# How to start a business in Finland as a foreigner

The whole path in order, for EU and non-EU founders: right to work, company form, PRH and Vero registration, bank, insurance and bookkeeping, with the authority, cost and wait for each step.

- URL: https://siltanova.com/start-a-business-in-finland/
- Format: Guide · Business
- By: SiltaNova Editorial
- Published: 9 Oct 2026
- Publisher: SiltaNova (https://siltanova.com), Finland

## Short answer

To start a business in Finland as a foreigner, first confirm your right to work: EU citizens may start at once, non-EU citizens need an entrepreneur residence permit. Then choose a company form, file a start-up notification with PRH and the Tax Administration through YTJ, register for tax, take YEL pension insurance within six months, and keep books.

## Key takeaways

- EU citizens may start working in Finland at once. Non-EU founders need a residence permit for an entrepreneur, which Migri issues after a partial decision by the Economic Development Centre.
- A start-up notification filed through YTJ reaches PRH and the Tax Administration. PRH's 2026 fees are 75 euros for a private trader and 300–400 euros for companies.
- Companies must file online from 1 January 2026, and online filing needs a Finnish personal identity code. No official page we read explains how a non-EU founder gets one before the Business ID.
- Vero says registering a new company with its registers takes about three weeks. YEL pension insurance is due within six months of starting.

To start a business in Finland as a foreigner, you first need the right to work as an entrepreneur. Then come a company form, a start-up notification, tax registrations, pension insurance and bookkeeping. Which steps apply depends on where you live and which company form you choose. This guide puts the steps in order and gives, for each, the authority, the cost, the waiting time and the official link, as published on 7 Oct 2026. It is a guide to official sources, not legal or tax advice.

## How do you start a business in Finland?

The table gives the path in order. The order is not strict, and for non-EU founders one link in it is not explained by any official page we read: how to get a Finnish personal identity code before the Business ID. We return to that below.

*Fees and times as published by each authority and read on 7 Oct 2026. Fees and processing estimates change, so check the linked page.*

| Step | Authority | Cost | Waiting time, as the authority states it |
| --- | --- | --- | --- |
| [1a. EU citizen: register your right of residence](https://migri.fi/en/registration-of-right-of-residence) | Migri | 53 € | You may work while you wait. Most cases 2 months, a minority 14 months (Migri's estimate) |
| [1b. Non-EU citizen: residence permit for an entrepreneur](https://migri.fi/en/entrepreneur) | Migri, after a partial decision by the Economic Development Centre (elinvoimakeskus.fi) | First permit 750 € online, 900 € on paper; extension 230 € online, 430 € on paper | Most cases 1 month; legal maximum 2 months (Migri's estimate) |
| [2. Choose a company form](https://www.suomi.fi/company/starting-a-business/forms-of-enterprise/guide/choosing-the-form-of-business/company-registration) | Suomi.fi, PRH | None stated | None stated |
| [3. Check whether PRH must grant a permit](https://www.prh.fi/en/companiesandorganisations/yrityksen_perustaminen/osakeyhtio/permits_to_persons_from_outside_the_eea.html) | PRH | 150 € plus a 6.50 € invoicing fee | Not stated on the page we read |
| [4. Get a Finnish personal identity code](https://dvv.fi/en/personal-identity-code) | DVV | Not stated on the page we read | Not stated on the page we read |
| [5. File the start-up notification](https://www.prh.fi/en/companiesandorganisations/yrityksen_perustaminen.html) | PRH and the Tax Administration, through YTJ | Private trader 75 €; limited company 400 € (300 € guided); general or limited partnership 300 €; cooperative 400 € (PRH fee list, 1 Jan 2026) | Business ID at once when filed online, visible in company search within 3 days on paper (Vero) |
| [6. Register with the Tax Administration](https://www.vero.fi/en/businesses-and-corporations/business-operations/tax-administrations-registers--business/) | Vero | None stated | About 3 weeks (Vero) |
| [7. Open a bank account](https://www.suomi.fi/company/starting-a-business/establishing-a-company-in-finland/guide/companys-bank-account/opening-a-bank-account-for-a-company) | A bank; guidance on Suomi.fi | Not stated | Not stated |
| [8. Take pension insurance (YEL) and, if you hire, employer insurance](https://www.tyoelake.fi/en/pensions-for-the-self-employed/when-do-i-need-insurance/) | Pension insurers; Työeläke.fi | YEL applies from confirmed income of 9,423.09 € a year (2026) | YEL within 6 months of starting self-employment |
| [9. Keep accounts](https://www.suomi.fi/company/financial-management-and-taxation/accounting-and-financial-management/guide/accounting-and-financial-administration/organisation-of-accounts) | Accounting rules; PRH receives financial statements | None stated | From the start; financial statements after each financial period |

