Finland is a Nordic country situated in Northern Europe. In terms of area, it is the eighth largest country in Europe and the most sparsely populated country in European Union. 5,5 million people live in Finland with the majority concentrated in its southern regions.
There is a dynamic business environment in Finland. It has established a reputation for innovative high-tech industries. The country’s infrastructure is well developed and workforce highly educated and skilled. According to World Economy Forum, Finland has the best education system in the world.
Non-existent corruption and minimal bureaucracy are additional reasons for setting up a business in Finland. Today, foreign-owned companies account for more than 20 % of corporate turnover in Finland, and their number is constantly growing.
English is the common business language and the most popular foreign language in Finland.
Facts about Finland
- Total area 338,424 km2 (of which 90 % land and 10 % internal waters)
- Neighboring countries Sweden, Norway, Russia, Estonia
- Natural resources Forests, copper, iron ore, other minerals, fresh water
- Distances 1160 km from north to south, 540 km from west to east
- Time UTC +2 hours during winter, UTC +3 during summer
- Population 5,52 million in July 2019
- Population density 16 inhabitants per square kilometre in 2019
- Life expectancy at birth Men 78 years, women 84 years
- Main towns Helsinki 650,058, Espoo 284,444, Tampere 235,615, Vantaa 228,678, Oulu 203,750, Turku 191,603 (at the end of January 2019)
- Languages Finnish 87,9 %, Swedish 5,4 %, Sami 0,04 %, Russian 1,4 %, Estonian 0,9 %. (Finnish and Swedish are the official languages)
- Religion 70,9% of the population were Lutheran and 1,1% Orthodox. 27% of the population had no religious affiliation (2018)
- Currency euro (€, EUR)
- GDP 224 bn € (2017)
- GDP per capita at current market prices 40 600 € (2017)
- Monthly wages median 3,079€; men 3,398€, women 2,827€ (2018)
- Unemployment rate 6,7% (2019)
- Tax Corporate income tax 20%; Value added tax (VAT): standard 24%; Foodstuff, restaurant and catering services 14%