Advices

ADVICE #175

How to register a company in Finland?

From the point of view of business registration Finland is not as open as most other European countries. There are restrictions for nationals and residents of third countries, including the Russians - they have to receive special permission for individual entrepreneurship and the opening partnership.

The most affordable for Russians form the company in Finland is considered a private limited company (Osakeyhtiö, abbreviated Oy). In this case, does not require any additional permission from the Finnish authorities.

The minimum share capital of such company is 2.500 Euro, the fee for registration is 380 Euro. For registration must be filed with the commercial register of the Bureau of patents and registration package of documents including: a registration form; personal data of the founders and leaders (in the form of completed standard form); copy of passport; agreement on the establishment of the company; the Charter; the document on payment of the fee and share capital.

All documents should be completed in Finnish, but some of them have an English "translation" that simplifies the process.

The Finnish law has an unusual requirement for members of the Board of Directors of the company and its managers. If the Board of Directors have at least one person, that is a resident (not necessarily a citizen) of the European economic area (EEA), neither he nor the other members of the Board of Directors do not need any permits to hold the position.

If in the Board of Directors there is not a single resident of the SES, all the members of the Board of Directors must receive special permit from the Bureau of patents and registrations. Accordingly, if the management company performs resident the "third" countries, which is at the same time a shareholder, he is not required to receive permit for the right to be a shareholder of the company, but it is required for the right to be the only member of the Board of Directors.

In addition, the Executive Director must be resident in the EEA. In addition, the company must have a representative in Finland (local resident), except if the Board of Directors or as Executive Director is a resident of the EEA. Permit for foreigners from third countries (except Switzerland and the US) to engage in these positions are difficult to receive, each case is considered separately.

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