ABOUT FINLAND

Amongst all the countries in Europe, Finland is a Nordic nation situated in Northern Europe, renowned for its stunning natural landscapes, thousands of lakes, vast forests, and its position as a global leader in innovation and technology. It is consistently ranked among the happiest countries in the world. The capital of Finland is Helsinki, which is the country’s most populated city and a vibrant hub for business, design, and culture. According to the report of the World Bank, Finland has been classified as a High-Income Nation. The currency of Finland is the Euro (EUR), which it adopted in 1999 (cash in 2002). As of today’s exchange rates (June 2025), 1 Euro is approximately 89.85 Indian Rupees. The population of Finland is approximately 5.62 million in 2024. Its neighbouring countries are Sweden to the west, Norway to the north, and Russia to the east. It also shares maritime borders with Estonia across the Gulf of Finland. The official languages of the country are Finnish and Swedish, reflecting its historical ties. English is very widely spoken and understood, especially in business, technology sectors, and among the younger population. The majority of the population belongs to the Evangelical Lutheran Church of Finland, with smaller communities of other faiths and a growing number of non-religious individuals. Currently, Finland has several international airports, with Helsinki-Vantaa Airport (HEL) being the primary international gateway, offering extensive air connectivity to various parts of the world. As Finland has a long coastline along the Baltic Sea, it has numerous crucial commercial seaports, including Helsinki, Kotka, Hamina, and Turku, which are vital for international trade and logistics.

The standard corporate income tax rate in Finland is a competitive 20%. Finland actively encourages research and development (R&D) activities, offering various tax incentives to businesses. These include direct grants, loans, and significant tax deductions on R&D wages and purchased services, which can be up to 150% for costs incurred from 2022 to 2027, with a yearly cap. Opesh Group of companies will be helping you in the completing Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Finland is facilitated by its transparent legal system, high level of digitalization, and robust public services. The country’s business environment is known for its stability and low corruption. A foreign investor who is planning to start his business in Finland can form various company types, with the most common and flexible structure being a Limited Liability Company (Osakeyhtiö or Oy). Other options include a branch of a foreign enterprise or a Limited Partnership. A Limited Liability Company (Oy) formed and registered in Finland allows foreign investors to own 100% of the company, and as of 2019, no minimum share capital is required at formation, though a sufficient capital base is expected. The legal framework is aligned with EU directives, providing a secure and predictable environment for businesses.

In Case an investor is planning to establish an Oy in Finland or a corporate business setup, Opesh Group will be helping you in taking the right decision for setting up your business in Finland and we will also guide you about how to follow the procedure while formulating your company in Finland.

Types of Business which can be started in Finland-

• ICT & Digitalization: Finland is a global leader in information and communication technologies, particularly in mobile communications, cybersecurity, gaming, and artificial intelligence. Opportunities abound in software development, data analytics, cloud services, and digital solutions across various industries.
• Cleantech & Renewable Energy: With a strong commitment to sustainability, Finland offers significant opportunities in cleantech solutions, including renewable energy (bioenergy, wind power), waste-to-energy, water treatment, and smart city technologies.
• Bioeconomy & Forest Industry: Leveraging its vast forest resources, Finland excels in the bioeconomy, offering opportunities in sustainable forestry, pulp and paper products, biomaterials, and innovative wood-based solutions.
• Health & Wellbeing: Finland has a strong public healthcare system and a growing private sector in health technology, digital health, and personalized medicine. Opportunities exist in MedTech, diagnostics, and wellness services.
• Advanced Manufacturing & Automation: Known for its engineering prowess, Finland presents opportunities in advanced manufacturing, industrial automation, robotics, and smart factory solutions.
• Education & EdTech: Finland’s highly regarded education system creates opportunities for EdTech solutions, educational software development, and international education partnerships.

