Get Familiar With the Regulatory Framework on Company Incorporate in Finland
If you’re a potential investor looking for the right network for launching your business, look at Finland. Company incorporate in Finland presents you with an opportunity to venture into high tech-industrial businesses owing to its richness in technology.
Being within the European Economic Area (EEA), Finland allows you to enjoy the benefits derived from the European block. Now, you may be aware that company incorporation requires well acquaintance with the countries regulations framework.
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Common Type of Business Entity in Finland
Now, in Finland, the most common type of business entity fancied by locals and foreign investors are Public Limited Company and Private Limited Company. The company incorporate in Finland begins by the entity’s representative executing the minutes of the principal meeting of the shareholders. Before this, you must ensure that your business name is unique and approved by the authorities. Afterward, it’s a compulsory requirement to obtain the following documents:
- A notarized authorized statement of consent
- The signature specimen of the Executive Manager.
- Copy of the Articles of Incorporation.
- A certificate from the bank establishing the paid capital which must be acquired before beginning the trading activities.
Note that the certified statement of consent and the signature specimen of the Executive need not necessarily be notarized.
Private Limited Company Requirements
The general overview of company incorporate in Finland needs that you meet the following requirements for a Private Limited Company:
- A minimum paid-up capital of Euro 2, 500.
- The share capital must be deposited in a Finnish bank account or a branch of a foreign bank in Finland. It’s under the obligation of the Auditor to verify that the funds are deposited and meeting the company registration laws.
- You must have a minimum of two directors (one has to be an EU resident). In case you appoint a managing director the director must be a resident of the EU.
- If the company registers an annual turnover of over EUR200, 000, the balance sheet of EUR 100, 000, it’s a statutory requirement for audited accounts presented.
- A registered office.
Company Registration Process
The process of company registration then follows the next step where you have to make an application to the National Revenue Agency to get the VAT number. Within this process, you must ensure that you carry along with you the foundation deed, your bank account document or a document confirming the contributions value and an excerpt from the Commercial Register. The process may take you a minimum of a fortnight or so. But if you’d wish for an expeditious process, you may as well contact 3E Accounting and let them do it for you, hassle-free.
Finland Corporation Law
Finland corporation laws require that you provide the following details to set up a Private Limited Company:
- The name of the company and the line of business.
- The identification names and personal identification codes of the shareholders, the members of the Board of Directors and the Managing Director (if any)
- The identification names and personal identification codes of the auditors, and a person certified to represent the company (if any).
Opening a Bank Account Requirements
Company incorporate in Finland requires that you open a bank account where you will deposit the minimum capital at the stipulated time. Should you decide to do so, you must ensure that you carry:
- The Executive consenting the account opening,
- Signature specimens of members authorized to run the account,
- the certificate of registration together with the minutes of the last general meeting.
Besides that, you must ensure that you register for a business permit from the relevant authorities and applying for a company seal from the seal maker.
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