Finnish Business_ What You Should Know_

1. Finnish Business: What You Should Know? It is not easy to start a business in Finland. Still, we believe that starting a business in Finland is one of the best ways to start your own business. You become independent, you get to work on your terms and you can make a lot of things right from the beginning. Tired of working for someone else? Is your boss an idiot? Do you feel like you are smarter than the person who signs your paycheck? Was it just bad luck that kept you out of Harvard Business School? If so, consider starting your own business. Finland is a great place to do so if you’re willing to work hard and be patient. Starting a business in Finland requires some perseverance and patience. Here are some tips on what you need to know before starting a Finnish business: Source: forbes.com

2. First of all, as a company, you should be aware that Finland is one of the most stable and safest countries in the world concerning political and economic situations. The Finnish business culture has been carefully shaped over the years through strong values and beliefs. That is why meeting deadlines and keeping promises are top priorities for Finnish businessmen who also expect their associates to share the same values. Finland is a high-tech country and as such, it has created a competitive and innovative business environment for all sorts of businesses. However, it should be noted that many Finnish businessmen think long-term and are very careful about taking risks. Therefore, the best way to find success is to make an effort and develop a solid business plan that takes long-term goals into account. That being said, not every business will work well in Finland. Start with a trial run first and then move on to your main product. In Finland, you can start your own company without any special permission or license as long as you have at least €7000 of investments/salary/savings in working capital. If you don’t have enough money on hand, you can apply for a business loan from the bank. So that you have money ready to support yourself and your family. However, you should be aware that it can take a long time to get a business loan in Finland. You can apply for the license in contact with the Finnish Tax Administration (Finland’s Internal Revenue Service). You will need to fill out an application and provide:

3. Source: howspace.com The taxation of a company is based on its profits. In Finland, if your business makes a profit, taxes are calculated based on your net income according to this system: If you have negative profits, taxes are calculated as follows: If you have a negative profit, the tax you pay is based on the level of your profits instead of the level of your income. If your company is a profit company, you are entitled to deductions as follows: In contrast, if your company is taxed with identical taxation for owners, wages, and financial services, you can choose between different methods for calculating your tax. In terms of business etiquette, Finland belongs to those countries where people are very punctual when it comes to meetings. On-time in Finland means 5 minutes early, 10 minutes late is considered rude.

4. Most spoken language in Finnish companies is English, therefore there should not be any language barriers whatsoever. And don’t worry about making mistakes. Business relationships are built on trust and respect, so always keep in mind that being polite and respectful is crucial if you want to make new professional connections or create new business partnerships with Finnish companies or businessmen. When starting a business in Finland, it is advisable to seek the help of an experienced Finnish businessman or woman who has successfully started up several businesses before. A great opportunity to do so is the Sibelius Academy’s CEO mentoring program. You can apply online here and meet people face to face through the mentor program. Finland has many success stories of businessmen and women who have successfully started their businesses from scratch while living on a low income. However, you should be aware that starting a business in Finland is not easy and it is a long road from idea to success. Starting a business in Finland will require capital investment, time, and hard work. You will need plenty of patience as well because it takes about 3 years to make your business profitable. Try to keep your personal life as stable and consistent as possible during the early start-up years. This will allow you to concentrate on the most important thing: your company itself. Keep in mind that your clients or customers represent the lifeblood of your company, so remember always to treat them with the utmost respect. Many people decide to start a business in Finland because of the high standard of living. The business atmosphere in Finland is stable and experienced entrepreneurs are always happy to help you with your project. They will provide you with everything from software design and templates, to video tutorials as well as legal advice if needed. That being said, don’t forget to keep your marketing plans handy if you want to become an entrepreneur in Finland. You will most likely need internet marketing skills, analytics skills, and technical skills if you want your business to expand rapidly.

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