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Private trader company in a nutshell

  • Registering a private trader company is easy and doesn’t cost much, and you don’t necessarily need a lot of starting capital to set it up.
  • The company’s taxation is very simple. Everything you earn through your private trader company is considered your personal income, which is taxed together with all your other income.
  • Although a large percentage of private traders earn all their income through their business, you can just as well operate as a part-time entrepreneur.
  • Having registered as a private trader, the authorities will treat you as an entrepreneur. This will affect any benefits you receive, such as unemployment benefits.
  • As the owner of the private trader company, you are personally liable for your company’s debts and commitments. 
1. Registering your private trader company in the Trade Register
2. Banking services
3. Self-employed person’s pension insurance (YEL)

Registering as a private trader

Registering your private trader company in the Trade Register is voluntary. However, to gain access to our comprehensive corporate services, you must register your private trader company in the Trade Register. 

You will gain the following advantages from registering your private trader company:

  • Your company name will be protected. No one else may use your company name for business activities.
  • You will gain more credibility. Customers and partners searching for information on your company may find it odd if it is not registered. 
  • You can do your banking more conveniently. You can digitally sign agreements for your company without having to come to our branch.

Banking services for registered private traders

Advantages of opening a corporate account: 

  • As our corporate customer, you will have access to our diverse range of digital services, including our handy online bank and mobile bank, where you can handle such everyday banking tasks as paying your bills and opening services. In addition, you can contact our experts at Nordea Business Centre for help through our chat, on the phone or online. 
  • Our Nordea Digital corporate package (EUR 15.70 per month, including VAT) offers the necessary banking services for entrepreneurs in one bundle. You can also easily complement the package with additional services, which are subject to the fees set in our tariff.
  • Read more about the corporate package here.

Self-employed person’s pension insurance (YEL)

  • As a private trader, you will need a YEL pension insurance almost without exception. 
  • You are obliged to obtain a YEL pension insurance if your business activities last for at least four months and your estimated annual trade income is more than EUR 8 261,71 (in 2022).

Frequently asked questions about banking services for private traders

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