Today we want to tell you about one of the RITA partners (Retail Innovation Tech Alliance) – X5 Retail Group. X5 Retail Group is a leading modern retail company that creates, develops, and manages a portfolio of chain store brands.More
Dynamic business environment
A high level of innovation is the foundation of Finland’s economic competitiveness. Thanks to government support, startups have the opportunity to actively introduce innovative ideas and technologies, developing both their businesses and the country’s business climate as a whole. According to a Bloomberg study, Finland currently ranks third in the world in terms of innovative development, with only South Korea and Germany ahead. One of the striking examples of constructive assistance from the Finnish state is the granting of a residence permit to foreign entrepreneurs with innovative business ideas (Startup Permit). In addition, for the first 24 months, startups can count on government subsidies to start and expand their businesses.
Good conditions for doing business
After analyzing data on the political and economic situation in the country, market opportunities, attracting foreign investment, tax policy and the labor market, experts from the British publication The Economist ranked Finland 5th in the world ranking of the business climate in recent years. The most important advantages of the country are one of the lowest corporate taxes in Europe (20%) and the relatively low cost of doing business. In addition, in terms of corruption, bureaucracy and crime rates, the country is consistently at the bottom of the world rankings. Finland today is a combination of political and economic stability that is difficult to imagine in most other countries.
Its geographic location and advanced logistics have made Finland the business center of Northern Europe. By developing your business in this country, you have every chance to enter the Scandinavian and other European markets.
According to a study by the European Commission, Finland is the most attractive European country for foreign investors (key investors in the Finnish economy are Sweden, Great Britain, Norway, USA, Denmark, Germany and China). According to the Finnish Venture Capital Association (FVCA), in 2019 (we take it into account, because in 2020, due to the pandemic, the numbers will not be so representative) venture capital funds invested a record 384 million euros in developing Finnish companies. As a result, Finland is now the European leader in terms of the ratio of venture capital investments to GDP.
Participation in the Finlanding program, organized by the Helsinki Center in St. Petersburg, together with NewCo Helsinki and the Helsinki Business Hub is an excellent opportunity to develop business in Finland and enter global markets. We would like to note that the Helsinki Center in St. Petersburg has launched a brand-new website. The site contains useful materials about what opportunities the Helsinki ecosystem offers to foreign companies, what institutions and support measures exist for entrepreneurs in the new market, how soft-landing is done for comfortable business immigration to Finland, and much more (business news, announcements of business events).
Let us remind you that Russian companies offering their product/service, a strong team with marketing competencies and deep understanding of technology can participate in the Finlanding program. If your startup meets the listed requirements and is ready to enter the international market, please don’t hesitate to apply for participation in the selection by October 15, 2020 online at website.
The operator of accepting applications and scouting the program is GoTech Innovation.