The Finnish Business Immigration Program is suitable for many entrepreneurs - from sole proprietors and freelancers to general partners, cooperative members and shareholders. Finland differs from many other European countries in that it does not impose additional obligations on the entrepreneur. For example, there are no restrictions on company turnover and areas of activity, mandatory minimum investment in the economy of Suomi, as well as conditions for employment of local residents.
An initial residence permit is issued for one year with an option to extend it for one to four years on the basis of a business. After four years of residence in Finland it is possible to obtain citizenship.
Basic requirements for an entrepreneur to apply for a residence permit in Finland
Business registration
According to information from the Finnish Immigration Service, the entrepreneur is considered:
• Individual entrepreneur (Toiminimi);
• General partner in a general or limited partnership;
• Member of a cooperative with unlimited responsibility for refinancing (this right must be recorded in the trade register);
• A shareholder holding a managerial position in an LLC or in a company with another form of ownership. The condition is to own at least 30% of the shares in the share capital.
• General partner in a general or limited partnership;
• Member of a cooperative with unlimited responsibility for refinancing (this right must be recorded in the trade register);
• A shareholder holding a managerial position in an LLC or in a company with another form of ownership. The condition is to own at least 30% of the shares in the share capital.
Pre-approval of the application
At the time of applying for a residence permit, the company must be approved by the Center for Economics, Transport and the Environment (ELY-keskus), which evaluates the profitability of the firm based on a business plan or financing plan.
Work in Finland
The entrepreneur cannot remain an «outside» observer. He is obliged to participate in the activities of the company, receive income and pay taxes in Finland.
Minimum income
The applicant-founder of the company must receive a salary of at least €1,500 per month. On this amount must be transferred taxes in the amount of €300. If the applicant does not move alone, but with his family, the amounts are doubled.
It makes sense to buy a ready-made business in order to obtain a residence permit if you do not yet have your own business ideas and customers. The advantage of a working business is that it has valid agreements with partners, tax practice and work experience in Finland.
It is better not to try to find a business in Finland on your own. It is impossible to find out the finances and history of an object without a good knowledge of the Finnish language, mentality and local business culture.
We help you find a ready-made business on a professional level. We gather all the documents and the history of the company in question, so that there are no pitfalls in the future work with the new owner. We can also analyze how suitable this business is for you as a new owner depending on your professional skills, education and experience.
This option is better for those who already have their own business ideas and business partners. In this case it will be the least risky.
When applying for a residence permit based on the creation of a business, it is important to provide a good business plan and a profitability plan for the company. This is the criterion on which your future business in Finland will be evaluated by the ELY-keskus (ELY-Transport and Environment Centre). We can help you prepare both documents.
Both in the case of buying a ready-made business and in the case of starting a business from scratch, it is important to calculate all possible risks. It is impossible to do it without knowledge of the local business environment and the Finnish economy. Leave this work to us. We analyze a business for one of the 20 major risks, including legal, operational, reputational and strategic. Knowing the pitfalls that may be waiting for you on the way of a particular business in Finland, you can quickly change your strategy and make the only right decision.