Complete Guide to Finland's Residence Permit Application for Global Start-Up Entrepreneurs

Finland is an attractive location to open a startup because it offers convenient access to the European market. Finland has strong infrastructure and provides a business-friendly environment to global entrepreneurs. However, global entrepreneurs outside the European Union must meet specific conditions and apply for a Startup Permit to join the Finnish startup ecosystem. Read on to learn more about the Finland Startup Visa for global entrepreneurs and how to qualify.

Table of contents
What is the Finland Startup Visa? Benefits of the Finland Startup Visa for Entrepreneurs Requirements for Finland Startup Visa Application process for Finland Startup Visa Moving to Finland from abroad Banking in Finland Meet Wise: International Account for Global Entrepreneurs Wise Account for Finnish Residents Wise Business Account for Finnish Startups

What is the Finland Startup Visa?

Finland offers a Startup Permit for international entrepreneurs and innovative startup founders from outside the European Union. Introduced in January 2018, this program allows non-EU global entrepreneurs to establish a startup company in Finland and become a part of the Finnish business ecosystem.

However, owning a startup company does not automatically qualify you for the Finnish Startup Visa. You must get a favorable evaluation from Business Finland that your business has adequate scope for rapid international growth. If you do, Business Finland issues an Eligibility Statement that you must attach to your Startup Permit application. Generally, this visa is issued for two years and is subject to renewal after the period is up. An important point to note is that the permit does not involve any investment criteria or provide financial support.¹

Benefits of the Finland Startup Visa for Entrepreneurs

Here are the benefits of the Finland Startup Visa for entrepreneurs:²

• Business-friendly ecosystem - Finland offers one of Europe's top environments for startup entities. There is a competitive market, and innovative business enterprises are in demand in Finland. Finland also provides excellent opportunities for businesses to access the European market.
• Better quality of life - Finland is one of the most advanced European nations with excellent infrastructure. It can provide a good quality of life and top-class healthcare facilities. In addition, government initiatives are available for global startup entrepreneurs, making Finland an attractive option for innovative startup founders to establish their companies.
• Path to residency - The Finland Startup Visa opens opportunities to acquire residency status in Finland. You can apply for the D-Visa when you apply for the residency permit. It allows you to travel to Finland immediately after receiving the residence permit.
• Family-friendly immigration - Finland is family-friendly, with top-class educational facilities and accessible local services. You and your family can apply for the residence permit simultaneously.

While there are numerous benefits, there can also be challenges, which may differ from person to person. Do your research before applying for the Finland startup visa to make sure it is a good fit for you and your business.

Requirements for Finland Startup Visa

Global entrepreneurs must meet specific requirements to be eligible to apply for the Finland Startup Visa.³

As a global entrepreneur, you must have:

• A startup team comprising at least two founders with versatile experiences.
• An intent to establish a fast-growth company in Finland.
• An innovative business plan.
• A dedicated commitment to your business idea and demonstrate the scope for rapid international growth. For instance, your team must hold at least 60% of the company's ownership.
• Access to resources and funding for your company’s early-stage development.
• Evidence of assured financial support for your business and your stay in Finland.

One caveat is that simply owning the company alone does not qualify you for the Finland Startup Visa. You must also demonstrate that you will work for the company during your stay in Finland. This is required to satisfy Business Finland’s evaluation criteria for the Eligibility Statement.

Here are additional conditions for satisfying Business Finland’s criteria:⁴

• The business team must understand what the product or service idea requires, particularly if this is a brand-new startup.
• The team should identify a potential customer base and an earnings model and demonstrate its plans to grow the business internationally.
• The business team should estimate the business size and potential of the target market.
• The team must show extensive experience in the respective field.
• The company must create value for the Finnish economy.

While Business Finland does not expect the startup company to have confirmed financing initially, the application requires you to provide evidence of adequate financial resources.

Here are the Startup Visa and Residence Permit application fees payable when applying for the visa:⁵

Type of fee	Cost
Electronic Application fee	€400 EUR
Extended permit fee	€170 EUR
Paper Application fee	€480 EUR
Extended permit fee	€430 EUR

Application process for Finland Startup Visa

The application process for the Finland Startup Visa has multiple stages.⁶

• Eligibility Statement - Prepare for the Finland Startup Visa by applying for an Eligibility Statement from Business Finland. Submit your business plan and credentials. Business Finland evaluates your documents and determines whether your business idea satisfies the criteria for fast growth. There are no deadlines for applying for the Eligibility Statement.
• Apply to the Finnish Immigration Service - Once you receive a favorable Eligibility Statement from Business Finland, you can apply for the Finnish Startup permit. The Eligibility Statement has a two-month validity. You must attach the Eligibility Statement when applying for the permit. Please note that each member of your team must submit their applications individually.
• Have sufficient financial resources - You must demonstrate your financial stability and show you have at least €1,000 EUR per month for your stay in Finland.
• Establish a company in Finland - Once you get the Finland Startup permit, you can proceed to establish a company in Finland.
• Renew your residency permit - You must renew your residence permit every two years. You can apply for the extension directly at the Finnish Immigration Service.

