Starting an Enterprise in Finland: A Comprehensive Guide for Entrepreneurs
Entrepreneurship in Finland is thriving, with a significant number of small and medium-sized enterprises making up the business landscape. This guide provides insights into the types of companies you can establish, support available for start-up companies, and key factors to consider such as funding, mentorship, and business planning. Discover how to navigate the Finnish business ecosystem and kickstart your entrepreneurial journey effectively.
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How to Start an Enterprise in FINLAND
Entrepreneurship in Finland Finland has a total of 262 548 enterprises of which 99,8 % are small or medium-sized, employing less than 250 people. 93,4 % of Finnish companies have fewer than 10 employees. The role of SMEs in Finnish employment and the economy is quite significant. The proportion of entrepreneurs in Finland is below the EU and OECD average. The same is also true regarding the number of people who plan to start their own companies. The fact that fewer people in Finland intend to choose entrepreneurship as a career, when compared to other countries, is somewhat surprising as many surveys show entrepreneurship is held in high regard within Finland.
What kind of companies can we establish? Limited partnership - based on a formal contract that is signed by all the associating stockholders Joint-stock company - stockholders sign a formal contract of establishment. Cooperative - at least three founders for a cooperative company.
How are start-up companies supported?
Advice A new entrepreneur can receive guidance from ELY = The Centre for Economic Development, Transport and the Environment (the regional implementation and development tasks of the state administration). The Federation of Finnish Enterprises / local offices Special Centres for Start-Up Enterprises (Uusyrityskeskukset) which especially work for assisting start- up companies, helping them to create a business plan Help = Pamphlets, guides, books, web pages, meetings: advice in planning, funding, taxation, marketing etc. Mentor / tutor cooperation: an experienced entrepreneurs supports the newcomer.
From The guidebook by Uusyrityskeskus: What is entrepreneurship? 4 So could you become an entrepreneur? 5 The various forms of entrepreneurship 6 Stages of establishing an enterprise 8 Turning an enterprise idea 9 into a business idea 9 Business plan 10 SWOT analysis 15 Risk management 15 Marketing and advertising 16 Pricing 18 Funding for a new business start-up 20
Financing Financial support from Ministry of Employment: start money for a start-up company ELY (The Centre for Economic Development, Transport and the Environment) Aalto start-up center (Helsinki) Some private investors
Insurance mandatory - to protect the entrepreneur from losing all his money and belongings optional Last year , 2 269 companies went bankrupt in Finland between the period of January- September.
Registering your enterprise The new enterprise must be registered in the Finnish Trade Register. The entrepreneur can become a member of The Federation of Finnish Enterprises > free legal advice on employment legislation, contract law, and corporate taxation; training services.