**€75** PRH fee for a private trader's start-up notification in 2026 (€300–€400 for companies) (Source: [PRH, fee list updated 1 Jan 2026](https://www.prh.fi/en/price-lists/hinnasto_1/kasittelymaksut/startup.html), 7 Oct 2026)

## Can a foreigner start a business in Finland?

Yes, but the right to work depends on your citizenship. An EU citizen has the right to start working in Finland immediately after arriving, and an unrestricted right to work while an EU registration decision is pending. [1] If you stay for more than three months at a time, you register your right of residence. The fee is 53 euros and the registration is valid until further notice. As a self-employed person you can show, for example, a trade register extract or a certificate of valid YEL insurance. [2]

A citizen of a non-EU country who moves to Finland to become an entrepreneur needs a residence permit for an entrepreneur, according to Suomi.fi. [5] Migri requires a Business ID, except that a private trader may apply for a first permit without one if the application is made before arriving in Finland. Before Migri decides, the Economic Development Centre (elinvoimakeskus.fi) makes a partial decision. The first permit costs 750 euros online or 900 euros on paper. [3] Migri estimates one month for most first applications and gives two months as the legal maximum. [4] Founders of fast-growing companies have a separate route, which we cover in our guide to the Finnish Startup Permit.

> **Light entrepreneurs do not get this permit** Migri says a residence permit for an entrepreneur is not granted to light entrepreneurs, meaning people who work through an invoicing service company. If you only want to invoice without a company of your own, read the conditions before you rely on it for your right to stay.

## Which company form can you choose?

Suomi.fi describes the limited liability company (osakeyhtiö, Oy), general partnership, limited partnership, cooperative and private trader (toiminimi) as forms of business. [17] A limited company can be founded with or without share capital. If it has none, the Trade Register records the share capital as 0 euros. [11] Our explainer on toiminimi or Oy compares liability, tax and cost. If you want to invoice without founding a company, see our explainer on light entrepreneurship in Finland.

## How do you register a company in Finland?

You file one start-up notification. PRH describes the steps as logging in at ytj.fi, filing the notification and, after each financial period, filing financial statements. From 1 January 2026 companies must file online; this does not apply to private traders, associations or foundations. [6] Online filing requires that you are 18 or over, have a Finnish personal identity code and have an authentication method from the Suomi.fi identification service. [8] Vero adds that a self-employed person may also start in MyTax, while a limited company, general partnership or limited partnership must send the notification through the YTJ e-service. [13] If you are registering as a private trader, our step-by-step guide to registering a toiminimi translates each screen of the Finnish-only form.

PRH's fee list, updated on 1 January 2026, gives 75 euros for a private trader, 300 euros for a general or limited partnership and 400 euros for a limited company or a cooperative. A limited company filed through the guided route costs 300 euros. [7] The guided route is for a company with zero share capital, adult shareholders, standard articles of association and everyone involved holding a Finnish personal identity code. The standard route is used when, among other cases, not all the persons filed have a Finnish identity code. [11]

## What is the Finnish Business ID, and how fast do you get it?

The Business ID (Y-tunnus) identifies your business. PRH says a business is given its Business ID as soon as the notification is entered in the Business Information System. [8] Vero says that with an electronic notification you receive the ID immediately, and that a paper notification becomes visible in company search within three days. [13] PRH also publishes a status page of the notifications it is processing. On 5 Oct 2026 it showed that notifications that arrived on 28 September 2026 (filed online at ytj.fi) and on 11 August 2026 (on an online form or on paper) were being processed. These are arrival dates, not a promised duration. [12]

## How does a foreign founder get a Finnish personal identity code?

DVV says a foreign citizen moving to Finland is issued a personal identity code after being registered in the Population Information System, either at their own request or when they are granted a residence permit. [16] PRH's filing page does not say what a foreigner without such a code should do. [8] This leaves a gap for non-EU founders. Migri asks for a Business ID, a Business ID needs a start-up notification, and online filing needs an identity code. No official page we read explains the order. Ask Migri and PRH directly before you spend money.

