How to Register an OY (Ltd) in Finland

An osakeyhtiö (OY) is the Finnish equivalent of a limited liability company. It's the most common corporate form for small and medium businesses, and it separates your personal finances from the company's liabilities. Here's how to set one up.

Step 1: Share capital

As of 2019, Finland abolished the €2,500 minimum share capital requirement. You can now register an OY with any share capital — even €1. That said, most serious businesses capitalize at €2,500–10,000 to signal credibility to banks and customers.

Step 2: Draft the founding documents

You'll need:

• Memorandum of association (perustamissopimus)
• Articles of association (yhtiöjärjestys)
• Board of directors register — at least one member must reside in the EEA

PRH (the Finnish Patent and Registration Office) publishes free templates on their website.

Step 3: File with PRH and the Tax Administration

Registration happens through the YTJ online service (ytj.fi). This single filing registers your company with:

• The Trade Register (kaupparekisteri)
• The Tax Administration (verohallinto)
• The Prepayment Register (ennakkoperintärekisteri)
• VAT register, if applicable

The filing fee is €280 online (€380 paper). Processing time is typically 1–2 weeks.

Step 4: Open a business bank account

You'll need your Business ID (Y-tunnus) from PRH before banks will open an account. The major business banks — OP, Nordea, Danske — charge €15–25/month for basic business accounts. Fintech alternatives like Holvi and Qonto are popular with solo founders.

Step 5: Set up accounting

Finnish law requires double-entry bookkeeping for all OYs. You have two options:

1. Hire a tilitoimisto (accounting firm): €100–300/month for a small business
2. Use cloud accounting software: Procountor, Talenom, Fennoa

Annual financial statements must be filed with the Trade Register within 8 months of year-end.

Step 6: Employment and benefits

If you plan to employ yourself or others, register with:

• YEL (entrepreneur's pension) if you own more than 30% of the company
• TyEL (employee pension) for all employed staff
• Tapaturmavakuutus (statutory accident insurance)

YEL is the most commonly overlooked requirement — don't skip it. Penalties for non-compliance are steep.

Ongoing obligations

• Monthly or quarterly VAT returns (if VAT-registered)
• Annual income tax return
• Annual financial statement filing with PRH
• Keeping minutes of all board decisions

Done right, running an OY is straightforward. The Finnish tax and corporate systems are transparent, digital, and predictable — once you're set up, the ongoing effort is modest.