Choose the type of your business
Here is a summary of the most common types of business.
| Private trader | General partnership | Limited partnership | Limited company | |
|---|---|---|---|---|
| Number of owners | Only 1 natural person |
At least 2 partners |
At least 1 general and 1 silent partner | At least 1 shareholder. At least one ordinary member and one deputy member in the board of directors. |
| Owner liability | The private trader is personally liable for the agreements entered into and for the debts of the business. | The partnership can enter into agreements, but if it cannot pay its debts, the partners are liable. | The partnership can enter into agreements, but if it cannot pay its debts, the general partner is liable. | The company can enter into agreements and is liable for its debts. Shareholders don’t have personal liability for the obligations of the company. |
| Capital requirement | No | No | General partner: no There is no minimum or maximum cap on the investment (taxation practice may set a minimum amount for the company in order to be regarded as a limited partnership). |
Share capital at least 0 euros. |
| Representatives | The private trader | The partners | The general partner | The board of directors |
| Registration to the Trade Register | Possibly* | Yes | Yes | Yes |
| Company name protection | In Finland if the private trader is registered with the Trade Register | In Finland | In Finland | In Finland |
| Trade Register handling fee for a start-up notification | 115 euros | 240 euros | 240 euros | 380 euros |
Notification form |
Y3 | Y2 | Y2 | Y1 + appendix form 1 |
| Enclosures to the start-up notification | A receipt of the handling fee, normally no other enclosures needed | The original Partnership Agreement, a receipt of the handling fee, normally no other enclosures needed | The original Partnership Agreement, a receipt of the handling fee, normally no other enclosures needed | Original Memorandum of Association, a copy of the Articles of Association, a deed showing that the share capital has been paid, a receipt of the handling fee + other enclosures when necessary |
* As a private trader, you must report for registration at the Trade Register if you:
- operate in a licensed trade,
- operate in permanent premises, such as a room separate from your home, or
- employ people other than your immediate family members (your spouse, or your child/grandchild who is a minor or under guardianship).
Branch of a foreign-based trader
If you already own a company in another country, you may want to establish a branch of that company in Finland. A branch of a foreign-based trader is a part of a foreign organisation or foundation that
- carries on a continuous business or trade in Finland
- is located in a permanent place of business in Finland
- acts in the name and for the benefit of the foreign organisation or foundation.
More information on how to register a branch with the Trade RegisterOpen link in a new tab.