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Company registration In Finland
Finland is one of the most stable and business-friendly jurisdictions in the European Union. Non-residents can register a company in Finland remotely in many cases, with the private limited liability company (Oy) being the most commonly used structure for international entrepreneurs.
Company registration in Finland typically takes 2–3 weeks and requires registration with the Finnish Trade Register and Finnish Tax Administration. Depending on the company structure and shareholders, EEA resident board member requirements may apply.
CompyCo assists foreign entrepreneurs with company formation in Finland, including incorporation, EEA resident director solutions, business bank account opening, accounting, tax registration, and ongoing compliance support.
Forms Of Companies In Finland
- Oy – Private limited company
- Oyj – Public limited liability company
- Ky – Limited partnership
- Ay – General partnership
- Osk – Cooperative
What is the difference between Oy and Oyj in Finland?
Oy – Private Limited Company
In Finland, most foreign investors choose an Oy (private limited company) as the preferred business structure for company registration in Finland. An Oy is suitable for small and medium-sized businesses and, since July 1st 2019, there is no minimum share capital requirement, meaning a company can be registered with €0 share capital.
Because of this, opening a bank account is no longer mandatory during the incorporation process itself. However, a business bank account is still required for operating a company in Finland after registration. CompyCo advises non-residents on both remote and traditional business bank account solutions depending on the client’s circumstances.
A Finnish company must generally have at least one ordinary board member or deputy board member who is a resident of the European Economic Area (EEA). Where this requirement is not met, an exemption permit from the Finnish Patent and Registration Office (PRH) may be required.
Oyj – Public Limited Company
An Oyj (public limited company) is generally used for larger businesses and companies planning to raise public investment. Unlike an Oy, an Oyj requires a minimum share capital of €80,000, which must be fully paid before the company can be registered.
Fundamentals Of A Limited Liability Company
Corporate Tax in Finland | standard VAT in Finland |
|---|---|
20% | 25.5% |
Limited liability | Private limited company - Oy |
| Minimum Share capital | EUR 0 |
| Registered office required | Yes |
| Physical office required | No |
| Min. number of Shareholders | 1 |
Min. number of Board Members | 1 |
EEA resident requirement | At least one board member or deputy board member who is a resident of the EEA |
Other requirements | No |
| Bank signatory must travel | Yes, if high-street bank is chosen |
Timescale for company formation in Finland | Up to 3 weeks |
| Timescale for bank account opening | 14-60 days |
| Timescale for obtaining VAT number | 14 days |
Statutory audit requirements | Depends on company size and turnover |
| Shelf companies available | Sometimes |
How can I set up my company in Finland?
It takes approximately 2–3 weeks to set up a company in Finland.
The first step is selecting a company name. To obtain exclusive rights to the name, it must be submitted to the Finnish Trade Register maintained by the Finnish Patent and Registration Office (PRH).
The company registration process in Finland generally includes the following steps:
- Filing the start-up notification
- KYC verification and checking the eligibility of shareholders and board members
- Name availability check for the selected company name
- Engaging a local registered office address service provider, if required
- Preparation of the necessary incorporation documents, including:
- Articles of Association
- Memorandum of Association
- Power of Attorney for the Trade Register
- Submission of the signed incorporation documents to the Trade Register and Finnish Tax Administration
- Registration for tax purposes through the Finnish “Y form” system
- Opening a company bank account
- UBO (Ultimate Beneficial Owner) registration
Requirements for Non-Residents in Finland
Foreign entrepreneurs can register a company in Finland remotely in many cases. However, Finnish company law requires that at least 50% of ordinary board members are residents of the European Economic Area (EEA).
If the company has fewer than two ordinary board members, a deputy board member must be appointed. The deputy board member must also be an EEA resident.
Where shareholders or directors are non-EEA residents, additional compliance checks and documentation may be required during the incorporation and business bank account opening process.
In cases where the EEA residency requirement is not met, an exemption application may be submitted to the Finnish Patent and Registration Office (PRH). CompyCo can also coordinate EEA nominee director solutions where appropriate.
Bank Account Opening for Company in Finland
Opening a business bank account in Finland can be challenging for non-resident company owners due to strict anti-money laundering (AML) regulations and internal compliance procedures followed by Finnish banks. Traditional high-street banks often require a strong connection to Finland and may request that at least one company director is a resident of Finland or another EEA country.
The approval process depends on several factors, including the nationality of shareholders and directors, the planned business activity, source of funds, and the company’s connection to Finland.
A Finnish company is not legally required to maintain a bank account with a Finnish bank specifically. In many cases, companies operating in Finland use online banking institutions or EMI (Electronic Money Institution) solutions based elsewhere in the European Union.
For many international entrepreneurs, EMI providers offer a faster and more flexible alternative to traditional banks. In many cases, these accounts can be opened remotely without travelling to Finland.
