Finland
Finland is a top performer in numerous metrics of national performance, including education, economic competitiveness, civil liberties, quality of life and human development.
The economy of Finland has a per capita output equal to that of other European economies such as those of France, Germany, Belgium, or the UK. The largest sector of the economy is the service sector at 66% of GDP, followed by manufacturing and refining at 31%. Primary production represents 2.9%. With respect to foreign trade, the key economic sector is manufacturing.
Finland has significant timber, mineral (iron, chromium, copper, nickel, and gold), and freshwater resources. Forestry, paper factories, and the agricultural sector (on which taxpayers spendcation needed around €3 billion annually) are important for rural residents so any policy changes affecting these sectors are politically sensitive for politicians dependent on rural votes.
The biggest operators in the Finnish banking sector are:
• Danske Bank Group
• Nordea Bank Finland and
• The OP-Pohjola Group
• S-Pankki
The Bank of Finland (Suomen pankki) is a central bank that provides central banking services to domestic financial market participants and is part of the Eurosystem.
In addition to the retail banking sector, there is a state-owned financing company, Finnvera, specialising in offering financial solutions to company start-ups, growth, internationalisation and export. It provides its customers with loans, guarantees, venturecapital investments and export-credit guarantees. Finnvera is also the official Export Credit Agency (vientitakuulaitos) of Finland.
Companies having funding needs for technology and innovation can apply for financing from Tekes – the Finnish Funding Agency for Technology and Innovation (Teknologian ja innovaatioiden kehittämiskeskus), which is a publicly funded innovation financier. Tekes provides its customers with loans and grants.
The local centres for economic development, transport and the environment offer start-up grants for persons looking to establish a business. Other kinds of grants for development, investments or for internationalisation of companies are also available from local and national authorities and ministries.
In addition to the banks and the other previously described financiers, there are also venture capital and private capital investors. These include private funds/organisations and also some public organisations. The Finnish capital investment sector is, however, rather dispersed.
Decisions concerning Finnish taxation are made by the Finnish Parliament and the European Union. Tax legislation is drafted by the Ministry of Finance and enacted by the Parliament. Communes and local church parishes decide on their tax percentage rates themselves.
The Finnish Tax Administration (Verohallinto) collects approximately two-thirds of all taxes and similar duties in Finland. In addition to the Tax Administration, taxes and similar duties are also collected by Finnish Customs (Tulli) and the Finnish Transport Safety Agency (Trafi).
Finland’s long experience of trade in Northern Europe, combined with its historical and cultural ties to neighbouring countries, offers insight and knowledge into the region.
Finland is an advanced industrial economy with a thriving private sector and a business environment which is highly conducive to foreign direct investments. The government is business-friendly and Finland has a developed infrastructure, a skilled workforce and competitive operating costs.
Business in Finland may be carried on by a private entrepreneur or in the form of a company. The forms of Finnish companies are a general partnership, limited partnership, limited company (the most common vehicle for conducting business in Finland) and co-operative. A foreign company may also run a business in Finland through a branch.
There are no general restrictions on foreigners wishing to start business in Finland or ownership restrictions for foreigners. However, foreign ownership in Finnish defence-industry companies can be restricted, if that is seen necessary for national security.
Normally a start-up notification of a business/legal entity has to be registered. There are some restricted or licensed trades that require a particular licence or notification either for general safety or for a guarantee of sufficient quality.
The Finnish legal system protects intellectual property rights and Finland adheres to numerous international agreements concerning intellectual property. Finland has joined the most important copyright agreements. For further information, please see the Finnish Patent and Registration Office and Ministry of Education and Culture Copyright Office.
The judicial system of Finland is a civil law system divided between courts with regular civil and criminal jurisdiction and administrative courts with jurisdiction over litigation between individuals and the public administration. Finnish law is codified and based on Swedish law and in a wider sense, civil law or Roman law. The court system for civil and criminal jurisdiction consists of local courts (käräjäoikeus, tingsrätt), regional appellate courts (hovioikeus, hovrätt), and the Supreme Court (korkein oikeus, högsta domstolen). The administrative branch of justice consists of administrative courts (hallinto-oikeus, förvaltningsdomstol) and the Supreme Administrative Court (korkein hallinto-oikeus, högsta förvaltningsdomstolen). In addition to the regular courts, there are a few special courts in certain branches of administration. There is also a High Court of Impeachment for criminal charges against certain high-ranking officeholders.
