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About Finland - Laws, Regulations
and Standards
The legal system is characterised by civil law tradition originates
from the period of Swedish rule. The autonomous status that Finland
enjoyed during the 19th century allowed also for legislative self-determination.
Hence, virtually nothing of the legal tradition of Russia remains,
while Finland continues to display the characteristics of a continental
legal tradition, with influences in statutory law and jurisprudence
from Scandinavia and particularly from Germany. EC law is directly
applicable in Finland and takes precedence over national legislation.
All businesses operating in the Finland are subject to the laws
of the country in which they operate. Finland has long had a policy
of minimising bureaucracy and deregulating marketplaces in order
to generate competition improve customer services and allow companies
with good business models to develop and expand.
There is no legislation restricting foreign investors in the Finland.
Foreign investment in manufacturing, R&D and internationally
traded services is encouraged. Foreign companies and individuals
may in general establish or acquire businesses in the Finland and
buy securities, land or mortgages without a special license. There
are no exchange controls regarding payments into or from Finland.
There are nevertheless strict laws governing employment, industrial
emissions, pollution monitoring and control, and waste disposal.
Financial transparency is a requirement of limited companies which
must submit independently audited annual reports to the Company
Registry and Tax authorities. To protect shareholder interests,
there are more stringent annual reporting guidelines for publicly
limited companies (PLCs).
Finland’s court system consists of two separate branches,
the general courts and the administrative courts. As a rule, matters
concerning relations between natural or private legal persons are
subject to the jurisdiction of the general courts, and matters regarding
the application of administrative law generally fall within the
administrative court’s jurisdiction. Criminal matters are
handled by the general courts. The courts of each branch are organised
into a three tiered hierarchy. In addition, there are various courts
with special jurisdiction in civil cases such as the Insurance Court,
the Market Court and the Labour Court.
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