Limited Company (Oy) Setup for Foreign Founders

Limited companies are the main vehicle for scalable business in Finland. For foreign founders, small gaps in paperwork or misunderstandings about roles, capital or tax can cause delays with PRH, banks or the Tax Administration. Legally.fi helps you put the structure in place correctly from day one.

Assessment of whether an Oy is the right structure for your plans
Preparation of founding documents and PRH Trade Register filings
Shareholder and board arrangements that match real control and risk
Registration for tax, VAT and employer obligations when needed
Alignment between company structure and your residence-permit situation

Discuss Your Oy Plan Book a Consultation

What Makes a Strong Oy Setup

A limited company separates business risk from personal finances and is often required by partners, investors and banks. For foreign owners and directors, authorities look closely at who really controls the company, how decisions are made and whether the business has a realistic financial base. A solid Oy structure reduces questions later in banking, taxation and immigration matters.

Founders and ownership

We help define share ownership, roles and voting rights so that they match your actual cooperation. This is essential when there are family members, silent partners or investors involved.

Board and management

Finnish law requires a board for an Oy. For foreign founders, we pay special attention to who can legally act as board member, deputy member or managing director and how this is documented.

Capital and financing

We review the initial financing plan, share capital and funding sources, and explain how they appear in registration, accounting and possible residence-permit applications.

Limited Company Compared to Other Forms

Form	Typical Use	Key Points for Foreign Founders
Limited Company (Osakeyhtiö, Oy)	Scalable business, hiring staff, working with corporate clients, attracting investors	§ Limited liability when managed correctly § Suitable for multi founder setups and external investment § Requires formal governance, accounting and filings § Often preferred in business based immigration and banking
Private Trader (Toiminimi)	Freelancers, solo consultants, small local services	§ Owner is personally liable § Simpler structure but less flexible if the business grows § Sometimes used as a starting point before moving to an Oy
Partnerships (Ay / Ky)	Small groups of founders who all participate in operations	§ Shared or partial liability between partners § Less common for foreign founders planning to scale or bring investors § Often replaced with an Oy when the business becomes larger

During our intake, we check whether an Oy is really the right structure for your situation or whether a toiminimi or another arrangement would be more practical at the beginning. The goal is to match the legal form, your risk level and your longer term immigration and tax plans.

Request Oy Setup Support

Send us your business idea and any existing drafts. We outline a structure, list the necessary registrations and estimate the required legal work before you commit.

Phone/WhatsApp: +358 44 979 3978

Office hours: Mon to Fri 09:00 to 17:00 (EET)

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Frequently Asked Questions

Do I need share capital to start an Oy?

There is no minimum share capital requirement in most typical private limited company setups, but you still need a realistic financing plan. We explain how this is presented to authorities and banks.

Can all founders live outside Finland?

Foreign founders can own a Finnish company. For some roles, such as board members, practical issues like identification, banking and communication must be handled carefully. We check what is workable in your case.

Can I run an Oy without a residence permit?

In many situations, you can own an Oy from abroad. Actively working in Finland usually requires a residence permit that allows entrepreneurship or employment. We coordinate company setup with any immigration questions.

When is a shareholder agreement needed?

Whenever there is more than one owner, a written shareholder agreement is strongly recommended. It defines voting rights, exit rules, decision making and conflict resolution. We draft agreements tailored to your situation.

Do I need an accountant from day one?

All limited companies must keep proper accounts and file reports. In practice, having an accountant from the start prevents mistakes in tax, VAT and salary reporting. We can introduce you to partner accountants.

Can an Oy help with an entrepreneur residence permit?

The company structure is only one part of an entrepreneur or business based residence permit. We make sure the corporate documents, business plan and financials are aligned with any planned permit application.

How long does Oy registration take?

Processing times depend on PRH workload and how complete the documents are. Well prepared applications typically move faster. We front load the documentation so that registration does not need repeated corrections.

Can I convert my toiminimi into an Oy later?

Yes. Many founders begin as a private trader and later move to an Oy as the business grows. We help plan this change so that contracts, clients and tax obligations move over correctly.

Do you help with bank account opening?

We do not decide on bank acceptance, but we prepare documentation so that your company structure, ownership, permits and business purpose are clear when you approach the bank.

Can you coordinate both business and immigration topics?

Yes. Our work combines company formation with immigration, tax and employment angles so that your business and residence plans support each other instead of creating conflicts.

Limited Company (Oy) Setup for Foreign Founders

What Makes a Strong Oy Setup

Limited Company Compared to Other Forms

Request Oy Setup Support

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