Business in Finland: Translating Founding Documents for Kaupparekisteri

How to register a business in Finland as a Ukrainian: company forms, PRH requirements, which documents need translation, and costs in 2026.

Also in: RU EN UK

275 euros, three business days, and your company exists. That’s the best-case scenario for registering a limited liability company in Finland - an Oy (osakeyhtiö). No minimum share capital since 2019. A flat 20% corporate tax. Electronic filing through YTJ that actually works. On paper, Finland is one of the easiest EU countries to start a business in. In practice, though, there’s a catch that trips up nearly every Ukrainian founder: your documents need to be in Finnish, Swedish, or English, and the ones from Ukraine need an authorized translation. Not a notarized translation, not a Google Translate printout - an auktorisoitu käännös made by a translator who passed the Finnish state exam. Here’s everything you need to know about starting a business in Finland as a Ukrainian, from choosing the right company form to getting your founding documents through the Kaupparekisteri.

Who can start a business in Finland

The short answer - any adult with a Finnish personal identity code (henkilötunnus) and a legal right to reside in Finland. But the details matter, especially for Ukrainians.

Temporary protection holders

If you came to Finland because of the war, you likely have temporary protection (tilapäinen suojelu). It’s been extended until March 4, 2027. You have the right to work from day one - and that includes running your own business. You can register a sole proprietorship (toiminimi) or found a limited liability company (Oy).

One important thing: temporary protection doesn’t count toward permanent residency. If you’re building a serious long-term business, start thinking about transitioning to a regular residence permit or an entrepreneur residence permit.

Entrepreneur residence permit

If you don’t have temporary protection or want a more stable status specifically tied to your business, there’s the entrepreneur residence permit (yrittäjän oleskelulupa). It costs €750 online in 2026 and goes through two stages: first the ELY Centre (Centre for Economic Development, Transport and the Environment) evaluates your business plan, then Migri processes the immigration side.

The ELY Centre looks at whether your business idea is viable and sustainable. They want to see realistic revenue projections, proof you can support yourself, and evidence your business will operate in Finland (not just be a paper company).

There’s also the startup permit - a fast-track option for innovative businesses. If your startup has been evaluated positively by Business Finland, you can get a decision in as little as two weeks. This is specifically for scalable, growth-oriented companies - not for a kebab shop or a hair salon.

The residency requirement for board members

Here’s a rule that catches people off guard. For an Oy (limited liability company), at least one board member and one deputy board member must be residents of the EEA (European Economic Area). “Resident” here means someone who lives in the EEA - Finnish citizenship isn’t required.

If you’re in Finland under temporary protection, you meet this requirement. If all your founders live outside the EEA, you’ll need to either recruit an EEA-resident board member or apply for a permit from PRH (Finnish Patent and Registration Office) to have a non-EEA board.

For a toiminimi (sole proprietorship), the rule is stricter: the entrepreneur must be domiciled in the EEA. Temporary protection in Finland satisfies this.

Business forms in Finland: which one fits

Finland offers several business structures. For Ukrainians, three come up most often.

Osakeyhtiö (Oy) - limited liability company

This is Finland’s most popular business form, and for good reason. Since 2019, there’s no minimum share capital requirement - you can start an Oy with zero euros in capital (previously it was €2,500). Your personal assets are protected from business debts. You can have one or more shareholders. The company is a separate legal entity that pays its own taxes.

Who it’s for: anyone planning to invoice clients, hire employees, work with B2B contracts, or scale. If you’re doing IT consulting, running an e-commerce store, providing services to Finnish companies, or building a startup - Oy is the default choice.

Corporate tax is a flat 20%. Dividends are taxed separately when you take money out of the company (partially tax-free up to a threshold based on the company’s net assets).

Toiminimi - sole proprietorship (yksityinen elinkeinonharjoittaja)

The simplest form. No separate legal entity - you ARE the business. No board of directors, no shareholders, no annual general meetings. You just register and start working.

Who it’s for: freelancers, consultants, translators, designers - anyone working solo with straightforward income. If you’re a Ukrainian IT contractor billing one or two clients, this might be the easiest route.

The catch: you’re personally liable for all business debts. And your business income is taxed as personal income (progressive rate, 0-44% depending on total income + municipal tax).