Advantages of Starting Business in Finland-

• Stable & Transparent Business Environment: Finland offers a highly stable political and economic environment with minimal corruption and strong rule of law.
• Highly Skilled & Innovative Workforce: The country boasts a well-educated, multilingual, and highly productive workforce, with a strong emphasis on innovation and R&D.
• World-Class Infrastructure: Finland has excellent digital infrastructure (high internet penetration) and efficient physical infrastructure (transport, logistics).
• Strong R&D Ecosystem: Significant government support for R&D, a culture of innovation, and strong collaboration between academia and industry.
• EU & Eurozone Membership: Provides full access to the vast European Union single market and the stability of the Euro currency.
• High Quality of Life: Consistently ranked among the happiest countries, offering an attractive living and working environment for international talent.
• English Proficiency: High proficiency in English among the population, especially in business, significantly eases communication for foreign investors.

Business Opportunities for Indians in Finland-

There are excellent business opportunities in Finland for new investors who are planning to start their business abroad. Finland’s advanced technological landscape and focus on sustainability align well with India’s growing capabilities in IT, engineering, and renewable energy. Indian investors can particularly explore opportunities in ICT & Digitalization (outsourcing, joint ventures in AI, cybersecurity), Cleantech (waste management solutions, smart energy systems), Bioeconomy (sustainable packaging, bio-based chemicals), and HealthTech (digital health platforms, medical devices). There is also potential for collaboration in the education sector and professional services.

Imports & Exports-

Many goods are imported and exported from Finland. Imports and exports business is an ever-growing business in any country; however, you need to do proper R&D before investing in that product which you can import or export. You need to check whether that product is suitable for your target market and how much revenue you will be able to generate from that market.

Major items which are exported from Finland:

• Machinery and equipment
• Forest industry products (paper, pulp, timber)
• Chemicals
• Electrical and electronic equipment
• Metals and metal products
• Vehicles and transport equipment

Major items which are imported in Finland:

• Raw materials (e.g., crude oil, minerals)
• Machinery and equipment
• Electrical and electronic equipment
• Vehicles
• Chemicals
• Foodstuffs
• Textiles

Major items traded between Finland and India (as of 2023-2025 data):

• Exports from Finland to India: Integrated Circuits, Other Construction Machinery, Electronic Components, Ships/Boats/Floating Structures, Electrical Transformers.
• Imports in Finland from India: Electric Motor Parts, Organic Chemicals, Drug Formulations/Biologicals, Packaged Medicaments, Products of Iron and Steel, Other Engines.

Manufacturing-

Manufacturing in Finland is highly sophisticated, focusing on high-value-added products and leveraging automation and advanced technologies. Opportunities exist in machinery manufacturing (e.g., for forest and mining industries), electronics, automotive components, specialty chemicals, and bioproducts. Finnish manufacturing is characterized by strong R&D investment and a drive towards smart factories and Industry 4.0.

Mining-

Finland is one of Europe’s leading mining countries and is rich in various minerals. The mining sector in Finland is significant and growing, benefiting from modern technologies and a stable regulatory environment. Investors can look to invest in the extraction of minerals such as nickel, copper, gold, zinc, chromium, and platinum group metals. The country also has reserves of industrial minerals. Finland’s geological potential and strong industry infrastructure make it an attractive destination for mining investments.

Major Indian companies which are currently working in Finland-

Several Indian companies have recognized and seized business opportunities in Finland, particularly in the IT and technology sectors.

• Tata Consultancy Services (TCS) Ltd.

• Infosys Ltd.

• HCL Technologies Finland Oy

• Wipro Technologies Oy

• Tech Mahindra Ltd.

• Larsen & Toubro Infotech (LTI) Ltd.

• L&T Technology Services Limited

• ITC Infotech Ltd.

• Gateway Digital Oy

• Motherson Sumi Systems Ltd. (MSSL) (now Samvardhana Motherson International Ltd., with manufacturing presence)

• GDP = $295 billion (nominal, 2024 est.)

• GDP Growth = -0.1% (Full Year 2024 est.), 0.8% (2025 forecast by Bank of Finland)

• Ease of doing business rank = The World Bank’s ‘Doing Business’ report has been discontinued. However, Finland consistently ranks very high in global competitiveness, innovation, and ease of doing business indices from other sources.

• GDP per Capita = $52,657 (nominal, 2024 est.)

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