comply with all the relevant regulations to avoid any legal issues.
Starting a business in Finland requires careful planning and execution. And it can be successful if you follow the steps outlined in this article, and take advantage of the resources and support available. Go and start the process of turning your business idea into reality!