Where to Start?
- It’s smart to create a business plan before establishing a company. A business plan is required when you apply for a startup grant or other sorts of grants for your business. The point of a business plan is to explain and justify to yourself and other investors why your business is worthwhile. The business idea, financial plan, budgeting, and customer mapping are the key factors of a business plan.
- One of the most important decisions to make for a company before beginning the business itself is to choose the correct company business form. The two most general company forms are called the sole trader and limited liability company. The company form will affect the way you will be taxed, how the legal liability is divided, your growth opportunities, and how much time you will be owed to administrative tasks. Make sure to get familiar with the different company forms and how they differ from each other, to be able to pick the right one for you.
- To be able to establish a company, you need to make sure you have enough money. In addition to banks, you can apply for external financing from e.g., Finnvera, ELY-centers, and Business Finland, if your own capital is not enough.
- A starting entrepreneur can also apply for a startup grant from the TE-services, which is meant to aid the personal livelihood of the entrepreneurs first 6–12 months from the business’ commencement. If you seek to apply for the grant, make sure to do it well in advance and wait for the confirmation of the grant before starting your business.
Permits and Notifications
- In Finland, there is no need to apply for a separate permit to establish a company unless your industry is subject to a license. For instance, restaurants, stores, repair shops, and companies in the beauty industry need a permit to be able to start a business. Remember to check the permits in your industry and if it’s subject to license, make sure to send an application well in advance.
- To establish a company, you need to file your company’s start-up notification in the Business Information System. You can file the start-up notification online or with a paper form, but the online filing service is only available in Finnish and in Swedish.
- You must decide on a name for your company. Through Name Checking Service, you can check if the name you’ve picked is free to use. The entrepreneur must follow some rules when coming up with a name, the name must not be misleading or remind of a competitor’s name, and the name must also follow the basic rules of the Finnish language and spelling. The name should be catchy, and the customers should be able to combine the right name with the right company.
Get these services for your company
- One of the first tasks for a starting entrepreneur is to open a corporate account for the business in question. For a limited liability company, it’s mandatory to open a corporate account in the establishment phase. It’s recommended that entrepreneurs with a sole trader company open a corporate account as well. By having a corporate account, you can track both your personal and the company’s costs and therefore make bookkeeping easier.
- All companies are obligated for bookkeeping, so as an entrepreneur you must decide how you will arrange your bookkeeping. If you’re not personally a whiz at bookkeeping, you should consider outsourcing. The bookkeeper’s most important tasks are to make sure that bookkeeping, tax deductions, and other official paperwork is registered and done correctly. The entrepreneur or the company management is still responsible for the authenticity of the bookkeeping.
- The entrepreneur’s pension insurance (YEL-insurance) is statutory insurance, which raises the pension and improves social security. The YEL insurance is mandatory when the entrepreneur lives and works in Finland, is between 18-67-years-old and the business goes on for at least four months. Insurance is not necessary if your business starts very small and your earnings don’t exceed the lower limit of EUR 8 575,45 (in 2023).
- In addition to the YEL-insurance, make sure to check if there are any additional insurance in your industry that are mandatory. Have a look at other possible voluntary insurances, getting insurance for yourself and your belongings has never been a bad idea.
- An invoicing software is your basic tool, and something to consider if you send invoices to your clients. By using invoicing software, you will come across as professional and efficient. It’s also much easier and you will most likely be spared from unnecessary mistakes because the software can automatize functions. There are several different invoicing software to choose from, and as an entrepreneur, you can choose the one that best suits your needs.
- These important and helpful services can be compared and purchased on ilona.works’ website, which can be done easily and for free with the help of our consultant. In addition to these, ilona.works also provides other services you need for your company, such as financial services, websites and payment terminals.
Entrepreneurship Expert at Your Service
Our site is currently only in Finnish, but we are glad to help you also in English and Swedish. Book an appointment with our entrepreneurial expert Emil, who will help you with establishing your company, choosing the right services and with other questions regarding entrepreneurship. The service is always free for an entrepreneur.
You can contact us via phone (+358 40 483 8755), WhatsApp, chat or e-mail (emil.korhonen@ilona.works). Our services are available between 9-18:00 from Monday through Friday.
