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Weighing the Pros and Cons of setting up a business in Finland Finland is one of the leading countries in the world for anyone wanting start a business, when it comes to competitiveness and innovation. Considering the country’s size, its exports in technology and other hightech sectors are notable. The support in research and development, in regards to GDP and active personnel, is one of the best in the world, thus making it an attractive proposition to start a business in Finland. Why Expand to Finland? When doing business overseas, it is important to study the economic situation before expanding there. Finland is has one of the largest export market. Being a member of the EU, Finland has a highly industrialized and a largely free-market economy. The LPI or Legatum Prosperity Index has voted Finland as the number one as the world’s most prosperous nation, according to economic fundamentals, entrepreneurship and innovation, democratic institutions etc. With a developed infrastructure, a skilled workforce, competitive operating costs, and a highly conducive business environment, there are a number of reasons to expand to Finland. The Main cities and Business opportunities here The regional cities offer a diverse range of opportunities in sectors like Iron and steel, Telecommunications, Industrial equipment, Medical and Pharmaceutical products, Electrical machinery etc. Main cities, which are also the most profitable locations for registering a business in Finland are: Helsinki, Espoo, Tampere, Vantaa, Turku and Oulu. A few essentials to keep in mind Labor force There are agreements in Finland that stipulate the minimum labor rates, and here and most employees are covered by these agreements. These are pertinent to both foreign and Finnish workers and are legally binding. Employers also pay employment pension and unemployment insurance contribution, and these are deducted from the salary each month.

Social security cover for Entrepreneurs As per the Self-Employed Persons' Pensions Act (YEL), it is necessary for entrepreneurs to take out pension insurance. It is prudent for entrepreneurs to take out a voluntary accident insurance policy as they are not covered by accident insurance. In any event of an entrepreneur becoming unemployed, they can qualify for a basic allowance from the Social Insurance Institution of Finland (Kela) and can also voluntarily join the Entrepreneurs' Unemployment Fund for earnings-related unemployment benefits. Entrepreneurs, here also receive a number of other allowances like a maternity allowance, paternity allowance, parental allowance, special care allowance or rehabilitation allowance and sickness allowance, etc.

Occupational Health Care for Entrepreneurs Employers need to arrange for professional-level occupational health services for their employees under the Occupational Health Act. Those who are self-employed can obtain occupational health services by making voluntary arrangements. Professional assistance to overcome the challenges Besides the obvious language and cultural barriers, there are numerous laws and regulations that can be tremendously challenging. It is next to impossible to keep abreast with the laws and regulations in a foreign land. A reliable partner can help you avoid major lapses that can bring about penalties. With the expertise of a business consultant, you can get the necessary advice and expertise in market entry, labor laws, international accounting, sas 70 compliance, etc. With the right methodology and resources your


international business expansion can provide fruitful results. Also read on - Expat tax advice, International accounting services


Weighing the Pros and Cons of setting up a business in Finland