Another catch: you must be domiciled in the EEA. If you have temporary protection in Finland, you qualify.

Osuuskunta - cooperative

A cooperative is owned and operated by its members. It needs at least one member (since the 2013 reform - previously three). Each member has one vote regardless of capital contribution.

Who it’s for: groups of professionals who want to operate under one umbrella. For example, a group of Ukrainian translators or IT specialists who want to share administrative costs but work independently. It’s also used for housing cooperatives and consumer cooperatives, but those aren’t relevant for most entrepreneurs.

Comparison table

Criteria Oy (osakeyhtiö) Toiminimi Osuuskunta
Legal entity Separate No (you = business) Separate
Minimum capital €0 (since 2019) €0 €0
Liability Limited to investment Unlimited (personal) Limited to investment
Tax on profit 20% corporate Personal income tax (0-44%) 20% corporate
EEA board requirement 1 board member + 1 deputy Entrepreneur must live in EEA 1 board member in EEA
Registration cost (online) €275 €75 €380
Registration time 1-3 business days 1-3 business days 1-3 business days
Annual reporting Financial statements, tax return Tax return only Financial statements, tax return
Best for B2B services, scaling, multiple owners Solo freelancers, simple business Group of professionals

For most Ukrainians starting a serious business in Finland, the Oy is the right pick. If you’re freelancing solo and keeping things simple, a toiminimi is faster and cheaper. The cooperative is a niche choice.

How company registration works in Finland (step by step)

Since 2026, all business registration notifications must be filed electronically - paper forms are no longer accepted. Everything goes through YTJ (Yritys- ja yhteisötietojärjestelmä - the Business Information System) at ytj.fi.

Step 1: Get your personal identity code

You can’t register a business without a Finnish henkilötunnus (personal identity code). If you’re under temporary protection, you got one when you registered. If not, you’ll need to get one through DVV (Digital and Population Data Services Agency).

Step 2: Prepare founding documents

For an Oy, you need:

  • Articles of association (yhtiöjärjestys) - defines the company name, domicile, and line of business. Minimum content is defined by law, and for a basic company a one-page document works.
  • Minutes of the incorporation meeting (perustamiskokouksen pöytäkirja) - records the decision to establish the company, elect board members, and appoint an auditor (if needed).
  • Memorandum of association (perustamissopimus) - signed by all shareholders, includes details like share count and subscription price.

For a toiminimi, it’s simpler - you just fill in the registration form. No articles of association or incorporation meeting needed.

Step 3: Register online at YTJ

Go to ytj.fi and file a startup notification (perustamisilmoitus). You’ll need:

  • Suomi.fi e-identification (based on Finnish bank credentials or mobile ID)
  • Founding documents (for Oy)
  • Information about board members, managing director, and auditor
  • Line of business description
  • Financial period details

The filing fee is €275 for an Oy, €75 for a toiminimi, and €380 for a cooperative.

Step 4: Wait for registration

Electronic filings are typically processed in 1-3 business days. If everything is in order, PRH (Patentti- ja rekisterihallitus - the Finnish Patent and Registration Office) enters your company into the Kaupparekisteri (Trade Register) and you receive a Business ID (Y-tunnus).

Step 5: Post-registration tasks

Once you have your Y-tunnus: - Register for VAT, employer register, and prepayment register at vero.fi - Set up YEL insurance (mandatory pension insurance for entrepreneurs) - Open a business bank account

Documents that need translation for Kaupparekisteri

Here’s where it gets practical. PRH accepts documents in three languages: Finnish, Swedish, and English. Everything else needs an authorized translation (auktorisoitu käännös).

For Ukrainians, this means every document issued in Ukraine that you’re submitting to PRH must be translated. And not just translated - it needs to be done by an authorized translator registered in Finland’s official register, or translated into English by a certified translator in the source country and apostilled.

