Starting A Business In Finland Essay

1591 words - 7 pages

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|Starting a Business in Finland |
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Opening a business in another country presents different and sometimes unusual challenges compared to the challenges that we are used to here in the United States. There are various market forces that need to be taken into account when ...view middle of the document...

The general rule is that if a company is registered in Finland, it is also considered a tax resident of Finland.”
3. “VALUE ADDED TAX (VAT): Value-added tax (VAT) applies to most transactions. Businesses with annual turnover above € 8,500 must register, and voluntary registration is possible. The standard rate is 22% and a lower rate of 17% applies to basic foodstuffs and animal feed. The 8% rate applies to passenger transport, books, medicine, hotel services, barbers, hairdressers, minor repairs, and cultural events. Exports are zero-rated. Exemptions include selling or renting immovable property, financial and bank services, insurance, healthcare and education.” (OrcaWorldwide)
“From the viewpoint of value-added taxation, the Tax Administration´s practice has been to examine the Start-up notice of the foreign-held operation to determine whether it should be viewed as a permanent establishment, or a fixed establishment, as it is often named for VAT purposes (Vero Skatt.)”
The currency is now the Euro. “On January 1st 1999 the Finnish markka ceased to be an independent currency. One euro was equal to 5.94573 markka. At the start of 2002, the first euro denominated coins and banknotes were issued. For two months the markka coexisted with the euro until use of money in markka denominations ceased on 28.2.2002. (Mint of Finland).”
“Finland is a parliamentary democracy with a multiparty political system and a president as the head of state. The head of state is the President of the Republic who is elected for a period of six years. In 2000, Finns elected their first female president, Tarja Halonen, who was re-elected in 2006. The new constitution, adopted in 2000 and further adjusted 2012, moved the political system in a more parliamentary direction, by increasing the amount of power that the parliament and the government wield. The new constitution strengthened the position of the prime minister and reduced the president’s power. The president still conducts Finland’s foreign policy together with the government, is in charge of relations with other states, and participates in international organisations and negotiations. The president is also the Commander-in-Chief of the Defence Forces. The Parliament (eduskunta in Finnish) has 200 members elected every four years. The prime minister is elected by parliament. There are 12 ministries in Finland. Each ministry is responsible for the preparation of issues that fall within the scope of the government. The are: Prime Minister's Office, Ministry for Foreign Affairs, Ministry of Justice, Ministry of the Interior, Ministry of Defence, Ministry of Finance, Ministry of Education and Culture, Ministry of Agriculture and Forestry, Ministry of Transport and Communications, Ministry of Employment and the Economy, Ministry of Social Affairs and Health, and Ministry of the Environment. (Minestry of Foreign Affairs of Finland)”
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