05 Apr 2018   |   Network News

Finland launches Startup Permit

The Finnish Startup permit is meant for startup founders coming from countries outside the European Union, who want to establish an innovative growth company in Finland.

The Finnish Startup Permit makes it possible for international growth entrepreneurs to build a startup company in Finland and to become part of the Finland's growing startup ecosystem.

The permit is meant for innovative startup founders coming from countries outside the European Union, who want to establish a growth company in Finland. It is issued by the Finnish Immigration Service, but the founders must apply for an Eligibility Statement from Business Finland before submitting the residence permit application.

BUSINESS FINLAND EVALUATES BUSINESS MODEL AND GROWTH POTENTIAL

Business Finland assesses, whether the business model, team and resources shows potential for rapid international growth. After the assessment the applicant will receive an Eligibility Statement to be attached to the Startup Permit application.

"The process is very fast. After receiving all the necessary information from the applicant, we will make the assessment in approximately ten days", tells Executive Director Jukka Häyrynen from Business Finland. The Eligibility Statement is valid for 2 months. It does not involve any investments or financial support.

After founding a company in Finland the startup can benefit from the versatile services of the Finnish innovation ecosystem. The company can, for example, apply for Business Finland's Tempo startup funding.

The criteria for Tempo funding are close to the startup permit criteria, so the application process will be fast and smooth, if there hasn't been any major changes to the team, business plan or resources. To be eligible for Tempo funding, Business Finland expects a 30.000€ equity investment by third party or entrepreneurs.

The permit is meant for startup founders coming from countries outside the European Union, who want to establish an innovative growth company in Finland.

Before submitting the residence permit application to the Finnish Immigration Service, the founders must ask for an Eligibility Statement from Business Finland. Business Finland evaluates whether the business model, team and resources show potential for rapid international growth. There are no set deadlines for submitting the request.

Information about applying the Eligibility Statetement

The favourable Eligibility Statement must be attached to the residence permit application. The expected processing time for a Finnish Startup Permit is about a month at the Finnish Immigration Service. The processing fee of an online application is 450 euros and 520 euros for a paper application. From 11 April, you can apply for the permit in the e-service.

Information about applying the residence permit from the Finnish Immigration Service

This release was first published 3 April 2018, by Business Finland.