## Do you need a PRH permit if you live outside the EEA?

Possibly. PRH says residence, not citizenship, decides. A limited company needs no permit if at least one board member lives in the EEA, but PRH also requires the managing director to live in the EEA, or a permit is needed. A private trader whose place of residence is outside the EEA has to apply for a permit. In a partnership, at least one partner with unlimited liability must live in the EEA. [9] The permit application fee is 150 euros plus a 6.50 euro invoicing fee. [10] The pages we read give no processing time.

## What must you register with the Tax Administration?

Vero's registers for businesses are the VAT register, the prepayment register and the employer register. You register when the business actually starts, and Vero says entering a company in its registers can take up to three weeks (page dated March 2025). [14] Its guide for new entrepreneurs says companies with more than 20,000 euros in annual net sales must register for VAT, and that prepayments are requested in MyTax. [15] Vero's start-up page puts the whole job of finalising a new company's registrations at about three weeks. [13]

## Can you open a bank account for the company?

The official pages we read give no waiting time for opening a business bank account and say nothing about how a bank treats a foreign founder. Suomi.fi has a page on opening a company bank account, dated 2025, so check it and your bank before you plan around it. [21]

## Which insurance and bookkeeping rules apply?

A self-employed person takes YEL pension insurance within six months of starting. It applies when the self-employment lasts at least four months, you live in Finland and your confirmed income is at least 9,423.09 euros a year in 2026. [18] Our explainer on YEL insurance in Finland covers how the income is set and what it costs. If you hire staff, Suomi.fi lists TyEL pension insurance and, when wages exceed 1,500 euros in a calendar year, occupational accident and disease insurance. [19] All companies must keep accounting records. A private trader may use single-entry bookkeeping unless at least two of three limits are exceeded: turnover of 200,000 euros, a balance sheet total of 100,000 euros or more than three employees on average. [20]

## What comes after registration?

Money is the next question. Check the rules of the startup grant (starttiraha) before you start trading, and see our overview of public funding for startups in Finland for grants, loans and programmes.

## What this guide cannot tell you

- How long it takes to get a personal identity code, and how a non-EU founder gets one before the Business ID. No official page we read covers this.
- How long it takes to open a business bank account.
- PRH's processing time for a permit for persons living outside the EEA.
- Fees and processing times change. Each table row links to the page where the authority publishes the current figure.

## Frequently asked questions

### Can I start a business in Finland without a residence permit?

EU citizens can start working in Finland immediately after arriving. Suomi.fi says that a citizen of a non-EU country who moves to Finland to become an entrepreneur needs a residence permit for an entrepreneur. Migri does not grant that permit to light entrepreneurs who work through an invoicing service.

### How much does it cost to register a company in Finland?

PRH's fee list updated on 1 January 2026 gives these start-up notification fees: private trader 75 euros, limited company 400 euros or 300 euros through the guided route, general or limited partnership 300 euros, cooperative 400 euros. The list shows no separate price for paper forms.

### Is there a minimum share capital for a Finnish Oy?

PRH says a limited company can be founded with or without share capital. If the company has none, the Trade Register records the share capital as 0 euros.

### How long does it take to get a Business ID?

Vero says a notification filed electronically gives the Business ID immediately, while a paper notification shows in company search within three days. PRH says the ID is given as soon as the notification is entered in its system. Entering the company in Vero's registers takes about three weeks.

### Do I need YEL pension insurance as a foreigner?

Työeläke.fi says YEL covers a foreign self-employed worker who does self-employed work in Finland. You need it if your self-employment lasts at least four months, you live in Finland and your confirmed income is at least 9,423.09 euros a year in 2026. Take it within six months of starting.