Full document checklist

Document Translation needed? Notes
Ukrainian passport Yes Authorized translation to Finnish or English
Ukrainian birth certificate Yes If needed to prove identity or age of a shareholder
Criminal record certificate (Ukraine) Yes Authorized translation + apostille
Ukrainian diploma/degree Yes If relevant to the business activity (regulated professions)
Power of attorney (if using a representative) Yes Authorized translation
Extract from Ukrainian business registry Yes If you had a previous business in Ukraine
Ukrainian marriage certificate Possibly If relevant for name verification
Articles of association (if drafted in Ukrainian) Yes Must be submitted in Finnish, Swedish, or English
Bank statements (Ukrainian bank) Yes If proving source of funds
Finnish residence permit card No Already in Finnish/English
Finnish-issued documents No Already in an accepted language
Employment contract with Finnish employer No Already in Finnish/English

The apostille requirement

Ukrainian state-issued documents (birth certificates, criminal record certificates, diplomas, marriage certificates) need an apostille before translation. The apostille confirms the document is authentic and is obtained in Ukraine through the Ministry of Justice or CNAP (Center for Administrative Services).

If you’re already in Finland, you’ll need someone in Ukraine to handle the apostille for you, or work through the Ukrainian consulate. Without the apostille, your authorized translation won’t be accepted by PRH.

The process is: original document in Ukraine → apostille in Ukraine → authorized translation in Finland (or certified translation to English in Ukraine). Don’t reverse the order - the apostille goes on the original, not on the translation.

What counts as an authorized translation in Finland

Finland’s system is different from what you might know from Germany or Ukraine. There are no sworn translators in the German sense (beeidigter Übersetzer). Instead, Finland has authorized translators (auktorisoitu kääntäjä) - professionals who’ve passed a state examination organized by Opetushallitus (Finnish National Agency for Education).

The key rule: at least one of the two languages in an authorized translation must be Finnish, Swedish, or Sámi. So you can get an authorized Ukrainian-to-Finnish translation, but not an authorized Ukrainian-to-English translation under Finnish law.

There’s a workaround, though. If your document is translated into English by a certified translator in the source country and the translation is apostilled, PRH generally accepts it. This is especially useful given that there are only about 4 authorized translators in Finland for the Ukrainian-Finnish language pair.

For a deep dive on how the authorized translation system works, check our complete guide to auktorisoitu kääntäjä.

Translation costs for business documents

Let’s talk real numbers. Authorized translation in Finland isn’t cheap, especially for uncommon language pairs like Ukrainian-Finnish.

Price breakdown

Service Typical price
Authorized translation (per page) from €35
Translator’s seal/certification per document €20
Passport translation (1-2 pages) €55-90
Criminal record certificate €55-75
Diploma with transcript (5-8 pages) €175-280
Articles of association (3-5 pages) €105-175
Business registry extract €55-105
Apostille processing in Ukraine €10-30 per document

For a typical Oy registration where you need to translate a passport, criminal record certificate, and possibly a diploma, you’re looking at €150-350 for translations alone.

If you’ve got a bigger package (existing Ukrainian business documents, bank statements, multiple founders), the total can climb to €500-800.

How to save on translation costs

Here’s a practical approach that many Ukrainian entrepreneurs in Finland use: get a draft translation done through ChatsControl, then have an authorized translator review and certify it. This cuts down the time the authorized translator spends on your documents, which often translates to lower fees. It works especially well for longer documents like articles of association or financial statements.

If you need a certified translation for documents that don’t require Finnish authorization specifically (like documents submitted to banks or non-government entities), that’s another option to explore.

And if your documents are already available in English - for example, if your Ukrainian university issued an English-language diploma supplement - you might not need a translation at all for PRH. Always check the specific requirements first.

Taxes and mandatory insurance

Once your company is registered, the tax and insurance obligations kick in immediately.

Corporate tax

Finland has a flat corporate tax rate of 20%. That’s it - no progressive rates, no surcharges, no solidarity taxes. For comparison: Germany is ~30%, France 25%, the Netherlands 25.8%, Sweden 20.6%.

Your Oy pays 20% on its profit. What counts as profit: revenue minus deductible expenses (salaries, rent, materials, services, etc.).

You report and pay through the Finnish Tax Administration at vero.fi.

VAT

The general VAT rate in Finland is 25.5% (increased from 24% in September 2024). Reduced rates apply to certain goods and services - 14% for food and restaurant services, 10% for books, medicines, and public transport.

You must register for VAT if your annual revenue exceeds €15,000. Below that, you can operate VAT-free.

