Trigger six
How to start a company?
Learning objectives
Different company types
How to get funding?
How to get business knowledge?
Tax regulations in Finland
Keywords
Finance
Startup
Taxes - Finland
Law regulations
Risks
Power BI
Different company types
"Proprietorship
A private entrepreneur using a company name. Decision-making and responsibility in the company belong with the entrepreneur, and the company may employ workers as in other forms of business.
Partnership
A partnership is formed when two or more individuals agree to it by signing a partnership agreement. The partners have equal status in all the company’s operations and are personally responsible for company decisions, liabilities and debts.
Limited partnership
Differs from an ordinary partnership in that in addition to one or more accountable partners there is at least one sleeping partner, i.e. a participant in the company who generally acts as an investor.
Limited company
Establishment of a limited company requires at least one individual or corporation, and its minimum share capital is 2,500 euros. The share capital is divided into shares. A shareholder’s voting power, profit and liability depend on how many shares they own.
Cooperative assosiation
A company owned by its members. There can be one or several members. Each member has one vote in cooperative association meetings. The liability of the members for the cooperative association’s obligations (for example, debts) is limited to their investment of share capital."
http://www.infopankki.fi/en/living-in-finland/work-and-enterprise/starting-a-business/company-forms
How to get funding?
"Friends and family
Many start ups resist pitching friends and family. They are reticent because they fear it will affect their personal relationship.
During the beginning stage of your start up, pitching to wealthy friends and family is the best way to get funding to get your prototype made and hit the ground running.
"Angels"
Angels are the elusive investors everyone hears about, but no one seems to know. In an entrepreneur’s mind, these are the supermodels of investing. Angel List (www.angel.co) is a directory of individuals who are available and ready to invest."
Venture capitalists
These partners give you your “institutional” round. They raise a large fund (anywhere from several million to several billion) and give your company a cash infusion to accelerate your growth.
Venture Capital firms like to stick to certain verticals or types of start ups where they network and can know enough about that industry to make better guesses.
Investment bankers
Investment Bankers raise capital, sometimes for funds, at times for wealthy individuals, and sometimes for start ups themselves, and can act as a matchmaker. These partners search for investors usually for a fee. A typical finder’s fee is negotiated upfront, and it is generally between 5% – 10%.
Crowdfunding
Crowdfunding is becoming a more popular option for start ups to prove that their concept is popular, that it solves a problem, and that it can be used as a marketing tool. Soon the SEC rules will be changing, and individuals will be able to purchase shares in start ups directly."
https://murraynewlands.com/funding/
How to get business knowledge?
Education. University of applied sciences, community college, night school, start up-school
Read news, follow worlds situation in economy and politics and in general everything
Follow your favourite company for example to get the knowledge of the topic youre in to.
Find a mentor. Do an internship
"Training- This is perhaps the most direct way to beef up your skills. Different kinds of training seminars are meant to target different skill sets.
Playing games- Surprisingly, playing games can also develop your skills.
Self-studying- For those who do not have the time to participate in a regular training classes or programs, self-studying can be an important way to improve your business skills. Again, all it takes is for you to identify what you need to improve.
Join public forums- How would you know if the materials you are reading are the right ones? The answer is simple, get the opinion of fellow managers through reviews and public forums. Within such online venues, you can ask for recommendations, links, leads, and other relevant information from people who can provide relevant tips and suggestions. At the same time, you can also learn from their experiences.
Seek the feedback of your boss- What better way to discover your business shortcomings than to ask your boss about the areas that need improvement as far as your skills are concerned?"
https://www.sixsigmaonline.org/six-sigma-training-certification-information/top-ways-to-improve-your-business-skills/
Tax regulations in Finland
"Earned income
Taxable income comprises earned income and capital income. Capital income is "income generated through the possession of wealth"; all other income is earned income. Examples of earned income are wages or salary, and pensions. Similarly, fixed income such as social benefits, compensation, and unemployment relief are regarded as earned income.
Capital income
Profits, returns, earnings etc. derived from investments that the taxpayer has made are regarded as capital income. Also regarded as capital income are: Gains from selling an asset, any other income that can be attributed to the fact that the taxpayer has owned assets, dividend income, rental income, capital gains, interest income, proceeds from a life insurance contract, the share of profits of an investment fund.
In 2017 the capital income tax rate is 30% for income up to €30,000 and 34% for capital income exceeding that amount."
VAT = Value added tax
24% ingeneral
14%: The reduced rate for the supply of foodstuffs, animal feed and restaurant and catering services
10%: The reduced rate for the supply of books, pharmaceutical products, services creating opportunities for physical exercise, passenger transportation, accommodation, the remuneration received by Yleisradio Oy from the TV and radio fund and by Ålands Radio and TV based on the TV licence fees, the entrance fees to cultural and recreational events, the supply and import of works of art in certain situations, the subscriptions of newspapers and periodicals and the remuneration relating to a copyright where received by an organization representing the copyright owners"
https://www.expat-finland.com/living_in_finland/tax.html
Tax cards are needed in Finland if wanting to work.
Sources:
http://www.infopankki.fi/en/living-in-finland/work-and-enterprise/starting-a-business/company-forms
https://murraynewlands.com/funding/
https://www.sixsigmaonline.org/six-sigma-training-certification-information/top-ways-to-improve-your-business-skills/
https://www.expat-finland.com/living_in_finland/tax.html
Learning objectives
Different company types
How to get funding?
