Choose the type of your business
Here is a summary of the most common types of business.
|Private trader||General partnership||Limited partnership||Limited company|
|Number of owners|| Only 1 natural person
|| At least 2 partners
||At least 1 general and 1 silent partner||
At least 1 shareholder. At least one ordinary member and one deputy member in the board of directors.
|Owner liability||The private trader is personally liable for the agreements entered into and for the debts of the business.||The partnership can enter into agreements, but if it cannot pay its debts, the partners are liable.||The partnership can enter into agreements, but if it cannot pay its debts, the general partner is liable.||The company can enter into agreements and is liable for its debts. Shareholders don’t have personal liability for the obligations of the company.|
General partner: no
There is no minimum or maximum cap on the investment (taxation practice may set a minimum amount for the company in order to be regarded as a limited partnership).
|Share capital at least 0 euros.|
|Representatives||The private trader||The partners||The general partner||The board of directors|
|Registration to the Trade Register||Possibly*||Yes||Yes||Yes|
|Company name protection||In Finland if the private trader is registered with the Trade Register||In Finland||In Finland|| In Finland
|Trade Register handling fee for a start-up notification||115 euros||240 euros||240 euros||380 euros|
|Y3||Y2||Y2||Y1 + appendix form 1|
|Enclosures to the start-up notification||A receipt of the handling fee, normally no other enclosures needed||The original Partnership Agreement, a receipt of the handling fee, normally no other enclosures needed||The original Partnership Agreement, a receipt of the handling fee, normally no other enclosures needed||Original Memorandum of Association, a copy of the Articles of Association, a deed showing that the share capital has been paid, a receipt of the handling fee + other enclosures when necessary|
* As a private trader, you must report for registration at the Trade Register if you:
- operate in a licensed trade,
- operate in permanent premises, such as a room separate from your home, or
- employ people other than your immediate family members (your spouse, or your child/grandchild who is a minor or under guardianship).
Branch of a foreign-based trader
If you already own a company in another country, you may want to establish a branch of that company in Finland. A branch of a foreign-based trader is a part of a foreign organisation or foundation that
- carries on a continuous business or trade in Finland
- is located in a permanent place of business in Finland
- acts in the name and for the benefit of the foreign organisation or foundation.