Finland History, Geography, and Economy

After gaining independence from the Russian Empire in 1917, Finland was a relative latecomer in switching from an agrarian economy to a more modern, industrial economy, doing so only around the 1950s. The country is geographically located in Northern Europe, bordering Sweden and Russia. The nation is now highly industrialized with a free-market economy, based on the Nordic model with an extensive welfare state and one of the highest per capita incomes in the world.  Finnish GDP was $251.88 billion in 2017, attributable primarily to the service sector, followed by manufacturing. Largest industries include electronics, machinery, vehicles and forest products. Trade with the EU makes up almost 60% of the country’s total trade.

With a population of 5.5 million, Finland was ranked first as the world’s most stable nation and second in the Global Gender Gap Report.  Finnish is the predominant language followed by Swedish and Russian. The majority of the population practice Lutheranism. The Finnish people can boast some of the world’s best statistics in education and health, along with a culture that prides itself on openness, transparency and a free press.

April 2Good Friday
April 5Easter Monday
May 1May Day
May 13Ascension Day
June 25Midsummer Eve
June 26Midsummer
November 6All Saints’ Day
December 6Independence Day
December 24Christmas Eve
December 25Christmas Day
December 26Boxing Day
  • Ay (avoin yhtiö, Swedish: öppet bolag)
  • Ky (kommandiittiyhtiö, Swedish: kommanditbolag, Kb)
  • Oy (osakeyhtiö, Swedish: aktiebolag, Ab)
  • Oyj (julkinen osakeyhtiö, Swedish: publikt aktiebolag, Abp)
  • osk (osuuskunta, Swedish: andelslag, Anl.)
  • T:mi (toiminimi), Yksityinen elinkeinonharjoittaja
  • ekisteröity yhdistys, abbr. ry
  • rekisteröity puolue, abbr. rp
  • säätiö, abbr. rs
  • uskonnollinen yhdyskunta
  • Corporate Tax: 20%
  • Income Tax (Lowest Marginal Rate): 0% + 8.40% social security tax
  • Income Tax (Highest Marginal Rate): 66.75% in Halsua for the members of the Orthodox Church of Finland (31.25% national tax rate + 23.5% municipal tax + 9.9% social security tax + 2.1% church tax)
  • VAT/GST/Sales Tax: 24% (standard rate), 14% (food and fodder), 10% (medicines and public transport)
  • Aktia Savings Bank  (Commercial Bank)
  • Bank of Åland  (Commercial Bank)
  • eQ Bank  (Commercial Bank)
  • Evli Bank  (Commercial Bank)
  • Helsinki OP Bank  (Commercial Bank)
  • Kaupthing Bank  (Commercial Bank)
  • Nordea Bank Finland  (Commercial Bank)
  • OP-Kotipankki  (Commercial Bank)
  • Pohjola Bank  (Commercial Bank)
  • S-Bank  (Commercial Bank)
  • Sampo Bank  (Commercial Bank)
  • SEB Gyllenberg Private Bank  (Commercial Bank)
  • Suomen AsuntoHypoPankki (Mortgage Society of Finland)  (Commercial Bank)
  • Tapiola Bank  (Commercial Bank)
  • Carnegie Investment Bank (Foreign Bank)
  • Citibank (Foreign Bank)
  • Crédit Agricole Corporate and Investment Bank (Foreign Bank)
  • Danske Bank (Finnish operations acquired through a merger with the originally Finnish Sampo Bank) (Foreign Bank)
  • Deutsche Bank (Foreign Bank)
  • DnB NOR (Foreign Bank)
  • Handelsbanken (Foreign Bank)
  • Forex Bank (Foreign Bank)
  • Skandinaviska Enskilda Banken (Foreign Bank)
  • Swedbank (Foreign Bank)

Aadmi can support you with your expansion to Finland. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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