Finland
Expanding a Business in Finland
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Why Expand to Finland?
Finland is the UKs 31st largest export market, worth £1.4bn in 2004. The UK accounts for 20% of Finlands imports of services and UK companies employ a staggering 10% of the Finnish workforce. Finland is a member of the EU and its currency is the Euro (EUR), and has a highly industrialised, largely free-market economy. In the Legatum Prosperity Index (LPI), published by London think-tank Legatum puts Finland at number one as the worlds most prosperous nation, according to economic fundamentals; entrepreneurship and innovation; democratic institutions; education; health; safety and security; governance; personal freedom; and social capital.
What are the Attractions for UK Businesses?
With a developed infrastructure, a skilled workforce, competitive operating costs, a thriving private sector and a business environment that is highly conducive, it seems like UK investors might have plenty of reasons for expanding a business in Finland. Finland is probably one of the least corrupt countries in the world, according to Transparency International and has minimal red tape.
Business Opportunities
Road vehicles increasing interest in safety and environmentally friendly cars means there are always developments in road vehicles.
Office machines and data processing equipment as businesses grow so does the need for more accurate, developed and faster working office and data equipment.
Electrical machinery, apparatus and appliances this refers to anything from kettles, lamps, hairdryers to waffle machines.
Telecommunications and sound recording telecommunications is big business in the world and Finland in particular is known for Ericsson, Nokia and TeliaSonera
Specialised industrial machinery this refers to machinery such as agricultural machinery, civil engineering equipment, textile machinery, printing and paper mill and food processing equipment.
Medical and pharmaceutical products research in healthcare, medical and pharmaceutical products are forever developing and moving forward.
Industrial equipment this refers to the supply of office and industrial equipment such as filing cabinets, desks, chairs, shelves, trolleys and lockers.
Iron and steel these are used in a range of products throughout the world.
Main cities, which are also the most profitable locations for registering a business in Finland are: Helsinki, Espoo, Tampere, Vantaa, Turku and Oulu.
Challenges Foreign Companies Face
Finland is not known for being a tax haven but has many other things to offer foreign investors interested in licensing, incorporating or starting a business in Finland. The key point to note about avoiding challenges in business is that you can't! Before setting up a business in Finland, research as much as possible and have a well thought out business plan to ease you on your way to success.
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