Open Company in Finland – Pros and Cons

Finland is ones of the business-friendly economies that you can get in the word which has abundant opportunities awaiting the international companies. However, gaining access to this market can be a challenging task if you do not get the assistance of local experts.

All organizations searching for quick access to growing markets of Northern Europe can get all the requirements and even more in Finland. This’s one of the reasons why this country has been favored by many international companies over its regional counterparts. Once you open company in Finland and you’re in this country you’ll realize that there’s a first-class business environment and in case you intend to establish any business entity will be very fast and easy for you. In addition, the communication networks, modern logistics and functional infrastructure of this country makes the day to day running of business activities efficient, invariably profitable.

The industrial economy is the home for a thriving business environment and private sector which is very conducive to foreign direct investment. The red tape is minimal with the regulatory environment being business friendly, thereby allowing the free market to reign in an open and transparent economy.
Despite the obvious appeals of the Finish economy to the international investors, it can be difficult for one to navigate through the regulatory and tax environment if you do not have prior knowledge of the business landscape.

Open company in Finland – Starting a business

You can take about 2 weeks or more to start a business opportunity in Finland. During the process of registration companies are required to do the following:

• Paying shared capital to the bank;
• Finding office space or legal address;
• Paying the registration fee before you submit application

How can you deal with construction permits

When you’re dealing with construction permits there’re 16 procedures which you must navigate through and they take about 70 days. Many of the permits must be obtained before commencement of any work and the inspections are usually carried out by the official departments.

Getting electricity connection

All electrical connections are done by the regional electricity firm as it handles all applications, installing meters and conducting external work.

Registering property

Both the buyer and seller must notarize the deed of the sale in the presence of an attesting notary when registering any property. The land title deed must be obtained from the District Council and tax must be paid.

Protecting investors

Finland has been ranked 7th place in the world by the International Finance Corporation and World Bank for the best investor protection. It has moved 4 places down since the year 2012.

Paying taxes.

In total there’re 8 corporate tax payments which must be made every year and they can take an average of about 90 hours for you to complete them. Contributions of pension insurance are one of the toughest tasks for the international firms and for them to complete filling such documents can be a complicated process.

Trading across borders

You’ll not incur a lot of costs when you’re trading across borders in Finland, although you can take some time to complete. In this case, you’ll be required to fill out 4 documents when you’re exporting and 5 documents when you’re importing; this can take more than a week to move the goods both ways.

Resolving insolvency and enforcing contracts

The idea of enforcing contracts in Finland is highly streamlined when compared to the OECD average and can take an average of 375 days to complete. Resolving insolvency has also been streamlined as it takes less than 1 year in dealing with the judicial system.

Culture

The Finns do not appreciate any shows of ostentation as they are egalitarians, therefor flamboyance and overdressing for the business occasions is not advised. Physical contact such putting hands in shoulders of back slapping is not allowed. You must also make sure that you’re well prepared and punctual to all business meetings.