Our law firm VLO provides legal services for corporate and private clients in Finland. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
The economy of Finland has a per capita output equal to that of other European economies such as those of France, Germany, Belgium, or the UK. The largest sector of the economy is the service sector at 66% of GDP, followed by manufacturing and refining at 31%. Primary production represents 2.9%. With respect to foreign trade, the key economic sector is manufacturing.
Finland has significant timber, mineral (iron, chromium, copper, nickel, and gold), and freshwater resources. Forestry, paper factories, and the agricultural sector (on which taxpayers spendcation needed around €3 billion annually) are important for rural residents so any policy changes affecting these sectors are politically sensitive for politicians dependent on rural votes.
The biggest operators in the Finnish banking sector are:
• Danske Bank Group
• Nordea Bank Finland and
• The OP-Pohjola Group
• S-Pankki
The Bank of Finland (Suomen pankki) is a central bank that provides central banking services to domestic financial market participants and is part of the Eurosystem.
In addition to the retail banking sector, there is a state-owned financing company, Finnvera, specialising in offering financial solutions to company start-ups, growth, internationalisation and export. It provides its customers with loans, guarantees, venturecapital investments and export-credit guarantees. Finnvera is also the official Export Credit Agency (vientitakuulaitos) of Finland.
Companies having funding needs for technology and innovation can apply for financing from Tekes – the Finnish Funding Agency for Technology and Innovation (Teknologian ja innovaatioiden kehittämiskeskus), which is a publicly funded innovation financier. Tekes provides its customers with loans and grants.
The local centres for economic development, transport and the environment offer start-up grants for persons looking to establish a business. Other kinds of grants for development, investments or for internationalisation of companies are also available from local and national authorities and ministries.
In addition to the banks and the other previously described financiers, there are also venture capital and private capital investors. These include private funds/organisations and also some public organisations. The Finnish capital investment sector is, however, rather dispersed.
Decisions concerning Finnish taxation are made by the Finnish Parliament and the European Union. Tax legislation is drafted by the Ministry of Finance and enacted by the Parliament. Communes and local church parishes decide on their tax percentage rates themselves.
The Finnish Tax Administration (Verohallinto) collects approximately two-thirds of all taxes and similar duties in Finland. In addition to the Tax Administration, taxes and similar duties are also collected by Finnish Customs (Tulli) and the Finnish Transport Safety Agency (Trafi).
Finland’s long experience of trade in Northern Europe, combined with its historical and cultural ties to neighbouring countries, offers insight and knowledge into the region.
Finland is an advanced industrial economy with a thriving private sector and a business environment which is highly conducive to foreign direct investments. The government is business-friendly and Finland has a developed infrastructure, a skilled workforce and competitive operating costs.
Business in Finland may be carried on by a private entrepreneur or in the form of a company. The forms of Finnish companies are a general partnership, limited partnership, limited company (the most common vehicle for conducting business in Finland) and co-operative. A foreign company may also run a business in Finland through a branch.
There are no general restrictions on foreigners wishing to start business in Finland or ownership restrictions for foreigners. However, foreign ownership in Finnish defence-industry companies can be restricted, if that is seen necessary for national security.
Normally a start-up notification of a business/legal entity has to be registered. There are some restricted or licensed trades that require a particular licence or notification either for general safety or for a guarantee of sufficient quality.
The Finnish legal system protects intellectual property rights and Finland adheres to numerous international agreements concerning intellectual property. Finland has joined the most important copyright agreements. For further information, please see the Finnish Patent and Registration Office and Ministry of Education and Culture Copyright Office.
The judicial system of Finland is a civil law system divided between courts with regular civil and criminal jurisdiction and administrative courts with jurisdiction over litigation between individuals and the public administration. Finnish law is codified and based on Swedish law and in a wider sense, civil law or Roman law. The court system for civil and criminal jurisdiction consists of local courts (käräjäoikeus, tingsrätt), regional appellate courts (hovioikeus, hovrätt), and the Supreme Court (korkein oikeus, högsta domstolen). The administrative branch of justice consists of administrative courts (hallinto-oikeus, förvaltningsdomstol) and the Supreme Administrative Court (korkein hallinto-oikeus, högsta förvaltningsdomstolen). In addition to the regular courts, there are a few special courts in certain branches of administration. There is also a High Court of Impeachment for criminal charges against certain high-ranking officeholders.
Our law firm VLO provides legal services for corporate and private clients in Finland. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
