Accounting services are offered by accounting firms, authorised accountants and auditing companies. The terms ‘accountant’ and ‘accounting office’ are not protected, and the qualifications of the professionals offering such services, as well as the quality of the services themselves, may vary considerably. The title ‘authorised accountant’ or ‘KLT accountant’, however, may only be used by members of the Association of Finnish Accounting Firms who have passed an examination arranged by the Institute for Accountancy.

Unauthorised accounting firms may of course offer lower prices. If an unauthorised accountant is chosen for reasons of economy, it is even more important than usual to make close enquiry about the service provider’s qualification and references.

Authorised accountants also offer consulting services. Since authorised consultants usually acquire their knowledge of tax law primarily through working experience and self-study for their examination, it is evident that tax consulting is provided mainly for small and medium-sized companies and the services on offer are geared to dealing with the most common questions in this area.

One important precondition for successfully conducting business in Finland is to structure one’s activities appropriately right from the beginning – and this applies equally to tax issues. In this context, the applicable tax treaties and EU directives must be taken into consideration in addition to national concepts. A foreign enterprise may, for example, choose to establish a branch or a subsidiary in Finland. The appropriate solutions vary from case to case and depend, among other issues, on the relevant economic background, sector and the country of residence of the company.

Unfortunately, no single person has at their fingertips all the knowledge necessary to advise any foreign trader or investor competently on all aspects of tax law relevant when commencing business activities in Finland. The big international auditing companies, which of course maintain offices in Finland, employ experts for each relevant area of taxation, including investments, transfer pricing, VAT etc. These auditing companies focus primarily on large international enterprises which have their own tax departments.

Small and medium-sized companies, on the other hand, run the risk of ‘consulting overkill’ given the scale of their activities in Finland. Such companies may easily lose track not only of the consulting services as such but also of the costs involved.

The lawyer who has already assisted your company with its market entry in Finland – for example, in the context of the acquisition of an investment object, public procurement procedures, contract negotiations or the foundation of a Finnish subsidiary – is usually the best person to approach for initial advice on the kind of tax consulting required in the specific case at hand. In addition, arrangements in respect of taxation often call for the drafting of legal documents such as shareholder or shareholder loan agreements, or contracts between different entities of a company group (for example, licensing, cooperation or distribution agreements). In this context, considerable synergies can be used if the legal and tax consulting is provided from one source.

Competent consultants always know their limitations. Therefore, the lawyer you entrust with the task of assisting in your entry into the market should be capable of referring you to other experts should his or her expertise in particular matters not be sufficient to provide a completely reliable evaluation.