When you want to become an entrepreneur, there are several things you need to learn, consider, decide and take care of. Here’s an extensive list to help you!
- What will I sell?
- How will I sell it?
- To whom will I sell?
- Work experience
- Entrepreneurship training
- Fixed costs
- Variable costs
- Your personal income
Form of the company?
- Private entrepreneur = 1 person who is personally liable for the business.
- Partnership = 2 or more partners who are jointly liable for the business.
- Limited partnership = At least 1 accountable partner and 1 silent partner.
- Limited company = At least 1 shareholder.
- The liability is limited to the capital invested.
- Liabilities also include board liability and potential guarantee liability.
- Minimum share capital is 2,500 euros.
- Cooperative association = At least 1 person. Official permits.
Obligation to inform authorities
- Is a permit required?
- Investments / operating capital
- Finnvera / bank / other instance
- Public funding
- Self-employed persons’ pension insurance (YEL): the basis for your social security. You need to find out if the pension insurance is mandatory for you.
- Accident insurance
- Third party liability/legal expenses insurance
- Property insurance
- Other insurance
- You need to transfer yourself from an employees’ unemployment fund to an entrepreneurs’ unemployment fund within 1 month.
- SYT/AYT fund for entrepreneurs
- The Federation of Unemployment Funds in Finland (TYJ)
- You need to pay value-added tax if your company’s annual turnover exceeds 10,000 euros
- Tax account "Oma vero" for VAT etc.
- Advance tax -> visiting a tax adviser
- Not available to part-time entrepreneurs.
- Tax debt certificate
- Business plan
- Visiting a start-up grant adviser
- Loan promise
- Do not register your company before you have submitted the application for a start-up grant.
- The share capital of a limited company must be deposited prior to the registration, for example in a local register office or tax office.
- Single-entry or double-entry bookkeeping?
- If you are not a bookkeeping professional, you should purchase the service from an accounting firm, for example.
- Opening an account
- Payment terminal
- Invoice templates
- Renting or buying?
- Consider the location carefully.
- Suitability / potential official inspections related to the premises
- Recruitment: TE Services offer support. See also: Skilled workforce
- Obligations: Finnish law on employment contracts, working hours, annual holidays, occupational safety, occupational health care, etc.
- Costs for the company: Wages + additional costs.
- Ask about pay subsidies from TE Services.
- Rent (law on the rent of business premises), suppliers, wholesalers, employees, leasing, etc.
- Pay attention to what you are committing to.
- Make all agreements in writing and use professional help when necessary.
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