How to get business knowledge?
Tax regulations in Finland
Keywords
Finance
Startup
Taxes - Finland
Law regulations
Risks
Power BI
Different company types
"Proprietorship
A private entrepreneur using a company name. Decision-making and responsibility in the company belong with the entrepreneur, and the company may employ workers as in other forms of business.
Partnership
A partnership is formed when two or more individuals agree to it by signing a partnership agreement. The partners have equal status in all the company’s operations and are personally responsible for company decisions, liabilities and debts.
Limited partnership
Differs from an ordinary partnership in that in addition to one or more accountable partners there is at least one sleeping partner, i.e. a participant in the company who generally acts as an investor.
Limited company
Establishment of a limited company requires at least one individual or corporation, and its minimum share capital is 2,500 euros. The share capital is divided into shares. A shareholder’s voting power, profit and liability depend on how many shares they own.
Cooperative assosiation
A company owned by its members. There can be one or several members. Each member has one vote in cooperative association meetings. The liability of the members for the cooperative association’s obligations (for example, debts) is limited to their investment of share capital."
http://www.infopankki.fi/en/living-in-finland/work-and-enterprise/starting-a-business/company-forms
How to get funding?
"Friends and family
Many start ups resist pitching friends and family. They are reticent because they fear it will affect their personal relationship.
During the beginning stage of your start up, pitching to wealthy friends and family is the best way to get funding to get your prototype made and hit the ground running.
"Angels"
Angels are the elusive investors everyone hears about, but no one seems to know. In an entrepreneur’s mind, these are the supermodels of investing. Angel List (www.angel.co) is a directory of individuals who are available and ready to invest."
Venture capitalists
These partners give you your “institutional” round. They raise a large fund (anywhere from several million to several billion) and give your company a cash infusion to accelerate your growth.
Venture Capital firms like to stick to certain verticals or types of start ups where they network and can know enough about that industry to make better guesses.
Investment bankers
Investment Bankers raise capital, sometimes for funds, at times for wealthy individuals, and sometimes for start ups themselves, and can act as a matchmaker. These partners search for investors usually for a fee. A typical finder’s fee is negotiated upfront, and it is generally between 5% – 10%.
Crowdfunding
Crowdfunding is becoming a more popular option for start ups to prove that their concept is popular, that it solves a problem, and that it can be used as a marketing tool. Soon the SEC rules will be changing, and individuals will be able to purchase shares in start ups directly."
https://murraynewlands.com/funding/
How to get business knowledge?
Education. University of applied sciences, community college, night school, start up-school
Read news, follow worlds situation in economy and politics and in general everything
Follow your favourite company for example to get the knowledge of the topic youre in to.
Find a mentor. Do an internship
"Training- This is perhaps the most direct way to beef up your skills. Different kinds of training seminars are meant to target different skill sets.
Playing games- Surprisingly, playing games can also develop your skills.
Self-studying- For those who do not have the time to participate in a regular training classes or programs, self-studying can be an important way to improve your business skills. Again, all it takes is for you to identify what you need to improve.
Join public forums- How would you know if the materials you are reading are the right ones? The answer is simple, get the opinion of fellow managers through reviews and public forums. Within such online venues, you can ask for recommendations, links, leads, and other relevant information from people who can provide relevant tips and suggestions. At the same time, you can also learn from their experiences.
Seek the feedback of your boss- What better way to discover your business shortcomings than to ask your boss about the areas that need improvement as far as your skills are concerned?"
https://www.sixsigmaonline.org/six-sigma-training-certification-information/top-ways-to-improve-your-business-skills/
Tax regulations in Finland
"Earned income
Taxable income comprises earned income and capital income. Capital income is "income generated through the possession of wealth"; all other income is earned income. Examples of earned income are wages or salary, and pensions. Similarly, fixed income such as social benefits, compensation, and unemployment relief are regarded as earned income.
Capital income
Profits, returns, earnings etc. derived from investments that the taxpayer has made are regarded as capital income. Also regarded as capital income are: Gains from selling an asset, any other income that can be attributed to the fact that the taxpayer has owned assets, dividend income, rental income, capital gains, interest income, proceeds from a life insurance contract, the share of profits of an investment fund.
In 2017 the capital income tax rate is 30% for income up to €30,000 and 34% for capital income exceeding that amount."
VAT = Value added tax
24% ingeneral
14%: The reduced rate for the supply of foodstuffs, animal feed and restaurant and catering services
10%: The reduced rate for the supply of books, pharmaceutical products, services creating opportunities for physical exercise, passenger transportation, accommodation, the remuneration received by Yleisradio Oy from the TV and radio fund and by Ålands Radio and TV based on the TV licence fees, the entrance fees to cultural and recreational events, the supply and import of works of art in certain situations, the subscriptions of newspapers and periodicals and the remuneration relating to a copyright where received by an organization representing the copyright owners"
https://www.expat-finland.com/living_in_finland/tax.html
Tax cards are needed in Finland if wanting to work.
Sources:
http://www.infopankki.fi/en/living-in-finland/work-and-enterprise/starting-a-business/company-forms
https://murraynewlands.com/funding/
https://www.sixsigmaonline.org/six-sigma-training-certification-information/top-ways-to-improve-your-business-skills/
https://www.expat-finland.com/living_in_finland/tax.html
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