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Finland Start-Up Visa
Are you a talented entrepreneur or startup enthusiast wishing to launch your innovative and high-impact start-up? Do you wish to grow your business in a thriving economy?
If yes, then Finland Start-up visa is the perfect pathway to meet all your needs. This visa program is introduced by the Govt. of Finland that allows talented entrepreneurs to relocate and establish their start-up company in Finland. The permit is meant to attract and support high-potential start-up founders to become a part of Finland’s vibrant and friendly ecosystem.
Before applying for your Start-up Permit to the Finland Immigration Service, entrepreneurs must get their business model assessed by Business Finland. Business Finland reviews your business model and resources to ensure your business idea has the potential to compete in the international market. Once you are done with the assessment process, you will receive an Eligibility Statement which must be enclosed with your Start-up visa application.
The Startup visa permit is issued for maximum two years which can be renewed again.
If yes, then Finland Start-up visa is the perfect pathway to meet all your needs. This visa program is introduced by the Govt. of Finland that allows talented entrepreneurs to relocate and establish their start-up company in Finland. The permit is meant to attract and support high-potential start-up founders to become a part of Finland’s vibrant and friendly ecosystem.
Before applying for your Start-up Permit to the Finland Immigration Service, entrepreneurs must get their business model assessed by Business Finland. Business Finland reviews your business model and resources to ensure your business idea has the potential to compete in the international market. Once you are done with the assessment process, you will receive an Eligibility Statement which must be enclosed with your Start-up visa application.
The Startup visa permit is issued for maximum two years which can be renewed again.
- BENEFITS
- BUSINESS OPPORTUNITIES
- Biggest advantage of the program can be, you don’t have to invest any of your money. You can acquire equity investment from the third party or entrepreneurs in Finland.
- The corporate tax in Finland is clocked at 20% which is one of the lowest as compared to the developed nations.
- Finland is one of the most competitive economies in Europe. It has an amazing high- tech ecosystem complemented by a remarkable history of digital and IT evolution.
- The capital Helsinki is ranked No. 1 in the local connectivity and collaboration among founders, investors and experts for new business. The city also hosts several networking events to meet with investors and pitch innovative ideas for business in Finland.
- The country has a robust startup ecosystem, financial support from capital firms, assistance from the government. It has a well-balanced society with high standard of living and one of the lowest corruption rates in the world.
- It also known for welcoming foreign businesses and investment by providing government incentives for business as Finland companies. Applicants can avail the benefits of advanced social security and public health care system.
- Country is renowned for excellent education system, dynamic health R&D technological innovation, clean environment, stable and favorable businesses environment and high achievers in all fields.
- It is widely recognized as the happiest country in the world, greenest country in the world, No. 1 in Global Press Freedom, 2nd least corrupted country and 6th best education system in the world.
What are the taxation policies in Finland?
- Finland has favorable corporate taxation rates with 20% which is lower than many developed nations.
- This improved cost competitiveness position due to an increase in its relative wage competitiveness.
- There is no wealth tax in Finland, however you will encounter value added tax (VAT) and corporate taxes.
- VAT is paid by the end consumer but the companies act as collector of VAT by paying the VAT on their sales at rate of 24% and by deducting VAT from their purchases.
- If your company’s turnover is below €100,000 a year, VAT can be filed and paid in quarterly periods. But, if the turnover is below €30,000, then VAT can be filed and paid by yearly basis.
Who can apply for Finland Start-up Visa?
What are the eligibility requirements Finland Start-up Visa?
- Have a team of at least 2 founders with extensive planning and research to move to Finland
- Be genuinely committed to establishing an innovative and scalable start-up company in Finland
- Have an innovative business plan
- Be committed to the business idea and building a company
- Have a holding in the company for not less than 60%
- access to sufficient resources and funding for the company’s early-stage development
- Obtain financial support for the business
What is the Start-up Evaluation Criteria?
While reviewing your business plan, they make sure your plan meets the following objectives:
- What demands and needs your proposed product and service meets
- Your business must have the potential to generate at least tens of millions of revenue internationally
- The business idea must be unique, scalable, and competitive
- The start-up team has done a thorough research on acquiring the customer base and earning model
- The team has already estimated the target audience
- The team must have a versatile experience
- The value created in the new company accumulates in the Finnish economy
- The company must be headquartered in Finland
What is the step-by-step process to apply for Finland Start-up Visa?
Step 1 – Eligibility Statement from Business Finland
- You must attain the Eligibility Statement from Business Finland before submitting the application
- Must explain your business plan before Business Finland
Step 2 – Submit application Finland Immigration Authority
- After receiving a positive assessment from Business Finland, apply for the Finland Startup Permit from Finland Immigration Service (Migri).
- Gather some knowledge on the EU/EEA rights of residence and the residence permits required for the citizens outside of the EU/EEA region.
Step 3 – Arrive in Finland
- Discover a suitable accommodation option depending upon your needs. Open a personal bank account, get an electricity contract, telephone and internet connection services.
- Learn how to get around in Finland and acclimatize with the community and social networks
Step 4 – Establish Your Company
- Enroll your business in the Finland Trade Register. Your business must also be registered for VAT at Finland Tax Administration for tax submission purposes.
- You may opt for a co-working space to work on your business idea. In this step, you must also get the required funding for your company through either private investment companies or angel investors.
- You may also apply to accelerator or business incubator programs to get support from business mentors while creating a customer base.
- You can apply for Business Finland’s Tempo funding wherein you need to acquire €30,000 equity investment by third party or entrepreneurs
How to attain funding from Business Finland’s Tempo funding?
Tempo funding is created for startups, SMEs and mid cap companies in Finland that aim for international growth in innovative ways. Its main focus is to develop the company’s international growth not product development.
- Business Finland Funding covers 75% of the project’s total budget which should be maximum €66,667. Then, the maximum funding can be attained is €50,000.
- A project plan must be submitted for the application
- Income statement with minimum two months and balance sheet from the account ledger for the current accounting period.
- The funds can be used for Pay and purchased professional services, indirect personnel costs, Purchased services, other costs up to amount of 20% of the sum of wages and purchased services.
What are the documents required for the Finland Start-up Visa?
- Valid passport (you must present it while submitting the residence-permit application)
- Eligibility Statement from Business Finland
- Statement of financial status (e.g. bank statement or statement on other assets that can be transferred to Finland)
- supporting documents in favor of your financial resources for your living expenses in Finland
- Innovative Business plan determining shareholder status and Financial Projection
- Market Research on the Finland market
- Resumes and team specifications as per European standards
- Marketing plan
- Products and services
What is the Processing Time and application Fees for Finland Start-up Visa?
The average processing time to evaluate your application is about 30 days. And, you need to pay €350 as an application fee for the Finland Startup Visa.
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