Public Business Support and Funding
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STARTING UP A BUSINESS IN FINLAND
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165
OPENING A FINNISH CORPORATE BANK ACCOUNT
A bank account can be opened for a registered company.
In certain situations, an account is necessary even before
the company is entered in the Trade Register. A bank ac-
count may be needed for example for the payment of share
capital, clearing payment transactions, and to support ac-
counting processes.
If the person opening a bank account for a company has
the required documents when visiting the bank, the pro-
cess typically runs smoothly. For companies/persons re-
siding outside the EEA, it may take a little longer. We rec-
ommend booking an appointment for this purpose and
preparing all the required documents in advance to speed
up the process.
Information is required to optimize the account type and
financing alternatives for the new customer company. The
bank is obligated by law to know its customers, for which
reason it may request separate documentation regarding
the company's activities, financial position, services and
the use and purpose of banking services. The law requires
banks to ask for clarification about the origin and purpose
of funds transferred to a customer's account.
All banks operating in Finland are listed on the website of
the Financial Supervisory Authority.
The largest banks in Finland are:
•
.
•
Nordea Bank Finland
OP-Pohjola Financial Group
Danske Bank Group
As a rule, various bank groups adhere to similar practices
and the following documents and measures are typically
required when opening a corporate bank account. Require-
ments can vary from bank to bank, and we recommend
you confirm the requirements of your potential bank be-
fore the initial meeting.
•
•
An extract from the Finnish Trade Register (not older
than 90 days).
In the process of forming a limited company, the ex-
tract from the Trade Register is replaced by a forma-
tion package for limited companies, available at the
website of the Business Information System www.ytj.
fi. Alternatively, the extract from the Trade Register
can be replaced by
•
•
a register certificate indicating that a declaration of
establishment has been submitted
documents of incorporation (for example, for a lim-
ited company: memorandum of association, articles
of association and the minutes of the constitutive
meeting of shareholders)
An extract from the minutes of the company's de-
cision-making body (the Board of Directors), which
indicates the names of those officials of the company
authorized to use the account and their authorizations,
the decision to open an account, and possible lending
and submitting of collateral. A decision of the Board of
Directors stating the account users is required, e.g. “It
was decided to authorize the below-mentioned persons
to use account no 123456- 12345: [names and person-
al identity numbers]."View entire presentation