What Makes Finland a Great Place to Start a Business


In the subsequent century since its independence, Finland has notably changed and reinvented itself. For a country so small in population with geographical area that comprises less than one percent of the total world area, this beautiful Nordic nation has time and time again shown that it is way bigger than its size. Over the years, Finland has punched above its weight in many areas and has come a long way from a famine-struck country to a nation that bests almost every global social ranking.

While Finland is highly regarded in so many aspects all over the world, it is not one to be content and to settle back. On the contrary, Finland is always intent on staying ahead of the curve, which it has done so for so many decades. The Finnish industry alone has transformed from being the most agrarian to one of the most advanced in technology.

If you’re looking to invest in Finland, here is the most compelling reason why it is a great place to start a business venture.

Finland is One of the Best Countries for Business in the World … Among Others

In numerous international comparative surveys and studies, Finland has built itself to be recognized as one of the best in a multitude of positive things on a global scale.

Here are just some of the hard facts:

  • Finland has the best business environment in the world.
    Global Innovation Index, Global Innovation Index 2016-2018 Report
  • Finland is the best in the world in innovation.
    The Consumer Technology Association, 2018 CTA International Innovation Scorecard
  • Finland is the third best country for business in Europe.
    European Chamber, Best European countries for business 2018

  • Finland has the third best economic environment for business growth.
    Grant Thornton, Global Dynamism Index 2015
  • Finland is the most stable country in the world.
    The Fund for Peace, Fragile States Index 2018
  • Finland is the third most prosperous country in the world.
    Legatum Institute, The Legatum Prosperity Index 2018

In addition to its clean and safe environment, Finland prides itself of its political stability. The Nordic country is, in fact, one of the most politically stable countries globally, which has been predicted to remain so over a 10-year course (2016-2025), according to BMI Research. This has been attributed primarily, among various factors, to Finland’s well-established and functioning state bureaucracy, and strong rule of law. Finland has demonstrated economic continuity that has not been seen in most countries, and that along with its stable political conditions make for a safe and secure playground for companies. As one of the least corrupt countries in the world — in fact, the third least corrupt out of 180 countries according to the latest report by Transparency International — Finland’s transparent system sets a stable environment where doing business is more straightforward and easier, and a business climate that is healthier and less fraught with unexpected business risks.

 

Triumph over adversity is what aptly depicts Finland, its history and its society. Many attribute this to “sisu” — an integral part of Finnish culture that encompasses one’s inner strength, courage, willpower, tenacity and resilience. It is a Finnish art of inner strength — a visceral force that helps one push against extreme adversities with one goal in mind: to succeed. Indeed, Finland has shown strength and resilience against historical, geographical and climatic odds, and in recent years, economic odds. Once touted the “sick man of Europe”, Finland has now risen as the Nordic tiger as its economy started to recover from the global financial crisis. With an increasing GDP growth rate, exports, investments and employment rate, and subdued inflation rate, its booming economy offers a stable business outlook for businesses. Additionally, advice, assistance and support in all realms involving establishing a business or investing in Finland, for local and international players alike, are available from government sectors and private firms.

 

Finland has a remarkable and reliable infrastructure, which is one of the elements that play a positive role in the country’s economic strength. Additionally, the education system in Finland is enviable. It is consistently ranked among the best in world, producing a talent pool of highly educated, skilled and competent individuals. A workforce of well-educated professionals and a highly innovation-friendly business environment are also what makes the Finnish innovation system the world innovation driver that it is now.

 


Alongside its Nordic neighbors, Finland is at the forefront of driving global innovation. In fact, international benchmarks have hailed Finland consistently for years as one of the best in innovation environment in the world. It is home to Nokia, SSH security protocol, Angry Birds, Clash of Clans. It is also where the first Internet chat network (Internet Relay Chat or IRC) was born, and where the world’s first wearable fitness tracker was invented. Linux, one of the world’s most widely used operating system, is also a testament to the innovative strength of Finland. Innovation environment in Finland demonstrates a key trend of developing services that are simple in design yet revolutionary, practical and efficient in function. To get more acquainted and have a firsthand experience of a forward-looking Finnish innovation for yourself,
getting to know Her — a revolutionary virtual TV assistant — is a great place to start.

 

Other than its stable business environment, Finland, in so many ways, is simply remarkable. It is surrounded by ubiquitous landscapes of unspoilt nature. Its air the cleanest in the world, and its water most pure. Its technology one of the most advanced and innovative. And its people, while modest and reserved, are strong-willed and open-minded, qualities that make them a beautiful and welcome enigma.