HELSINKI, April 3 (Xinhua) -- As a friendly gesture to immigrants, Finland has just opened door to those who want to move from outside the European Union to Finland to establish a startup company in the country.
Jukka Hayrynen, director for startups at Business Finland, said on Tuesday that his organization, upon receiving an application, would send a response within ten days.
Founded in early 2018, Business Finland is a governmental organization promoting Finnish business. It comprises a government budgeted innovation fund and a separate incorporated part.
Under the new regulation that took effect in the beginning of April, Business Finland must issue an assessment of eligibility to the applicant. If the response is positive, the applicant should attach the statement to his or her residence permit application. The Finnish immigration authority will assure the process is completed within a month.
Hayrynen told business daily Kauppalehti that before the regulation was activated on April 1, there was no channel for startup-based immigration to Finland. Business Finland said it had already received inquiries from Russia.
The residence permit in this situation would be valid for two years. Hayrynen told Kauppalehti that a period of two years is enough for the business nature of the startup to emerge.
In making its decision for endorsing or not, Business Finland will evaluate the growth potential of the would-be company and its business model. The statement will be valid for two months.
The newly established fast track does not involve any public financial support. But having started in Finland, an enterprise can apply for public startup funding.
Koopee Hiltunen, director of Neogames, a cover organization of the Finnish game industry, told Kauppalehti the new system hardly brings a rush of game industry entrepreneurs to Finland. "But in the future, many countries will be competing about skilled people, and small things such as a fast process may turn the scale in favor of choosing Finland."
The new regulation is also expected to benefit non-EU graduates in Finland. "After graduation they have a window to get work. We want to encourage them to remain in Finland," said Hayrynen.