You must either submit a start-up notification for a limited liability company or use a guided start-up package.A private limited liability company does not have minimum capital requirements. If you set up a public limited liability company, the minimum share capital is EUR 80,000.
The establishment is usually possible electronically, which is faster and less expensive than using a paper form. The key organs of a limited liability company are the shareholders’ General Meeting, Board of Directors and the Managing Director. You may also participate in the decision-making of your company as a shareholder in the General Meeting, a member of the Board of Directors or the Managing Director.
You can set up a limited liability company either on your own, or together with other shareholders. If you set up a company alone, you are its only shareholder and often at the same time, the Board of Directors. In that case, the company’s Board of Directors must also have one deputy member.
At least one actual member of the company’s Board of Directors and one possible deputy member, as well as your company's Managing Director shall be permanently resident in the European Economic Area. Otherwise, they will need a permission from the Finnish Patent and Registration Office to take on a role of leadership and responsibility in your company.
If you are under the age of 18, you can set up a limited liability company only with a parent’s or guardian’s consent. In general, your parent or guardian or the guardian’s deputy marks your shares for you. If you are under 18 years of age, you cannot operate as a member of the Board of Directors or the Managing Director of your company.
Please note that even a company or another entity can set up a limited liability company. A member of the Board of Directors and the Managing Director have to, however, be a natural person.
If you set up a private limited liability company, you do not necessarily need any share capital for it. However, if you wish you can invest share capital in your company and use it, for example, for the initial acquisitions required in your business operations. On the other hand, if you set up a public limited liability company the shares of which are traded, the minimum share capital is EUR 80,000.
Please note that, in addition to acquisitions at the early stages of your company, you will need money to cover the running expenses for at least 2–3 months. You will also need money to live on before your business activities start to generate sufficient income.
You can apply for start-up money from the TE Services to secure your livelihood in the initial stages of your business. You should always apply for the start-up assistance before setting up your company. If necessary, you can also apply for a loan, for example, from a bank or another financial institution. If your company lacks the guarantees required by a bank, Finnvera's partial guarantee, i.e. a guarantee that the bank can apply for your from Finnvera, can be a solution for arranging the financing. In addition, you can obtain financing from business angels or other capital investors.If you set up a private limited liability company, you do not necessarily need any share capital for it. However, if you wish you can invest share capital in your company and use it, for example, for the initial acquisitions required in your business operations. On the other hand, if you set up a public limited liability company the shares of which are traded, for example, on a stock market, the minimum share capital is EUR 80,000.
You can usually register a limited liability company electronically with the Trade Register in the Business Information System’s online service. A limited liability company must be submitted for registration within three months of the signing of the Memorandum of Association. Otherwise the company formation will expire.
When you register your company in the Trade Register electronically, you have two options: a start-up notification or a guided start-up package.
If necessary, register your company also in the Tax Administration’s Prepayment, Employers’ and VAT registers.
Alternatively, you can send paper versions of the start-up notification and related documentsOpens in a new window.. You can find a templates for these in the start-up package compiled by the Finnish Patent and Registration Office. The processing time of a paper notification is often longer than that of an electronic notification.
If you did not use the new guided start-up package when establishing your company or you used paper version, remember to report you company’s beneficiariesOpens in a new window. to the Trade Register with a separate notification.