Personal taxation on dividends

When you take money out of your Oy as dividends, there’s a separate tax. The calculation depends on the company’s net assets:

  • Dividends up to 8% of the company’s net asset value: 25% taxed as capital income, 75% tax-free - up to a maximum of €150,000 per year
  • Above that threshold: 75% taxed as earned income, 25% tax-free

In practice, if you’re a small Oy with modest net assets, most of your dividend will be taxed as earned income at your personal progressive rate.

YEL insurance (entrepreneur’s pension)

YEL (yrittäjien eläkelain mukainen vakuutus) is mandatory pension insurance for entrepreneurs. If you work in your own company and own at least 30% of it (or have over 50% of the voting rights), you must get YEL.

Key numbers for 2026: - Minimum confirmed annual income: €9,423.09 - YEL contribution rate: 24.40% of confirmed income - Discount for new entrepreneurs: 22% off the contribution for the first 48 months - With the discount, the minimum monthly payment is roughly €147

YEL is expensive - that’s the universal complaint among Finnish entrepreneurs. But it’s not optional. Skipping it means fines and back payments, and it affects your social security benefits (Kela benefits, pension, sickness allowance).

You choose a YEL provider (pension insurance company) yourself. The contribution rate is the same regardless of provider - it’s set by law.

For toiminimi (sole proprietorship)

If you run a toiminimi, your business income is your personal income. It’s split into earned income and capital income based on the net assets of the business. Earned income is taxed at progressive rates (plus municipal tax, typically 7-10%). Capital income is taxed at 30% (34% above €30,000).

The entrepreneur residence permit: a closer look

If temporary protection isn’t your path - or you want a more permanent immigration status tied to your business - the entrepreneur residence permit deserves detailed attention.

Two-stage process

The application is processed in two stages:

  1. ELY Centre assessment. The Centre for Economic Development, Transport and the Environment evaluates whether your business is profitable and viable. They look at: your business plan, financial projections, proof of funding, industry analysis, and whether the business genuinely operates in Finland.

  2. Migri decision. Once the ELY Centre gives a positive assessment, Migri (Finnish Immigration Service) processes the immigration side - checking your identity, criminal background, health insurance, and ability to support yourself.

The fee is €750 for an online application. Apply through Enter Finland.

What the ELY Centre wants to see

A realistic business plan is the core. They’re not looking for a 50-page MBA-style document. What matters:

  • Clear description of what the business does
  • Realistic revenue projections (don’t promise you’ll make €500,000 in year one if you’re a solo consultant)
  • Proof of initial funding (savings, investment, loans)
  • Explanation of your relevant experience and skills
  • Why Finland specifically (what’s your connection to the Finnish market)

If you’ve already been running the business under temporary protection and can show real revenue, that’s the strongest evidence.

Processing times

  • Startup permit (with Business Finland evaluation): as fast as 2 weeks
  • Regular entrepreneur permit: 2-4 months typically
  • First extension: similar timeline

The startup permit fast track is specifically for innovative, scalable businesses that Business Finland has evaluated positively. If you’re building a tech startup, this is worth exploring.

Transitioning from temporary protection

You can apply for an entrepreneur residence permit while holding temporary protection. Migri processes both statuses in parallel. If your entrepreneur permit is approved, you switch to an A permit - which counts toward permanent residency.

Remember the 2026 rule changes: permanent residency now requires 6 years of continuous A-permit residence (up from 4), B1 Finnish/Swedish language skills, and 2 years of work history in Finland.

Common mistakes Ukrainians make when registering a business in Finland

These come from real stories shared on forums and from clients who’ve been through the process.

Using a non-authorized translator. PRH will reject documents with translations that don’t meet their requirements. A forum user shared: “I paid 80 euros for a translation from a Ukrainian translator in Helsinki. She was fluent, the translation was perfect, but she wasn’t an authorized translator. PRH sent it back. I had to pay again for an authorized translation.” The lesson: check the authorized translator register before ordering.

Forgetting the apostille. The apostille must be on the original Ukrainian document before translation. If you translate first and then try to get an apostille, you’ll have to start over. Getting an apostille while you’re already in Finland means coordinating with someone back in Ukraine or going through the consulate - both take time.