CompyCo advises non-residents on both traditional and online business bank account solutions for Finnish companies.
Traditional Banks in Finland
Some of the most commonly used business banks in Finland include:
- Nordea
- OP Financial Group
- Danske Bank
- S-Bank
Traditional Finnish banks usually require:
- KYC verification
- information about business activities
- source of funds documentation
- proof of connection to Finland
In some cases, banks may also require a physical meeting or an EEA-resident director before approving a business account for non-resident company owners.
Accounting & Taxation in Finland
All companies registered in Finland must maintain proper bookkeeping records and comply with Finnish accounting and tax regulations. Depending on the business activity, companies may also need to register for VAT and employer taxes.
Some of the main accounting and tax obligations in Finland include:
- Standard corporate income tax rate: 20%
- Standard VAT rate in Finland: 25.5%
- Annual financial statements and tax returns must be submitted
- Proper bookkeeping records must be maintained at all times
- VAT registration may be mandatory depending on turnover and business activity
- Employer registration is required when hiring employees in Finland
- Payroll, pension, and employer contribution obligations apply to companies with staff
- Audit requirements may apply depending on company size and turnover
- Non-resident companies are generally taxed on income generated from Finnish activities
CompyCo coordinates foreign entrepreneurs with accounting, VAT registration, payroll, annual reporting, and ongoing compliance support for companies registered in Finland.
To learn more about international banking solutions for non-resident companies, visit our Banking Solutions page where we explain the most common challenges related to international business bank account opening and available alternatives.
Click if you would like to receive an offer for company registration in Finland or separately offer for advising on International business bank account, please complete the relevant online application form and our team will review your case.
Employing Staff in Finland
Companies employing staff in Finland must comply with Finnish employment, payroll, and social contribution regulations. Employers are generally required to register with the Finnish Tax Administration and arrange mandatory insurance and pension contributions for employees.
Some of the main employer obligations in Finland include:
- Registration as an employer with the Finnish Tax Administration
- Monthly payroll reporting obligations
- Pension and social security contributions
- Compliance with Finnish employment and labour laws
- Occupational healthcare arrangements for employees
- Possible collective agreement obligations depending on the industry
Finland is known for its highly educated and multilingual workforce, making it an attractive location for international companies expanding into the European market.
Foreign companies looking only to employ staff remotely in Finland may not always need to register a local company. In some cases, it is possible to register the foreign entity as an employer in Finland instead. However, strict rules apply to avoid creating a permanent establishment for tax purposes.
CompyCo coordinates payroll, employer registration, and ongoing compliance solutions for foreign entrepreneurs employing staff in Finland.
Learn more about International Human resources services here.
Why Choose Finland for Business?
Finland is considered one of the most stable and transparent business environments in Europe. The country offers strong legal protection, a highly educated workforce, modern digital infrastructure, and access to the European Union market.
Some of the main advantages of doing business in Finland include:
- Access to the EU single market
- Stable political and economic environment
- Strong reputation for innovation and technology
- Highly skilled and multilingual workforce
- Modern banking and digital business infrastructure
- Transparent legal and tax system
- Competitive corporate tax rate of 20%
Finland is particularly attractive for technology companies, consulting businesses, international trade, SaaS companies, and startups looking to expand into the European market.
Expanding to EU: Find out How To Chose The Right Country and the right Company structure.
Frequently Asked Questions About Company Registration in Finland
Yes. Non-residents can register a company in Finland, and in many cases the process can be completed remotely.
The most common company structure in Finland is the private limited liability company (Oy).
No. Company registration in Finland can be completed fully remotely. Travel is generally only required if the client chooses a traditional Finnish high-street bank account and the bank requires personal identification of a board member.
Yes. At least 50% of the ordinary board members (directors) of a Finnish company must be EEA residents. For example, if the company has two non-EEA board members, two EEA-resident board members must also be appointed.
Company registration in Finland usually takes around 3 weeks depending on the documentation delivery and authority processing times.
No. Finland removed the minimum share capital requirement for Oy companies in 2019
No. A Finnish company can also use certain online banking or EMI solutions located within the European Union.
Yes. However, while Finnish companies must generally have at least 50% EEA-resident board members, traditional Finnish banks often require a local Finnish resident director or stronger connection to Finland before approving a business bank account for non-resident-owned companies.
Yes. All Finnish companies must maintain bookkeeping records and comply with annual accounting and tax reporting obligations.
In some cases, yes. A foreign company may register as an employer in Finland without incorporating a local entity, although permanent establishment and tax rules must be carefully considered.
If you are looking to incorporate in a EU country, check out company registration process, requirements and fees in Sweden, Estonia, Norway, The Netherlands and Poland.
However, if you are choosing between a few countries in Europe and you are not sure where to incorporate, have a look at our tips how to make the right choice, or talk to us today for free.
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- Expanding to Europe: Choosing the Right Company Structure and Country
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