Finland Startup Visa: All You Need to Know

Last update: April 10, 2024

Finland provides a conducive business environment, making it an attractive destination for entrepreneurs and investors alike. According to the World Bank’s Ease of Doing Business rankings, Finland consistently ranks high in areas like transparency and starting a business. Finland’s commitment to sustainability and a well-functioning society with strong institutions further strengthens its appeal.

The Finland Startup Visa Program, launched in 2018, streamlines residency for non-EU entrepreneurs with innovative ideas and high-growth potential. It targets founders who are willing to establish their company in Finland. Applicants need a strong business plan, 2-year funding for themselves and the startup, and a commitment to operating in Finland. This program grants a two-year residence permit with renewal possibilities.

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Why Choose Finland

Finland Strong Economy

Finland’s economy is currently in a state of transition. While traditionally strong, it dipped into recession in 2023 due to factors like a decline in investments and global economic pressures. However, experts predict a rebound in 2024 with slow but steady growth. Finland boasts a high-tech sector, a strong R&D focus, and a transparent business environment. While facing short-term challenges, Finland’s long-term economic outlook remains positive.

Finland Startup Ecosystem

Finland’s startup ecosystem is a successful and globally competitive force. With an estimated 4,000 startups and 11 unicorns (1), the country boasts a strong track record in innovation. The Finnish government actively fosters this dynamic environment through agencies like Business Finland. Despite recent economic headwinds, Finland’s startup ecosystem remains strong and promising.

Finland Startup Support and Facility

Finland offers a comprehensive support system for startups. Through Business Finland, the government provides funding, coaching, and access to research networks. Numerous incubators and accelerators specialize in different sectors, fostering collaboration and growth. Ample co-working spaces offer resources and networking opportunities. Despite a recent economic slowdown, Finland’s commitment to innovation ensures continued support for startups, making it an attractive launchpad for your venture.

Finland’s Quality of Life

Finland shines in global quality-of-life rankings. A powerful social safety net guarantees healthcare and education for all. Generous vacation time and family leave policies promote work-life balance for Finnish employees. Finland champions environmental protection, boasting clean air, water, and plentiful green spaces. This mix of social benefits, strong worker protections, and a healthy environment fosters a remarkably high standard of living for Finnish residents.

Finland Startup Visa eligibility

Who can apply for a Finland Startup Visa

• Team: Startup team with at least 2 founders with versatile expertise who are planning to move to Finland.
• Resources: Access to sufficient resources and funding for the company’s early-stage development as well as secure financial means for personal support.
• Business plan: Innovative business plan and commitment to the business idea.
• Significant holding: The team has to have at least 60% holding in the company.
• Intention: Intention to establish a fast-growing company in Finland.
• Working full-time at the company

Finland Startup Visa Process

Finland offers a Startup Visa for entrepreneurs intending to establish a startup there. The process begins with obtaining an Eligibility Statement from Business Finland.

This statement assesses the viability of the business idea and team. Once obtained, each team member applies individually for the residence permit. The permit requires proof of sufficient financial resources to live in Finland.

The permit’s processing time is approximately 1 month. This visa allows entrepreneurs to reside in Finland and work on their startups while also permitting other work.

Finland Startup Visa Requirements & Documents

• Valid passport
• Recent passport photo
• Copy of passport bio page
• Proof of legal stay in the application country (if applicable)
• Form MP_1 (if already in Finland)
• Eligibility Statement from Business Finland (less than 4 months old)
• Proof of sufficient financial resources (e.g., bank statements, funding decisions, company accounts, rental agreements, employment contracts

Finland Step-by-step guide

STEP 1: Submit Your Eligibility Statement Application

The BusinessFinland.com website will evaluate whether your business plan and the team meet the criteria for a fast-growing startup business.

This must be submitted on behalf of a team, with one team member designated as the main point of contact. Submit the Eligibility Statement application through the Enter Finland Platform and attach passport copies and CVs of all team members.

STEP 2: Complete Your Residence Permit Application To the Finnish Immigration Service

Suppose you have received a positive Eligibility Statement from Business Finland. In that case, you can then apply for a residence permit from the Finnish Immigration Service. Each team member needs to submit their application individually through the Enter Finland Platform. The main point of contact will be responsible for sharing the statement with all team members.

STEP 3: Establish a Company in Finland

Once you have established your company in Finland, you can benefit from a wide range of services and resources. Business Guide is an extensive package that includes everything one should know before establishing a business in Finland.

STEP 4: Renew Your Startup Permit

When your residence permit is about to expire, and you want to continue running your startup in Finland, you need to apply for an extension. You can apply for your extended Startup Permit directly at the Finnish Immigration Service. You do not need to apply for a new Eligibility Statement from Business Finland. If the Finnish Immigration Service requires a renewed Eligibility Statement, they will contact Business Finland.