Choosing toiminimi when Oy makes more sense. A Ukrainian IT consultant registered a toiminimi because it was simpler. After landing two bigger contracts, he realized he was paying 45%+ in personal income tax on everything, whereas an Oy would have let him optimize with the 20% corporate rate and tax-efficient dividend distribution. Switching from toiminimi to Oy means closing one and opening another - it’s not a simple conversion.

Not registering for VAT or the prepayment register. If you’re doing B2B in Finland, most clients expect you to be in the prepayment register (ennakkoperintärekisteri). If you’re not, they have to withhold tax from your invoices. This makes you look unprofessional and creates administrative headaches.

Ignoring YEL insurance. Some entrepreneurs try to skip or delay YEL registration. The pension insurance companies find out (tax records are cross-referenced), and you’ll get hit with back payments plus penalties. Register for YEL within 6 months of starting your business.

Not translating all pages and stamps. Your criminal record certificate has a stamp on the back? That needs translation too. Your diploma has an insert with course grades? Translate that. The authorized translator needs to translate everything on the document - front, back, stamps, seals, handwritten notes.

Opening a bank account for your Finnish company

You’ll need a business bank account to operate. Finnish banks have gotten stricter with KYC (Know Your Customer) rules, but for a legitimately registered Finnish company it’s straightforward.

What banks typically require

  • Certificate of Registration from PRH (Kaupparekisteri-ote)
  • Articles of association
  • Board members’ and beneficial owners’ identification
  • Description of business activities
  • Proof of the source of funds

If your documents include anything in Ukrainian, the bank will want a translation - usually English is enough for banks (they don’t require authorized translations like PRH does).

Which banks work well for new companies

  • OP (Osuuspankki) - the largest cooperative bank group, good for small businesses
  • Nordea - works well with international entrepreneurs
  • Danske Bank - competitive business accounts
  • Holvi - specifically designed for entrepreneurs and freelancers (owned by OP), fully digital onboarding

For a newly registered Oy with a Ukrainian founder, Holvi is often the path of least resistance. They’re used to working with entrepreneurs who don’t have a long Finnish financial history.

Timeline

Opening a business bank account typically takes 1-2 weeks after submitting all documents. Some banks allow you to start the process while company registration is pending, so you can have the account ready shortly after your Y-tunnus arrives.

Diploma recognition and regulated professions

If your business activity requires professional qualifications - healthcare, education, construction, legal services - you’ll need to get your Ukrainian diploma recognized in Finland. This is a separate process from company registration, handled by Opetushallitus (Finnish National Agency for Education) or the relevant professional authority.

For example, if you’re starting a medical practice, Valvira needs to approve your right to practice. If you’re opening an engineering consultancy, your degree might need recognition. In all cases, your Ukrainian diploma and transcripts will need authorized translations.

This process takes 2-4 months and has its own fees. Start it early - don’t wait until your company is already registered to discover you need diploma recognition.

Practical timeline: from idea to operating company

Here’s a realistic timeline for a Ukrainian in Finland registering an Oy.

Weeks 1-2: Document preparation. Get apostilles on Ukrainian documents (if you don’t have them already). Order authorized translations. This is the bottleneck - authorized translators for Ukrainian-Finnish are scarce, so expect a wait of 1-2 weeks.

Week 3: Founding documents. Draft articles of association, hold the incorporation meeting, sign the memorandum of association. You can do this yourself using templates from PRH, or hire a Finnish lawyer/accountant (€500-1,500 for basic setup).

Week 3-4: Registration. File the startup notification at ytj.fi. Pay the €275 fee. Wait 1-3 business days for PRH to process it.

Week 4-5: Post-registration. Register for VAT and other registers at vero.fi. Set up YEL insurance. Open a business bank account.

Total: 4-6 weeks from start to fully operational company. The main variable is document translation timing. If you already have apostilled documents and can get translations quickly, you could compress this to 2-3 weeks.

Full cost breakdown

Here’s what a typical Oy registration costs in 2026.

