Guide
How to Start a Business in Finland
From choosing a company type to PRH registration, tax registers and your business bank account — with indicative costs and realistic timelines.
About a 12 minute read · Updated: 2026-08-28
Who is this for?
Finland has one of the most predictable company formation processes in the EU. Most of it runs online, and with a complete application the process is usually measured in weeks rather than months.
This guide is written for entrepreneurs starting a new company in Finland, business owners relocating an existing company or opening a branch here, and independent professionals going self-employed.
ENB Consulting provides guidance throughout: choosing the right company type, preparing documents, following up registration and tax registers, setting up accounting, and preparing your bank account application. Final decisions rest with PRH, the Tax Administration, banks and other authorities.
- Most common company type
- Osakeyhtiö (Oy)
- Minimum share capital for an Oy
- None required (0 €)
- Typical total timeline
- 2–6 weeks
- Foreign founders
- Allowed
Company types compared
The right structure depends on liability, taxation, number of owners and your growth plans. These four are the most common:
| Type | Best for | Liability | Capital | Key point |
|---|---|---|---|---|
| Osakeyhtiö (Oy) — limited company | Growth-oriented businesses, co-founders, outside investment | Limited to company assets | No minimum capital requirement | The most common and most credible structure |
| Toiminimi (Tmi) — sole trader | Solo professionals and small operations | Personal and unlimited | No capital needed | Fastest and cheapest option to set up |
| Avoin yhtiö / Kommandiittiyhtiö (Ay / Ky) — partnerships | Two or more partners who know each other well | Personal for general partners (silent partners possible in a Ky) | No capital needed | Flexible, but requires a high level of mutual trust |
| Sivuliike — branch of a foreign company | Companies already registered abroad that want to operate in Finland | Held by the parent company | No separate capital needed | No new legal entity; the parent company remains liable |
Tax and entrepreneur pension (YEL) implications differ significantly between these types. Review the choice with an advisor before registering.
Step-by-step setup
The seven steps below describe a typical Oy formation in Finland. Other company types follow a simplified version of the same path.
- 1
Confirm your company type and business model
Decide between an Oy, Tmi, Ay/Ky or a branch based on your field of business, ownership structure, expected turnover and growth plans.
This is also when you set the financial year, consider future investors, and check your YEL entrepreneur pension insurance obligation.
- 2
Check your company name and prepare alternatives
The name must be distinctive and must not conflict with existing names or trademarks in the PRH Trade Register.
Run a preliminary search in the PRH name service. Submitting several alternative names with the application reduces the risk of rejection.
- 3
Prepare the formation documents
For an Oy you need a memorandum of association (perustamissopimus) and articles of association (yhtiöjärjestys), signed by all founders.
These documents name the board members, any managing director (toimitusjohtaja) and the auditor. Directors residing outside the EEA may need an exemption from PRH.
- 4
Arrange share capital and payments
There is no minimum share capital for an Oy, but the agreed subscription price must still be paid to the company.
The payment is usually made into a start-up account opened before registration, and is declared in the registration application.
- 5
File the registration with the PRH Trade Register
Filing online through ytj.fi is both cheaper and faster than a paper filing.
Online filing requires Finnish electronic identification for the founders. If that is not available, use a paper filing or an authorised representative. After registration the company receives its Business ID (Y-tunnus).
- 6
Complete the tax registrations
In the same application you request VAT registration (ALV), the prepayment register (ennakkoperintärekisteri) and, where relevant, the employer register (työnantajarekisteri).
VAT registration is mandatory above the statutory turnover threshold and voluntary below it. The prepayment register matters because it stops clients from withholding tax on your invoices.
- 7
Open a bank account and set up accounting
Once you have the Business ID, apply for a business bank account and put your bookkeeping in place.
Banks run their own KYC assessment, so have your business plan, ownership structure and source of funds documented. Bookkeeping and annual financial statement obligations start from the company's first day.
