Opening a bank account for a company
To open a bank account for your company, you always need an extract from the trade register. The bank may also require other documents related to your company. These vary by bank and company form. You can open the account either by visiting one of the bank's branches or online, depending on the bank. At the same time, remember to also get the tools you need to use the account, such as the online banking IDs and a debit card.
Banks are obliged to provide basic banking services to retail customers but are not obliged to open an account for the company.
As a private entrepreneur, you can use your company's money fairly freely. However, it is a good idea to open a separate bank account for your business name. This makes it easier for you to see which payments belong to your private life and which to your company's transactions.
You can usually open a normal current account or a more versatile business account for your business name.
When you are opening an account for your business name, you usually have to provide the bank with at least the following documents and information:
- an extract from the trade register, no more than three months old
- a report of the nature of your company's operations, such as the business plan
- an estimate of the number and size of your company's financial transactions
- a personal identification document.
If you are opening the account before registering your company, you will not have an extract from the Trade Register yet. In that case, instead of the extract, you should provide
- a copy of your company’s start-up notification
- a certificate from the Trade Register proving that you have submitted a start-up notification.
When you are setting up a limited liability company without share capital, do not open an account for the company until it has been entered in the Trade Register. You usually have to provide the bank with at least the following documents and information:
- an extract from the Trade Register, no more than three months old
- the Articles of Association
- the minutes of the board meeting, in which the decision to open the account and the details of who is entitled to use the account are recorded
- a report of the nature of your company's operations, such as the business plan
- an estimate of the number and size of your company's financial transactions
- a personal identification document.
If share capital is paid to your limited liability company, you must open an account for the company that you will establish and pay the share capital to the account before registering the company in the Trade Register. In that case, you will not yet have an extract from the Trade Register. Instead of the extract, provide the bank with
- your company's Memorandum of Association, no more than three months old
- a copy of your company's start-up notification
- a certificate from the Trade register proving that you have submitted a start-up notification.
Send the extract from the Trade Register to the bank afterwards as soon as you receive it.
When you are opening an account for your general partnership or limited partnership, you are usually required to provide the bank with at least the following documents and information:
- an extract from the trade register, no more than three months old
- the partners' notification of who is entitled to use the account
- the partnership agreement
- a report of the nature of your company's operations, such as the business plan
- an estimate of the number and size of the company's financial transactions
- a personal identification document.
If you are opening the account before registering your company, you will not have an extract from the Trade Register yet. In that case, instead of the extract, you should provide
- a copy of your company’s start-up notification
- a certificate from the Trade Register proving that you have submitted a start-up notification.
When you are setting up a cooperative, you must open a bank account for it before the Finnish Patent and Registration Office can enter it in the trade register. This is because the membership share capital required when establishing a cooperative must be paid to the cooperative's account before the registration.
When you are opening an account for a cooperative that is about to be set up, you usually need to provide the bank with at least the following documents and information:
- the cooperative's Memorandum of Association, no more than three months old
- the rules of the cooperative
- the minutes of the board meeting, in which the decision to open the account and the details of who is entitled to use the account are recorded
- a report of the nature of the cooperative's operations, such as the business plan
- an estimate of the number and size of the cooperative's financial transactions
- a copy of the cooperative's start-up notification
- a certificate from the trade register proving that you have submitted a start-up notification
- a personal identification document.
Send the extract from the Trade Register to the bank afterwards as soon as you receive it.
If your company is foreign, it should usually be registered for you to be able to open a Finnish bank account for it.
When you are opening an account for your foreign company, you usually need to provide the bank with at least the following documents and information:
- an extract from the trade register or a corresponding register, no more than three months old
- Articles of Association or a corresponding document
- details of the company's ownership arrangements
- an official document deciding to open the account and naming those entitled to use it
- a letter of recommendation from the bank with which your company has an account in its country of residence, no more than three months old
- a report of the purpose of opening a Finnish account
- an estimate of the number and size of your company's financial transactions
- the business plan or some other report of the nature of your company's operations
- detailed contact information of the contact persons in your company
- details of the users of the account, their signature samples and photocopies of their passports
- a personal identification document.
The bank may require that you have the documents translated into Finnish, Swedish or English.