Cost & Fees

Government Visa Application Cost

Individual:

• Electronic application fee: First permit €400/ extended permit €170
• Paper application fee: First permit €480/ extended permit €430
• Minimum Monthly Income: €1,000 per month (€12,000 annually) to support yourself.
• Source of Funds: Can be savings, income from your startup, funding granted to your startup, or other regular income that continues during your stay.
• Initial Permit Duration: Proof of funds needed for at least one year (minimum €12,000).
• Two-Year Permit Option: Proof of funds for two years (€24,000) can grant a two-year initial permit.
• Extended Permit: Requires proof of continuous income, which can come from your startup. Extended permits can be valid for up to 4 years.

Family:

Minimum Financial Requirements (€ per person/Month/year)

• One adult: €1,000/M – €12,000/Y
• Another adult living in the same household: €700/M – €8,400/Y
• One family member younger than 18: €500/M – €6,000/Y
• Second family member younger than 18: €400/M – €4,800/Y
• Third family member younger than 18: €300/M – €3,600/Y
• Fourth family member younger than 18: €200/M – €2,400/Y
• Fifth family member younger than 18: €100/M – €1,200/Y
• Sixth family member younger than 18 and other family members after that: 0€

For example, a family of two adults and two children under 18 years of age needs a total of €2,600 per month to have sufficient financial resources (EUR 1,000+700+500+400).

A family of a single parent and four children younger than 18 years of age needs EUR 2,400 per month to have secure means of support (EUR 1,000+500+400+300+200).

Corporate TAX rate

The corporate tax rate is 20% in Finland

Cost of Living in Finland

• A family of four: estimated monthly costs are 3,660.2$ (3,348.1€) without rent.
• A single person: estimated monthly costs are 1,006.2$ (920.5€) without rent.

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Processing Time & Outcome

Visa Processing Time

• Expected processing time for an electronic application:

First permit 14 days / extended permit 1–2 months

• Expected processing time for a paper application:

First permit 1–2 months / extended permit 1–2 months

What happens After Apply

After applying for the Finland Startup Visa, here’s what you can expect:

1. Processing: The Finnish Immigration Service will process your application. This includes reviewing your documents, verifying your eligibility through Business Finland’s Eligibility Statement, and potentially contacting you for additional information. Processing times can vary but generally take several weeks.
2. Decision: You will receive a notification from the Finnish Immigration Service regarding their decision. This could be:
   • Approval: If successful, you’ll receive a residence permit to live and work in Finland to launch your startup. The initial permit is usually valid for two years with the possibility of renewal.
   • Request for Additional Information: They might request clarification or additional documents before making a final decision.
   • Rejection: In case of rejection, you’ll receive a notification with the reason(s) for the denial. You may have the option to appeal the decision within a specific timeframe.
3. Follow Up:
   • Approval: Upon receiving the residence permit, you can move to Finland and begin setting up your business. You can also apply for a D visa, allowing travel to Finland to activate your residence permit.
   • Denial: If rejected, you can review the reasons and consider addressing them for a potential re-application or explore alternative visa options (e.g., residence permit for an entrepreneur).

Finland Residency through Startup Visa

Finland’s Startup Visa offers a streamlined path to residency for foreign entrepreneurs with innovative ideas. By securing a positive Eligibility Statement from Business Finland demonstrating your startup’s high-growth potential, you can apply for a residence permit to live and work in Finland for up to 2 years, with the possibility of renewal.

Finland Citizenship

While a Startup Visa is a great first step, obtaining Finnish citizenship requires fulfilling residency requirements after your initial visa period. Here’s the path:

• Residence Permit: After receiving your Startup Visa and residence permit (valid for up to 2 years), you’ll need to continuously reside in Finland for the qualifying period.
• Residency Requirements: To be eligible for Finnish citizenship, you generally need to live in Finland with a valid residence permit (type A or P) for at least 5 years. Some exceptions might allow for a shorter period if you have strong ties to Finland (e.g., married to a Finnish citizen).
• Language Skills: You’ll need to demonstrate proficiency in Finnish, Swedish, or Sami (indigenous languages) at a level sufficient for functioning in Finnish society.
• Clean Criminal Record: You cannot have a criminal record in Finland or any other country you’ve resided in for a significant period.
• Financial Independence: You must be financially self-sufficient and not rely on Finnish social benefits.
• Citizenship Application: Once you meet the requirements, you can submit your application for Finnish citizenship to the Finnish Immigration Service.

Role of Launchroad in The Seccess of Your Startup Visa

LaunchRoad is your go-to guide for starting a business abroad. We help you choose the right country, understand visa requirements, and get your startup off the ground. Our team of experts provides support, mentorship, and resources to help you succeed.

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