Costs
The PRH fees below come from PRH's own price list in force from 1 January 2026 and are fixed; from that date the Oy establishment notification can no longer be filed on a paper form. The accounting and translation lines are indicative and vary by provider. Fees published by PRH, the Tax Administration and Migri always take precedence.
| Item | Indicative amount | Notes |
|---|---|---|
| PRH registration fee — Oy, guided establishment package (ohjattu perustamispaketti) | €300 | The route used where the share capital is €0 and the shares carry no subscription price. That covers most new companies since 2019, and it is the package ENB files through. Paid to PRH in YTJ after signing, 0% VAT. |
| PRH registration fee — Oy, ordinary electronic notification | €400 | Applies where the guided package cannot be used — for example when the share capital is above €0 or the shares carry a subscription price. Paid to PRH and entirely separate from ENB's own €400 formation fee. |
| PRH registration fee — sole trader (yksityinen elinkeinonharjoittaja) | €75 | PRH price list in force from 1 January 2026. |
| PRH registration fee — Ay / Ky (avoin yhtiö, kommandiittiyhtiö) | €300 | PRH price list in force from 1 January 2026. A cooperative (osuuskunta) is €400. |
| Monthly accounting service | ≈ €80–350 / month | Depends on transaction volume, payroll and VAT period. Indicative only. |
| Annual financial statements and filings | ≈ €300–900 / year | May be included in an accounting package. Indicative only. |
| Certified translation and document legalisation | ≈ €40–120 / document | May be required for foreign founders' identity and register documents. Indicative only. |
| Business bank account | ≈ €0–50 to open, plus a monthly package fee | Varies by bank and customer profile. Indicative only. |
| Entrepreneur residence permit fee (optional) | ≈ €350–520 | Only where a residence permit is needed; set by Migri's tariff. Indicative only. |
| YEL entrepreneur pension insurance | ≈ 24% of declared YEL income | A legal obligation for entrepreneurs above the income threshold. Indicative only. |
These amounts are not a price quote. Official fees are set by PRH, the Tax Administration and Migri; service fees are set by the provider you choose.
Timelines
With complete documentation, typical durations look like this.
| Stage | Typical duration |
|---|---|
| Preparation and document collection | 3–10 days |
| PRH registration (online) | 1–3 weeks |
| PRH registration (paper) | 3–6 weeks |
| Tax register processing | With registration, or 1–3 weeks |
| Business bank account | 1–4 weeks |
| Entrepreneur residence permit decision (if needed) | 1–4 months |
Durations depend on each authority's workload and the complexity of your case; the final timeline is determined by the authority.
How this relates to residence permits
Registering a company in Finland does not by itself grant a right of residence. EU/EEA citizens need no separate permit. Non-EU citizens who want to live in Finland and run the company must apply for a suitable residence permit.
Two routes stand out: the entrepreneur residence permit (yrittäjän oleskelulupa) and the startup entrepreneur permit, which requires a positive eligibility statement from Business Finland.
- •The company must have genuine, sustainable activity, and the business plan must support the expected income.
- •You must document income sufficient to cover your means of support.
- •Company formation and the permit application often run in parallel; the right order depends on the case.
- •The final decision belongs to Migri (the Finnish Immigration Service); ENB Consulting provides preparation and advisory support only.
Common mistakes
- •Choosing a company type without reviewing the tax and YEL implications.
- •Submitting only one name option to PRH and losing weeks to a rejection.
- •Planning an online filing without having Finnish electronic identification.
- •Forgetting to request entry into the prepayment register (ennakkoperintärekisteri).
- •Assuming a bank account is automatic, and applying without KYC documentation ready.
- •Setting up bookkeeping months after incorporation and having to reconstruct records.
- •Discovering the residence permit requirement only after the company is registered.
Frequently asked questions
The questions we hear most often about starting a business in Finland.
Read deeper on one company form
This page compares which company form fits you, what it costs and how long it takes. Once you have settled on a form, these guides carry the detail.
- The Oy (limited company) in FinlandThe osakeyhtiö itself: EUR 0 minimum share capital, the YTJ filing, ownership and management.
- Company formation 2026: the complete guideThe full Oy formation process: PRH/YTJ, the Business ID, the beneficial-owner filing, tax registers and bank KYC.
- Toiminimi and working freelanceWorking in your own name without forming a company: the toiminimi, YEL and invoicing.
Get a clear roadmap for your own situation
Take the free pre-assessment to see which company type and which steps fit your case in a few minutes, then book a detailed session with a consultant if you want to go further.
Legal notice
The information provided is preliminary guidance only. Final decisions and official outcomes are made by the relevant authorities, banks, and institutions. Each case is unique and should be reviewed by our consultants.