A Nordic country with a high quality of life, a thriving economy and an innovative spirit, Finland has a lot to offer foreign businesspeople. Dreaming of starting a business in Finland? Here's what you need to know.
Why do business in Finland?
Finland offers a wealth of opportunities for those who want to start a business here. Its economy is based primarily on free enterprise and private ownership, and it tops most international rankings that measure the competitiveness of businesses. The country was ranked number one for its economic performance and quality of life by the Legatum Prosperity Index, which measures the prosperity of countries around the world.
Like many other Nordic countries, the quality of life in Finland is excellent, with all the conditions conducive to establishing and succeeding companies. Highly industrialized, Finland boasts a high GDP per capita. The per capita national income is $55,217 (source: World Bank data) and the population is 8 million.
Europeans looking to do business in Finland will find a highly skilled workforce, a start-up friendly environment, and a dynamic market. Furthermore, as a member of the European Union (EU), Finland is very welcoming to foreign investors and workers, and their entry is encouraged as it has a positive impact on the economy. .
→ What you need to know: To stay in Finland for more than 3 months (EU nationals), you must register your right of residence. On the other hand, nationals of countries outside the EU or the Nordic countries must obtain an entrepreneurial residence permit.
Which areas should I invest in in Finland?
Finland stands out for its development of cutting-edge technologies and active promotion of start-ups in the following areas:
Information and Communication Technology (ICT) Clean Technology and Biotechnology New generation technologies in general. Finland is the leading driving force.
The country is also competitive in manufacturing. Finland is one of the world's largest exporters of wood products (source: EU Parliament News) and forestry plays an important role in the Finnish labor market. Other growth sectors in Finland include the metal industry (the country has mineral reserves), engineering, electronics, and telecommunications. The Teknologia fair for the metals and engineering industry is an annual event held in Helsinki that brings together many experts in the field.
How do I set up a company in Finland?
Local market research
Companies related to the industrial sector, start-ups or financial investments… Regardless of the type of project you plan to carry out in Finland, it is advisable to carry out market research and draw up a business plan before starting business in Finland. It's important.
market research
Market research covers many important aspects such as:
Assessment of competition and market share Identification of target groups for the new company Identification of strengths and weaknesses of the future Finnish company Identification of opportunities and threats around the business project Detailed analysis of the project environment (political and socio-economic framework, legal framework) , trade-related legal issues, technical issues, climate issues, etc.).
business plan
A business plan is also an essential part of any investment or startup project in Finland. This document may contain the following elements:
An investment program that describes the costs required to complete the project A Forecast (expected income and expenditure) Possible financing options such as own funds or bank loan Describes the expected cash flows on a monthly basis for one year A projected cash flow plan that outlines the expected financial status of a project's break-even point (the level of revenue required to cover costs and the break-even point).
Find financing
Before starting a business in Finland, be aware of the financing options available in Finland.
Obtain a bank loan from a Finnish bank (you must present a sound business case) Obtain a loan guarantee from Finnvera, the Finnish state-owned financial company Start a business in Finland with Starttiraha provided by the Finnish state You can apply for a start-up allowance to meet your financial needs of up to 750 euros per month for 6 to 12 months. Conditions for receiving this business financing support include being a full-time entrepreneur and being registered as a resident of Finland.
Get expert help
In Finland, anyone can receive free advice on entrepreneurship from a number of organizations, including:
New Enterprise Promotion Center ELY Center (for Economic Development, Transport and Environment) TE Agency (for Employment and Economic Activities) Yritys-Suomi, the online portal for Finnish companies.
These organizations can provide support and advice to entrepreneurs starting or taking over a business in Finland. The Chamber of Commerce and Industry also accepts consultations regarding business start-ups, etc. In Finland.
Additionally, starting a business in Finland may require the help of a translation company to translate the documents needed to establish your business and establish your position in Finland. Certified translations, legal documents, financial documents, marketing documents, website translations… At Alphatrad, our team of professional translators offers services in a wide range of specialties. Our agency offers translations into Finnish and many other languages, helping you with your multilingual business communications in Finland.
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Frequently asked questions about starting a business in Finland
With a highly skilled workforce and high-quality infrastructure, Finland has excellent prospects in terms of economic and commercial performance. As a member of the EU and Eurozone, Finland offers strategic access to European markets and is particularly accessible for European entrepreneurs.
High potential investments in Finland include the wood, metal, engineering, electronics and communications industries. Finland also stands out for its technological advances and support for start-ups in ICT, clean technology and biotechnology.
Finland's prosperity is measured by a stable political and economic situation, a high-quality workforce, a very high quality of life, constant technological innovation, and many natural resources (forests, mineral resources such as copper, gold, and nickel). You can. , zinc, etc.).
