Starting Your Business

Ready to take the first step

Others have stepped these paths of excitement and doubt towards starting a business. We give you the story 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 1. Also, find out why, how and where to get your business registered. And last but not least, learn how important it is to early on decide what type of company you want to start. 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 become reality.

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

  • 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. 


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.

 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. 

 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. 


  • At least two general partners. 
  • General partners are responsible of the company’s obligations with their personal fortune. 

No minimum capital. The capital consists of the investments of the general partners that can be of different amounts and type. A general partner can invest in the company money, goods or just one’s labor input.

The responsibility of the general partners is unlimited and personal. 

The articles of incorporation can be informal but it should always be made as written agreement. In the articles of incorporation general rules of the company are agreed as well as the responsibilities of the general partners.

Limited partnership

  • At least one general partner and one silent partner.
  • The general partner is responsible of the company’s obligations with one’s personal fortune. The responsibilities of the silent partner are limited to the capital inflow.


No minimum capital. The partners of the limited partnership invest a capital inflow. The general partner can invest money, goods or labor input. The silent partner will invest assets


The general partners of the limited partnership are responsible of the company’s debts also with their personal fortune.  

As in the partnership also in the limited partnership the trust and ability to cooperate are crucial. The articles of incorporation should always be made as written agreement. Use an advocate when creating the agreement. If you don’t want to take personal responsibility of your company’s debts, a limited company could be your type of company.

Limited company

  • Most common type of business in Finland. 
  • At least one founder.
  • The minimum capital stock for a private limited company is 2500 euros and for a public limited company it’s 80 000 euros.
  • Shareholders are responsible of the company’s debts with the amount of the capital stock invested. 

Shareholders are responsible with the amount of their investment so they are not responsible with their personal fortune.  

Limited company is more heavy on administration than other business entities. The founder(s) needs to invest at least 2500 euros worth of capital stock and the obligations on financial statements are wider than for example with a sole trader. 

A charter, articles of association and subscriptions of shares are made when the limited company is established. While creating these documents you might want to get some help from an advocate.


  • At least one founder.
  • A company form owned by its members.
  • The members are responsible of the co-operative’s obligations with the amount of co-operative capital. 


The members are responsible of the co-operative’s obligations with the amount of co-operative capital and not with their personal fortune.

Making mutual agreements can be slow if there’s a lot of members.


The membership count and the capital are not predefined. Co-operative can accept and expel members and the members can resign basically whenever. So in that sense co-operative is very flexible company form. 


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:

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. 

Got questions regarding starting your business?

Feel free to book a meeting with a business advisor at Nordea.

Contact us

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?

Doing your reseach