Starting Your Business

Ready to take the first step

The journey of founding a company is filled with excitement and doubt, and you should prepare yourself well for that. Here you can find the stories on what triggered a handful of young Scandinavian entrepreneurs to follow their dream. Learn how much work you need to put into it, how it could affect your private economy and how to get started on the right track, from day one. Also, find out why, how and where to get your business registered. And last but not least, learn how important it is to decide what type of company you want to start already in the beginning of your journey. The following articles, features and videos will help you to get your business started.

If you are ready, now is the time to make your dream come true.

My most valuable lesson

We asked Sonni, Erik, Christian, Jankeh and Pekka to share their most valuable lessons from starting their own business and all the responsibilities that comes with being the boss. Is it the importance of teamwork, making time for friends and family – or is it getting clients to pay their bills?

Balancing life & economy

Meet Mikko Vihersalo, who left his well-paid job as a Hornet fighter pilot only to become his own boss in a trampoline park – it’s an inspiring story. If you want to know how starting your own business will affect your private economy and what you need to consider the interview with Nordea Business Advisor Per will be an educational read for you.

How to register your dream business

Business ID is for businesses and organizations and it’s issued by the Finnish Patent and Registration Office or the Tax Administration. New company will receive the Business ID immediately after the notification of establishment has been registered to the joint database of the Finnish Patent and Registration Office and the Tax Administration that is called the Business information system.    

You should consider what company form suits you and your business the most before delivering the notification. Different company forms are applied with different kind of responsibilities and obligations. 

If your trade or business activity changes for some reason, you can always change the company form to match your current situation better. Some folks start as a part-time entrepreneur, others start their business as a hobby and still keep their day jobs. This way they can try if there’s actually demand for their products or services on the market. In this occasion it’s enough to just register as a sole trader. When the income increases and the business evolves, it’s possible to change your type of business to something else.  

Get familiar with different types of businesses before you register your own company. Notice that it’s chargeable to register your company in the Finnish Patent and Registration Office’s trade register. 

Business type overview

Sole trader

Sole trader

  • The entrepreneur is doing business as an individual with the sole trader business. 
  • The entrepreneur is responsible of the company’s obligations with one’s own fortune. 
  • Your own input is crucial and decision making is flexible. 

Advantages 

Sole trader is the most simple type of business. As a sole trader you’ll be making all the decisions regarding your business by yourself.

Challenges
 As a sole trader you are personally responsible of all the company’s debts and obligations. It means that the creditor is able to reclaim the entrepreneurs personal fortune (for example one’s car or house) if necessary. 

Advice
 If you don’t want to take personal responsibility of your company’s debts, a limited company could be your type of company. Accountant, advocate or the Finnish Enterprise Agencies will give you a hand on which type of business to pick. 

Limited liability company
General partnership
Limited partnership
Co-operative

When you have decided what company form is best for you and your business you can proceed to register your company. Limited company and sole trader can be registered online or with a paper form provided by the Finnish Patent and Registration Office. Other company forms has to register with a paper form.

More information and the necessary forms can be found from the Business information System: https://www.ytj.fi.

My business is my business

How do you go from having an idea to starting your own business? What did other first time entrepreneurs and start-ups do? Meet a couple of ambitious Scandinavian entrepreneurs, who will teach you what to focus on to make your dreams come true. 

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Competition is not a bad thing

Learn, why competition is not necessarily a bad thing. And what makes an investor decide to invest in a newly started company, when the competition in the market is fierce?