## Sources

1. [EU citizen](https://migri.fi/en/eu-citizen), Finnish Immigration Service (Migri) (accessed 7 Oct 2026)
2. [Registration of right of residence](https://migri.fi/en/registration-of-right-of-residence), Finnish Immigration Service (Migri) (accessed 7 Oct 2026)
3. [Entrepreneur](https://migri.fi/en/entrepreneur), Finnish Immigration Service (Migri) (accessed 7 Oct 2026)
4. [Processing times](https://migri.fi/en/processing-times), Finnish Immigration Service (Migri) (accessed 7 Oct 2026)
5. [Licenses and notifications required of foreign entrepreneurs](https://www.suomi.fi/company/starting-a-business/foreign-entrepreneurs/guide/licenses-and-notifications-required-of-foreign-entrepreneurs), Suomi.fi (accessed 7 Oct 2026)
6. [Start a business](https://www.prh.fi/en/companiesandorganisations/yrityksen_perustaminen.html), Finnish Patent and Registration Office (PRH) (accessed 7 Oct 2026)
7. [Fees for start-up notifications](https://www.prh.fi/en/price-lists/hinnasto_1/kasittelymaksut/startup.html), Finnish Patent and Registration Office (PRH) (accessed 7 Oct 2026)
8. [Filing a start-up notification](https://www.prh.fi/en/companiesandorganisations/yrityksen_perustaminen/perusilmoituksen_tekeminen.html), Finnish Patent and Registration Office (PRH) (accessed 7 Oct 2026)
9. [Permits for persons from outside the EEA](https://www.prh.fi/en/companiesandorganisations/ulkomaalaisluvat.html), Finnish Patent and Registration Office (PRH) (accessed 7 Oct 2026)
10. [Permits to persons from outside the EEA (limited company)](https://www.prh.fi/en/companiesandorganisations/yrityksen_perustaminen/osakeyhtio/permits_to_persons_from_outside_the_eea.html), Finnish Patent and Registration Office (PRH) (accessed 7 Oct 2026)
11. [Limited liability company](https://www.prh.fi/en/companiesandorganisations/yrityksen_perustaminen/osakeyhtio.html), Finnish Patent and Registration Office (PRH) (accessed 7 Oct 2026)
12. [Processing times](https://www.prh.fi/en/processing-times/kasittelyajat.html), Finnish Patent and Registration Office (PRH) (accessed 7 Oct 2026)
13. [Start-up notification](https://vero.fi/en/businesses-and-corporations/business-operations/setting-up-a-business/start-up-notification), Finnish Tax Administration (Vero) (accessed 7 Oct 2026)
14. [Tax Administration's registers](https://www.vero.fi/en/businesses-and-corporations/business-operations/tax-administrations-registers--business/), Finnish Tax Administration (Vero) (accessed 7 Oct 2026)
15. [Checklist for the founder of a new business](https://www.vero.fi/en/businesses-and-corporations/business-operations/setting-up-a-business/checklist-for-the-founder-of-a-new-business/), Finnish Tax Administration (Vero) (accessed 7 Oct 2026)
16. [Personal identity code](https://dvv.fi/en/personal-identity-code), Digital and Population Data Services Agency (DVV) (accessed 7 Oct 2026)
17. [Choosing the form of business: company registration](https://www.suomi.fi/company/starting-a-business/forms-of-enterprise/guide/choosing-the-form-of-business/company-registration), Suomi.fi (accessed 7 Oct 2026)
18. [When do I need insurance?](https://www.tyoelake.fi/en/pensions-for-the-self-employed/when-do-i-need-insurance/), Finnish Centre for Pensions (Työeläke.fi) (accessed 7 Oct 2026)
19. [The employer's statutory insurances](https://www.suomi.fi/company/being-an-employer/employers-responsibilities/guide/employers-responsibilities-and-obligations/the-employers-statutory-insurances), Suomi.fi (accessed 7 Oct 2026)
20. [Organisation of accounts](https://www.suomi.fi/company/financial-management-and-taxation/accounting-and-financial-management/guide/accounting-and-financial-administration/organisation-of-accounts), Suomi.fi (accessed 7 Oct 2026)
21. [Opening a bank account for a company](https://www.suomi.fi/company/starting-a-business/establishing-a-company-in-finland/guide/companys-bank-account/opening-a-bank-account-for-a-company), Suomi.fi (accessed 7 Oct 2026)

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Cite as: SiltaNova Editorial, “How to start a business in Finland as a foreigner”, SiltaNova, 9 Oct 2026. https://siltanova.com/start-a-business-in-finland/