BEFORE YOU ACT
Setting up an LLC (Oy or AB) in Finland is fairly easy compared to other Nordic jurisdictions but it may take a little bit of time. Local help is needed to greatly speed up the process and get all registrations in place past incorporation.
Below is a summary of the issues one needs to address before going ahead and forming a legal entity.
SHARE CAPITAL AND SHAREHOLDERS
You can register a Finnish LLC with a share capital of 0 EUR which simplifies the set up of the LLC. Shareholders appoint and dismiss Directors. Ultimate power within the company is with the shareholder(s) and the Annual General Meeting of Shareholders.
DIRECTORS
At least one Directors and member of the Board. If there are less than three Directors, a Deputy Director must be appointed. This means that an LLC must have at least two Directors. Directors can be of any nationality and reside anywhere in the world but at least half must reside in an EEA country. Nominee Directors are not permitted. Managing Director/CEO is optional but must be an EEA resident. Nordic GEM can provide experienced Directors resident in Finland or EEA.
REGISTERED OFFICE ADDRESS
It is mandatory to have a legal address for your LLC. Nordic GEM can provide you with a registered office address where your official letters will be delivered and scanned for you.
COMPANY FORMATION
Nordic GEM is happy to assist the whole process of setting up your LLC. The formation usually takes about three weeks from filing incorporation documents with the Finnish Trade Register. The share capital needs to be paid into a corporate bank account before the registration is complete, unless you choose to register with 0 share capital.
BANK ACCOUNT
Setting up a bank account with a traditional Finnish bank is difficult. If your company has problems with this, you can choose to register the LLC with a o share capital. After registration, Nordic GEM can assist you with opening a corporate account with a challenger bank such as Revolut or 3S Money.
ACCOUNTING
Ongoing accounting and annual filing of financial statements is mandatory. Providing these services from outside Denmark is not practical and can be very challenging indeed. Nordic GEM can handle your accounting for you.
PAYROLL
If you are going to hire a team in Denmark, you can count on Nordic GEM to help you with the payroll.
