Guide to Finland’s Startup Permit

Thomas | Posted on 14/08/2024 |

Finland, known for its innovative business environment and high quality of life, offers an attractive opportunity for global entrepreneurs through its Startup Permit program. Introduced in 2018, this permit allows non-EU entrepreneurs to establish and grow their startups in Finland, providing a gateway to the European market. This comprehensive guide will walk you through the process, requirements, and benefits of the Finnish Startup Permit. Want to learn more about doing business in Finland? Read our extensive guide our connect directly with our experts.

What is the Finland Startup Permit?

The Finland Startup Permit, officially known as the “Residence permit application for a start-up entrepreneur,” is designed for innovative startup founders from outside the European Union. This permit allows you to establish a startup company in Finland and become part of the Finnish business ecosystem.

Key points about the permit:

It’s typically issued for 2 years and is renewable
There are no specific investment criteria
The permit does not provide direct financial support

Benefits of the Finland Startup Permit

Access to a Business-Friendly Ecosystem: Finland offers one of Europe’s and the Nordics‘ top environments for startups, with a competitive market and high demand for innovative businesses.
Gateway to Europe: The permit provides excellent opportunities for businesses to access the broader European market.
High Quality of Life: Finland is known for its advanced infrastructure, excellent healthcare, and high standard of living.
Path to Residency: The permit opens opportunities to acquire residency status in Finland.
Family-Friendly Immigration: You can apply for residence permits for your family members simultaneously.
Fast-Track Processing: You can opt for fast-track service to get the permit in two weeks.
D Visa Option: You can apply for a D visa simultaneously, allowing immediate travel to Finland once the permit is issued.

Requirements for the Finland Startup Permit

To be eligible for the Finland Startup Permit, you must meet the following criteria:

Innovative Business Idea: Your startup must have potential for rapid international growth.
Team Composition: Your startup team should comprise at least two founders with diverse experiences.
Ownership Structure: The founding team must hold at least 60% of the company’s ownership.
Business Finland Approval: You must obtain a positive Eligibility Statement from Business Finland.
Financial Resources: You must demonstrate sufficient financial resources for your business and personal stay in Finland.
Active Involvement: You must work for the company during your stay in Finland.

Application Process

Obtain an Eligibility Statement: Apply for an Eligibility Statement from Business Finland through Enter Finland.
Prepare Financial Proof: Ensure you have at least €1,000 per month (€12,000 per year) in your bank account or as guaranteed income.
Submit Residence Permit Application: Apply for the Startup Permit through the Finnish Immigration Service, attaching your Eligibility Statement (valid for 4 months).
Pay the Application Fee: Pay the required fee (see fee table below).
Prove Your Identity: Visit a Finnish embassy, consulate, or Immigration Service point to prove your identity and submit biometrics.
Wait for Decision: The processing time is typically 14 days for electronic applications or 1-2 months for paper applications.

Fee Structure

Application Type	Electronic Application Fee	Paper Application Fee
First Permit	€400	€480
Extended Permit	€170	€430

Comparison with Other Startup Visa Schemes

While a detailed comparison would require more extensive research, here are some general observations:

Processing Time: Finland’s 14-day processing for electronic applications is relatively fast compared to many other countries.
Financial Requirement: The €12,000 per year requirement is moderate compared to some countries that require significant investment capital.
Duration: The initial 2-year permit with the possibility of extension is comparable to many other startup visa programs.
Ecosystem Support: Finland’s strong focus on innovation and its well-developed startup ecosystem makes it competitive with other top startup destinations like Estonia, the Netherlands, and Canada.

Conclusion

The Finland Startup Permit offers an excellent opportunity for non-EU entrepreneurs to establish and grow their innovative businesses in a supportive, advanced economy. With its streamlined application process, moderate financial requirements, and access to the European market, Finland positions itself as an attractive destination for global startup founders.

Remember, while this guide provides a comprehensive overview, immigration regulations can change. Always verify the most current information with official sources like the Finnish Immigration Service (Migri) and Business Finland before making any decisions or submitting applications.