One-time costs

Item Amount
PRH registration fee (online) €275
Authorized translation of passport €55-90
Authorized translation of criminal record certificate €55-75
Authorized translation of diploma (if needed) €175-280
Apostille processing in Ukraine (per document) €10-30
Lawyer/accountant for founding documents (optional) €500-1,500
Total (minimum, without lawyer) ~€400-500
Total (realistic, with 3 translations + lawyer) ~€1,100-2,200

Annual costs

Item Amount
YEL insurance (minimum, with 22% new entrepreneur discount) ~€1,764/year
Accounting services €1,200-3,600/year
Corporate tax 20% of profit
Bank account maintenance €0-20/month
Total fixed costs (minimum) ~€3,000/year

Compare this to starting a company in, say, Germany (notary fees alone are €500-1,500, plus the €25,000 minimum GmbH capital) or France (where you need a sworn translation for every single document). Finland is competitive.

Where to find an authorized translator for business documents

The official register of authorized translators is at akr.opintopolku.fi. Search by language pair (Ukrainian → Finnish or Finnish → Ukrainian).

The reality: there are roughly 4 authorized translators for the Ukrainian-Finnish pair in 2026. Demand from tens of thousands of Ukrainians in Finland far outstrips supply. Wait times of 1-3 weeks aren’t unusual.

Alternatives

English as a bridge language. If you can get your Ukrainian documents translated to English by a certified translator in Ukraine (with proper certification and apostille), PRH typically accepts this. The pool of Ukrainian-English translators is much larger.

ChatsControl for draft translations. Upload your document, get a quality AI translation fast, then send it to an authorized translator for final certification. This speeds up the process significantly - the authorized translator reviews rather than translates from scratch.

Finnish-Russian authorized translators. If your documents also exist in Russian (many older Ukrainian documents do), there are more authorized translators available for the Russian-Finnish pair. But this only works if the Russian version is official - not a translation of the Ukrainian original.

If you need a certified translation for business documents that go to banks or private entities (not PRH), that’s a faster route since the requirements are less strict than for government submissions.

Other things you’ll need to handle

Driving license

If you’re driving in Finland for business, you’ll eventually need to exchange your Ukrainian license for a Finnish one through Traficom. Temporary protection holders can drive on their Ukrainian license, but it’s worth sorting out for the long term.

Kela registration

As an entrepreneur, your Kela benefits (healthcare, family allowances) depend on your insurance situation. YEL covers your pension, but Kela handles everything else. Make sure your municipality of residence is correctly registered with DVV.

Suomi.fi messages

Once your company is registered, you’ll get official notifications through suomi.fi. Set up your company’s Suomi.fi account - this is where tax decisions, registration confirmations, and other government correspondence arrives.

FAQ

How much does it cost to register a company in Finland as a Ukrainian?

The PRH registration fee is €275 for an Oy (limited liability company) and €75 for a toiminimi (sole proprietorship). On top of that, authorized translations of Ukrainian documents cost €55-90 per document. A realistic total budget for an Oy with translations is €400-500 without professional help, or €1,100-2,200 with a lawyer and multiple document translations.

Which documents from Ukraine need authorized translation for Kaupparekisteri?

Any document not in Finnish, Swedish, or English needs an authorized translation. For most Ukrainian founders, this means: passport, criminal record certificate (also needs an apostille), and diploma if your business is in a regulated profession. If you had a business in Ukraine, your registry extract needs translation too. Articles of association must be submitted in one of the three accepted languages.

Is there a minimum capital requirement for an Oy in Finland?

No. Since 2019, Finland eliminated the minimum share capital for osakeyhtiö. You can register an Oy with €0 in share capital. Previously the requirement was €2,500. This change made Finland one of the most accessible EU countries for starting a limited liability company.

Can I register a business in Finland with temporary protection status?

Yes. Temporary protection holders have the right to work in Finland, including as entrepreneurs. You can register a toiminimi or found an Oy. Temporary protection has been extended until March 2027. The only caveat: time under temporary protection doesn’t count toward permanent residency. If you’re planning long-term, consider applying for a regular residence permit or an entrepreneur residence permit in parallel.

How long does it take to register a company in Finland?

The electronic registration itself takes 1-3 business days once you submit everything through YTJ. The real timeline bottleneck is document preparation - getting apostilles from Ukraine and authorized translations in Finland can take 2-4 weeks. From start to finish, expect 4-6 weeks for a fully operational Oy. If your documents are already prepared, it can be as fast as one week.

Try ChatsControl

AI platform for professional translators

Try for free →