Business accounts: Finland
An honest assessment before work starts, the quote is fixed in writing.
Finland is an EU and euro area member with a digital economy: almost all banking and government services work online through electronic identification. For a foreign entrepreneur this is both a plus and an obstacle: a company is registered online in a few days, but opening an account with a Finnish bank without a local personal identity code and electronic ID is noticeably harder.
A Finnish company for the account
- The main form is the limited liability company (osakeyhtiö). There is no minimum capital for a private company.
- Registration goes through the joint online system of the Trade Register and Tax Administration. From 2026 the fee is €300 for the guided online process and €400 for a standard notification, about $340-450.
- At least one board member and deputy must live in the European Economic Area. Otherwise every board member needs a permit from the Finnish Patent and Registration Office (PRH).
- Corporate tax is 20%, VAT 25.5% since September 2024.
We will calculate online the cost of opening an account for your company and maintaining it for a year.
Who Finnish banks open company accounts for
| Company | Chances | What the bank cares about |
|---|---|---|
| A Finnish company with a director living in Finland | high | signatories' Finnish personal identity code and electronic ID |
| A Finnish company with owners and board abroad | medium | an in-person meeting, reasons to do business in Finland, clients and suppliers |
| A foreign company with no activity in Finland | low | banks usually refuse or refer to a bank in the company's country |
Finnish banks must know every beneficial owner with more than 25% and every signatory. Those who will use online banking usually need a Finnish personal identity code, issued by the Digital and Population Data Services Agency, including to non-residents on application.
Documents and timeline
| Stage | What is needed | Time |
|---|---|---|
| 1. Company registration | articles, memorandum, board details, and if needed a permit for a non-EEA board | a few days to 2 weeks |
| 2. Signatories' identity codes | a visit to the agency or tax office with a passport | 1-3 weeks |
| 3. Bank file | register extract, shareholder list, business description, clients, source of funds | 1-2 weeks |
| 4. Meeting and decision | the bank meets company representatives and reviews the file | 2-6 weeks |
Tax registrations and reporting
Together with the Trade Register the company is entered in the prepayment register and, once turnover exceeds €20,000 a year, about $22,500, in the VAT register. Tax and VAT returns are filed in the Tax Administration's online service, and annual accounts with the Trade Register. During review the bank checks whether the company is in these registers: being in the prepayment register shows the business is real. So we arrange it immediately, before applying to the bank.
Business visa and residence
For business trips, nationals who need a visa get a Schengen short-stay visa for up to 90 days in 180; the fee is €90, about $101. To live in Finland and run the company you need an entrepreneur's residence permit: the Finnish Immigration Service checks that the business is registered and provides sufficient income. Start-ups have a separate permit after a positive statement from the state innovation agency. A Finnish residence permit and identity code make opening an account much easier.
Deposit protection
Deposits at Finnish banks, including companies' deposits, are protected up to €100,000, about $112,100, per depositor per bank.
Why Finnish banks refuse
- Signatories have no Finnish identity code or electronic ID and cannot visit in person.
- It is unclear why the company needs Finland: no clients, staff or office in the country.
- Owners or counterparties are from sanctioned or higher-risk countries.
- The source of funds and turnover are not backed by contracts.
- A complex ownership chain with no explanation.
How we help
We register the Finnish company and, if needed, obtain the permit for a non-EEA board, help obtain identity codes, prepare the bank file, choose a bank for the activity and handle the meeting and correspondence until a decision. If you are relocating, we tie the account to an entrepreneur's residence permit.
What we do
- Corporate account - opening assistance
See also
Company formation · Personal account · Investment property · Country taxes · All country programs
FAQ
Can a foreigner open a company account in Finland?
Is a Finnish-resident director required?
How long does a company account take in Finland?
What does a Finnish bank check?
What visa is needed for a business trip to Finland?
How much does registering a Finnish company cost?
Choosing a bank for your company in Finland?
We compare Finnish banks on their rules for foreign owners and directors, prepare the compliance documents and follow the application through. The catalogue covers every country.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
Free consultation