(Translated by Minttu Tuominen)
We established a limited company on behalf of a customer. We were in a hurry to get the complete products to the market and thus it was important to get the new company officially registered as soon as possible. We took action quickly.
Establishing a company is easy and fast, but after that the process is really slow. First of all, it takes a couple of days to schedule a meeting with a bank. Second, at the Local Register Offices they told us that it takes about a week and a half from the National Board of Patents and Registration of Finland (PRH) to get the company on the trade register. After that the registering at the Tax Administration takes 2-3 weeks before you are registered on the prepayment and value added tax-liability registers. Practically, it takes about one month before it is possible to do business; to invoice and pay bills.
This is not ok for us. So what did we do?
We sent the founding papers forward and in two days we met with the bank. We saved a couple of days by calling the bank ourselves instead of waiting for them to call us. Due to our own busy schedules we didn’t take the papers to the Local Register Offices until the next business day. After some time we still hadn’t received the trade register entry so we decided to call the PRH. They said they had just mailed us additional questions the day before. No, no, no, we thought. We asked them on the phone what the matter was and after all we got it all figured out that afternoon. This saved us 3 business days or so. So far we had saved 5 business days total (a full business week). The following day the trade registration was completed, and we called the Tax Administration because we did not want to wait extra days before getting the rest of the registrations completed. Calling the tax office turned out to be a great decision as they told us that the normal process takes 2-3 weeks with the rest of the registrations. We explained our situation and the officer promised to take care of it right away. Again, we saved 2-3 weeks and all the registrations were now completed. In total, we saved 3-4 weeks, meaning we could start the business 3-4 weeks earlier than expected.
This case shows that working a little harder and driving your own issue actively forward can get the company faster to the market. In this case it took 2,5 weeks, which is 3-4 weeks faster than normal.
Even if a new, small business has all the possibilities to be fast, someone outside the company, such as the partners, customers, PRH or the tax office, slows it down. You can’t control the whole process but what you can control is some small parts in it. After all, it is good to know that it takes hard work to be fast.
P.S. Many companies think it is more important to be cost-efficient (to minimize amount of work and costs) than fast. That must be somewhat easier…