If you are planning to resume your business activity at a later date, consider suspending your business instead of closing it down.
Suspending business activities might be the right choice if
business activity becomes temporarily impossible (e.g. seasonality, illness, holiday season)
risen costs have made it momentarily unprofitable
you want to avoid administrative obligations at a time when there is no business activity
you are not certain whether the activities will resume in the future.
If you become personally unemployed due to the suspension of business activities, investigate your possibility of receiving unemployment benefit as an entrepreneur in advance.
the Finnish Tax Administration removes the company from the necessary registers (VAT register, prepayment register and employer register)
information on the suspension is relayed to the Trade Register automatically.
What to remember after a suspension notification:
Submit the VAT return for the last tax period.
Notify any salaries and employer contributions to the Incomes Register
Submit a tax return if there has been business activity during the tax year.
If your company is a limited liability company or a cooperative, prepare financial statements for each financial year even if operations are suspended.
When you want to resume your business activities, re-notify the company to the Finnish Tax Administration’s registers in MyTax or the Business Information System.