Residency By Investment - EUROPE

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FINLAND

Northern Europe’s Nordic region includes Finland. The Gulf of Bothnia and the Gulf of Finland of the Baltic Sea, which traverse Estonia to the south, define its western and eastern land borders, respectively, with Sweden to the west, Russia to the east, and Norway to the north. In 1955, Finland ratified a formal neutrality policy and became a member of the UN. In addition to joining the OECD in 1969, Finland also joined the NATO Partnership for Peace in 1994, the European Union in 1995, the Euro-Atlantic Partnership Council in 1997, and the Eurozone in 1999, the year the currency unit was established.

Finland is a top performer in numerous metrics of national performance, including education, economic competitiveness, civil liberties, quality of life and human development. In 2015, Finland was ranked first in the World Human Capital and the Press Freedom Index and as the most stable country in the world during 2011-2016 in the Fragile States Index, and second in the Global Gender Gap Report. . It also ranked first on the World Happiness Report for 2018, 2019, 2020 and 2021.

Capital
HELSINKI
Population
5,536,146 (December 2020 ESTIMATE)
Currency
Euro
GDP (PPP)
USD 257 billion (2020)

Residence permit application for an entrepreneur

If your intention is to relocate to Finland in order to start a business, submit this application for a Finland Residency by Investment. Entrepreneurs often need to register their business in the Trade Register kept by the Finnish Patent and Registration Office before permission may be provided.

You are an entrepreneur if you are

  • a private business owner who operates what is referred to as a toiminimi (individually owned business)
  • A partner in a general partnership
  • A silent partner who is not a general partner in a limited partnership
  • A co-op member who is personally liable for any refinancing. The trade registration must be notified of the unrestricted duty to contribute.
  • If you personally own at least 30% of the company’s share capital or personally have at least 30% of the votes generated by the company’s shares, or if you are a person in a managerial position in another type of company with similar authority in the board of directors, you are a shareholder in a limited liability company (Managing Director or member of the Board of Directors) or you are employed by another type of company in a managerial position.

A residence permit cannot be granted only on the basis of business ownership. You must also be employed by the Finnish company. Two steps will be taken to process the application. A partial decision will first be made by the ELY Centre for Economic Development, Transport, and the Environment. After that, the application will be processed by the Finnish Immigration Service.

  • Expected processing time for electronic application
    First permit 11-12 months / extended permit 11 months
  • Expected processing time for the paper application
    First permit 11-12 months / extended permit 11 months
  • Electronic application fee
    First permit 490 € / extended permit 160 €
  • Paper application fee
    First permit 690 € / extended permit 430 €

Freelancers and light entrepreneurs

Freelance work means that you work independently, and usually for several contractors, without having a permanent employment relationship.
If you work for yourself while engaging in entrepreneurial activities, you are a “light entrepreneur.” Through a platform company (like Foodora, Freska, Uber, or Wolt), you offer services or sell goods to your own clients..

To work as a freelancer or a light entrepreneur, you need to have a residence permit for an entrepreneur. Only if you perform work in an employment connection while being directed and supervised by your employer may you apply for a residence permit for an employed person.

In order to get a residence permit for an entrepreneur, you need to have a Business ID. If you are a private trader, meaning that you have an individually-owned business (toiminimi), your domicile must be registered in an EEA country.

Only if you apply for your first residence permit before coming to Finland as a private trader are you eligible to apply for a residence permit for an entrepreneur without a Business ID. This is due to the fact that a toiminimi (individually held business) cannot be established abroad. All necessary information regarding your company, along with the paperwork required for business registration, must be included in your residence permit application.

General requirements for Entry into Finland

Make sure you meet the general requirements for entry into Finland before you submit an application

  • You have a valid passport:

You can only get a residence permit if you are able to travel to Finland and stay in the country legally. To do this, you must have a passport that is valid throughout the time your residence permit is valid.

  • You have not been prescribed a prohibition of entry.
  • You are not a danger to public order and security.
  • You are not a danger to public health.
  • You are not a danger to Finland’s international relations.

Requirements

You must also meet the following requirements:

  • You are a self-employed person and your form of business is one of the following:
  • a private trader, in other words a private entrepreneur
  • a partner in a general partnership
  • a general partner (not a silent partner) in a limited partnership
  • a member of a cooperative who has an unlimited liability for refinancing
  • entrepreneur in a limited liability company
  • Your business operations are profitable

Your business must be profitable. Your means of support must be secured by your income from your business. A Centre for Economic Development, Transport and the Environment (ELY Centre) will assess whether you meet these requirements.

  • You have registered your business in the Trade Register maintained by the Finnish Patent and Registration Office

Right to work

  • When you have been issued with a residence permit for an entrepreneur, you may also work as an employee for another employer. However, you must earn your living primarily from your business, as a residence permit for an entrepreneur is issued for engaging in business activities.
  • If you have been granted a residence permit on some other grounds than entrepreneurship, you can still start a business in Finland if the main purpose of your stay in the country is some other than entrepreneurship (such as other work, your family ties or studies). In other words, the main purpose of your stay in Finland cannot be entrepreneurship.
  • If you apply for an extended permit, check if you have the right to work while your application is being processed.

General attachments

  • Valid passport (you must present it when you submit the residence permit application)
  • Passport photo complying with the photo guidelines issued by the police or a photograph retrieval code you received from a photo shop,
  • Colour copies of the passport page containing personal data and of all passport pages that contain notes
  • Document showing that you are legally staying in the country where you submit the application
  • Form MP_1 (if you already are in Finland and apply for your first residence permit)

Application-specific attachments

  • Trade register extract or explanation why the company has not been entered in the Trade Register
  • Description of the business idea of the company
  • Document concerning business premises
  • Report on the number of employees
  • Certificates on professional qualifications
  • Document concerning assets and other income
  • If the company is already in business:
    • The latest financial statements, if the company has been in business so long that it has financial statements
    • The latest updated accounts
  • If the company is not yet in business:
    • Calculation of profitability (estimate of the company’s revenue and costs for the next two years)
    • Copies of agreements signed with customers and partners, if such exist

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