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2. Expanding a Business

Finland Entering the Market

Finland is the UK's thirty-first largest export market. The UK accounts for 20% of Finlands imports of services and UK companies employ a staggering 10% of the Finnish workforce. Finland is a member of the EU and its currency is the Euro (EUR), and has a highly industrialised, largely free-market economy. In the Legatum Prosperity Index (LPI), published by London think-tank Legatum puts Finland at number one as the worlds most prosperous nation, according to economic fundamentals; entrepreneurship and innovation; democratic institutions; education; health; safety and security; governance; personal freedom; and social capital.

What are the Attractions for UK Businesses?

With a developed infrastructure, a skilled workforce, competitive operating costs, a thriving private sector and a business environment that is highly conducive, it seems like UK investors might have plenty of reasons for expanding a business in Finland. Finland is probably one of the least corrupt countries in the world, according to Transparency International and has minimal red tape.

Business Opportunities

• Road vehicles increasing interest in safety and environmentally friendly cars means there are always developments in road vehicles.

• Office machines and data processing equipment as businesses grow so does the need for more accurate, developed and faster working office and data equipment.

• Electrical machinery, apparatus and appliances this refers to anything from kettles, lamps, hairdryers to waffle machines.

• Telecommunications and sound recording telecommunications is big business in the world and Finland in particular is known for Ericsson, Nokia and TeliaSonera

• Specialised industrial machinery this refers to machinery such as agricultural machinery, civil engineering equipment, textile machinery, printing and paper mill and food processing equipment.

• Medical and pharmaceutical products research in healthcare, medical and pharmaceutical products are forever developing and moving forward.

• Industrial equipment this refers to the supply of office and industrial equipment such as filing cabinets, desks, chairs, shelves, trolleys and lockers.

• Iron and steel these are used in a range of products throughout the world.

Main cities, which are also the most profitable locations for registering a business in Finland are: Helsinki, Espoo, Tampere, Vantaa, Turku and Oulu.

Challenges Foreign Companies Face

Finland is not known for being a tax haven but has many other things to offer foreign investors interested in licensing, incorporating or expanding a business in Finland. The key point to note about avoiding challenges in business is that you can't! Before setting up a business in Finland, research as much as possible and have a well thought out business plan to ease you on your way to success.

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