To make dream come true might be always the original intention of being an entrepreneur. Mentally, we need to be ready to be out of the comfort zone, always curious to learn, and take action. Practically, we do face many conceivable and unexpected problems. By the end of the last challenge session (How to run a business in Finland), we figured out the main advantages to start a business in Finland.
#1. Easy to start: To start up a business in Finland is easier and safer compare with many other countries. Approximately two to three weeks can complete opening bank account, company registration and tax administration registration. If you have a good business plan, you can be an entrepreneur in a very short time.
#2. Ideal environment: Finland provides an excellent environment for entrepreneurs. In one of the least corrupted nations, all the policies are transparent. At the beginning of 2019, Finland was also rated as the most digitally advanced country in Europe. That means many services you can get online, and you can do your business online.
#3. Angel investment: Around 4,000 start-up companies start their business in Finland each year. In 2019, business angels FiBAN invested 54 million euros into total of 415 startups.
However, when you are an entrepreneur as a foreigner, you might encounter different kinds of issues.
#1. Different business culture: Every country’s culture is unique, and so is Finnish culture. For instance, Finns are conservative and respecting each other’s private space. Business is not involved with personal life. Physical contact is mostly like shaking hands, making eye contact with smile. French style greetings, or hands on shoulder are not in use. Finns are very punctual as it means respect and efficiency. Appointment is preferably made two weeks earlier. Dressing code is no fancy, and so on. It takes time to understand and adapt to these culturally related matters
#2. Language barrier: Most of Finns can speak very good English. Many companies are having bilingual in the offices. But in order to understand Finnish culture and communicate with your customers or Finnish colleagues better, it is very important and recommended to know Finnish language.
#3. Dealing with taxation, permits and other legalization documents: There are lots of regulations and related paperwork need to be handled while you are an entrepreneur. They are complicated and mostly written in Finnish. As a foreigner, it is challenging to manage all of them alone. This usually requires an additional fee to be handled by professionals.
Starting a business in Finland is easy but running it is a lot more difficult. As a foreigner, how to better integrate into the life here may be the first thing needs to be done.
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