Finland announced in January 2018 its Startup Visa program, allowing entrepreneurs outside the European Union to settle in Finland and relocate their businesses.
A prerequisite for these entrepreneurs is to have an innovative startup with high-speed growth potential on the international stage. This article will provide an overview of the Finnish Startup Visa application requirements and conditions, key considerations during the application process, and general information about the subsequent stages.
(Helsinki Cathedral and Senate Square)
What Are the Application Requirements for Finland Startup Visa?
Entrepreneurs applying to this program must first obtain an Positive Eligibility Statement, a acceptance letter provided by Business Finland, to be eligible for residence and work permit card.
Business Finland has six fundamental application conditions that must be met during the evaluation of applications. Failure to meet any of these conditions results in the direct rejection of the application.
1- Team: The applying team must consist of a minimum of two (2) co-founders. Teams with fewer than two co-founders cannot apply. There is no maximum limit for the number of co-founders who can apply, but Business Finland typically considers a usual team size to be up to five co-founders. The team should possess versatile expertise and skills related to the business idea and must be capable of running and developing a startup business.
2- Equity Share: Whether or not the startup receives investment, co-founders applying must hold a minimum of 60% of the existing shares within the business. Applications from co-founders with less than a 60% share will be directly rejected.
3- Full-Time Commitment: Co-founders must commit to working full-time in the current business.
4- Financial Resources: Co-founders must demonstrate that they have sufficient financial resources individually to sustain their lives in Finland, and the company must have enough financial resources to carry out its operations.
5- Intent: Co-founders must prove their genuine intention to establish a company with rapid growth potential.
6- Business Plan: The preparation of a business plan is one of the crucial stages of the Finland Startup Visa application. A business plan that does not meet the application conditions and does not accurately reflect the business can significantly lead to the rejection of the application. Business Finland conducts meticulous evaluation of business plans. Although not mandatory, it is advisable to include a Pitch Deck of approximately 5-10 slides with the application.
What Are the Ineligible Businesses for Finland Startup Visa?
A foreign company's subsidiary or branch in Finland,
A company or startup exclusively targeting the Finnish market,
Businesses without an innovative competitive advantage, such as restaurants, consulting firms, import and distribution businesses, and other service-oriented enterprises.
How Long is the Finland Startup Visa Granted For?
The Finland Startup Visa is initially granted for one (1) or two (2) years, depending on the financial resources demonstrated at the outset. Once the Eligibility Statement is obtained, necessary application documents are prepared, and an application for a residence and work permit card is submitted to the authorized Finnish application authority in the applicant's country of residence.
What is the Finland Fast Track Application Program?
In 2022, Maahanmuuttovirasto (the Finnish Immigration Office) announced a program whereby eligible persons can obtain Finnish residence and work permit cards only 14 days after application.
Who is Eligible for Finland Fast Track Application Program?
Experts,
Startup entrepreneurs,
EU Blue Card holders,
Experts or managers with intra-company transfer residence permits are eligible.
Additionally, spouses and children of the applicants can expedite their residence processes through the fast track program.
If you are considering applying for the Finland Startup Visa, you should not rush and build your application on solid and realistic foundations. To proceed professionally and without errors during the application, you can contact our team at https://estilegal.com for legal advice provided by our experienced attorneys to maximize your chances of approval.
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