The Finland Startup visa and residence permit have a processing time of around 14 days if you submit an electronic application. A paper application takes approximately one to two months to process. The residency permit extension processing time is about one to two months in either case.

Moving to Finland from abroad

Getting a visa is only the first step in relocating abroad. Here are points to consider when making the move to Finland and ways to prepare:

• Update bank and credit card accounts: Relocating to Finland may change your residency status in your country to that of a non-resident. You should inform your bank about the change in your status and that you will be abroad. Also, make sure that you have a system set up to make payments for any recurring bills you have at home while you’re away. Similarly, you may want to alert your credit card companies that you may be using your card overseas to avoid getting your account frozen.
• Staying connected to family and friends: While you relocate to Finland, you will likely want to stay connected with your loved ones in your home country. Social media offers a great way to do that through Instagram and Facebook. Apps like WhatsApp can help you stay in touch. You can also get a local SIM card in Finland to keep in contact locally and avoid paying international roaming charges.
• **Language: **Finnish, Swedish and English are all spoken in Finland. Business may also be conducted in German. Learning a little bit of Finnish or German can be helpful when starting a business or hiring locally.
• Cultural changes: Finland has a history and culture that can differ from where you grew up. Learning more about the Finnish and their way of life can help you prepare for your stay and assimilate to enjoy your time there. At the same time, ensure you have ways to keep rooted in meaningful ways to your own culture.
• Accommodation and logistics: Hotel accommodation in Finland can be expensive. You can stay in a hotel upon arriving until you find a place to stay or organize a place to live before leaving home. The latter's advantage is that you can arrange transportation and logistics and be ready to receive your belongings after relocating.
• Healthcare: You must have proper health insurance for you and your entire family while in Finland. It can help when there are medical emergencies without draining your financial resources. Find your nearest hospital and primary care doctor upon arriving in Finland.

Banking in Finland

You will likely want to open two bank accounts in Finland; one is a personal account, and the second is a business account for the startup. The personal account will allow you to receive income locally and make payments for things like rent and groceries. A business account is a good idea to keep your personal and business expenses separate. Second, a business account will allow you to make and receive payments and track transactions.

Finland has a number of banks to choose from. Learn more about personal banking with our full guide on how to open a bank account in Finland.

If you plan on sending money overseas, banks can end up charging a lot for international transactions. Want a fast and low-cost way to send money globally? Check out Wise.

Meet Wise: International Account for Global Entrepreneurs

Whether you are sending money home to your family or payments to a supplier, Wise can get your money there quickly and easily. Wise uses smart tech to make payments secure and fast, with some transfers arriving within seconds on popular routes. And with an award-winning app, see how much money and time you can save with Wise.

Wise Account for Finnish Residents

Do you need to send money to book your next holiday or give a parent a special gift? Wise can deposit money into a local bank account countries around the world. You will only have one low transaction fee - that is shown upfront - and the mid-market exchange rate on every transfer. No extra fees or markups here. Wise is the cheap way to send money for the things that matter to you.

If work, home and friends are in different time zones, check out the Wise multi-currency account. It is one account where you can hold, send and spend in different currencies. So, when you need to transfer money now or make a payment later, you can do it all from the Wise app on your mobile. The Wise multi currency account also offers a linked debit card so you can swipe like a local wherever you are.

Sign up for Wise and make juggling multiple currencies simple and easy.

Get Started with Wise account for Finland Residents 🚀

Wise Business Account for Finnish Startups

When you want to take your business global, don’t let international transactions hold you back. Wise Business Account is here to make global transfers cheap, easy to track and fast.

With Wise, you can now pay freelancers, suppliers, vendors, or staff directly into their local bank account. With just one low transfer fee and the mid-market exchange rate, you can save money when compared with most banks.

The Wise Business Account also provides businesses with local bank details in foreign currencies. That means clients can now pay you in the currency that is most convenient for them. The account also allows for businesses to make batch payments with smooth integration into accounting software like Quickbooks.

Wise is used by over 300,000 businesses every quarter. So, when you’re ready to take your business to the world, join Wise and see how simple international transactions can be.

This article is not intended to provide financial, immigration or business advice. Seek out professionals who can assist and provide tailored advice for you and your business as it grows.

Sources used for this article:

1. Finland Startup Visa - An Intro
2. Finland Startup Visa Benefits For Entrepreneurs
3. Requirements for the Finland Startup Visa
4. Business Finland’s Evaluation Criteria
5. Finland Startup Visa Fees
6. Finland Startup Visa Application Process

Sources verified on 9 January 2024.

Cover photo by Tima Miroshnichenko.