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GLOBAL INFO

Finland

COUNTRY:

FINLAND

QUESTION:

ANSWER:

1.      What are the main company forms in your country?

Limited liability company

Public limited liability company

Partnership

Limited partnership

Sole proprietor

Co-operative Society

2.      Which is the most preferred company form by foreign investors?

In Finland, by far the most preferred company form for foreign investors is limited liability company.

3.      What are the basic capital requirements of this company? (minimum amounts, types of capital, deadline of capital contribution)

The share capital of the limited liability company must be at least 2500 EUR for a private limited company and for the public limited company 80,000 EUR.

The subscription price must be paid to a company bank account before registration. Alternatively, the share capital can be paid an in-kind contribution, in which case a statement from an independent auditor is required..

The amount of purchased shares, their issue price as well as the due date for making the payment are defined in the foundation document, and can be decided by the founders.

4.      What are the basic rules of shareholders liability for company debts in this company?

Shareholders liability is limited to the capital contribution that they have made to the company.

5.      What are the basic management requirements for this company? (only natural persons, or nationals can be managers etc.)

A company must have a board of directors and it can have a managing director as well as a supervisory board. The minimum amount of directors is one, but if there are less than three directors, a deputy director must be nominated.

Legal persons, minors, persons under guardianship, persons with restricted legal competency, and bankrupts cannot be members of the board of directors. At least one of the members of the board of directors shall be resident within the European Economic Area, unless the registration authority grants an exemption to the company regarding this requirement.

Having a managing director is optional. Only a natural person can be a managing director of the company. The managing director shall in all events be resident within the European Economic Area, unless the registration authority grants the company an exemption from this requirement. The managing director takes care of the routine administration under the instruction of the board. Other responsibilities include seeing that the bookkeeping of the company is legal as well as making sure that the financial management is organized reliably.

6.      How long does the registration procedure of this company take?

Approximately 7 business days. However, a company can start operating before registration. A business identity number can be obtained in one day.

7.      What are the main costs of formation of this company in local currency?

The registration cost of the company is 380 EUR. If a company wishes to register an auxiliary company name, that is an additional 100 EUR.

8.      What is the average attorney’s fee of the formation of this company in local currency?

500 – 1500 EUR. However, there is no requirement to use an attorney.

9.      What are the basic publicity requirements of this company (filing of company changes, financial reports, etc.)

The founding documents are registered in the public trade registry.In addition, a company must maintain a current shareholders’ list and a share register and keep it at its headquarters for everyone to see. Anyone is entitled to get a copy of either in exchange for a small compensation.

 

Annual financial accounts must be registered with the trade registry and are public information.

10.   What are the main auditor requirements?

Companies are not obliged to appoint an auditor, if a maximum of one of the following three criteria are fulfilled:

1. Total sum of the balance sheet is over 100,000 EUR

2. Revenue is over 200,000 EUR

3. On average, over three people are employed in the company