Case study

CorpNordic: Invest in Finland’s expertise exactly what was needed at the time

CorpNordic is a leading provider of corporate services in the Nordic region.

Established in Copenhagen in 1999, the company expanded to Sweden in 2003 and set up in Norway and Finland seven years later. Its Finnish subsidiary aims at helping other foreign companies offering all services in connection with company management and administration.

 

This includes providing managers and directors, registered address, maintenance of corporate records, bookkeeping, accounting, reporting, financial transactions, bank account administration and payroll services.

 

Many multinational corporations, small- and medium-sized companies, international investors as well as foundations often have only small subsidiaries or representative offices in the Nordic countries and do not want or are unable to take care of administrative matters themselves. CorpNordic comes to rescue by offering a tailored package, beginning with the establishment of a customer's local subsidiary to taking care of mandatory reporting to the authorities and even to procuring a suitable board member for the parent's filiale.

 

"The full service package is the way we differentiate ourselves from the competition. There aren't many service providers like us in Finland. Of course there's some overlapping with accounting firms, but very few of them want to provide board representation, for example," says Timo Talvitie, managing director of CorpNordic Finland.

 

"There is naturally the option to choose only those CorpNordic services that are needed. A client might need only its payroll to be handled, a VAT representative or just an official address in Finland, and we are happy to provide just those”, Talvitie continues.

 

Customers operating in some or all the Nordic countries can have the same services for all countries taken care of by one desk in the country that customer chooses; one CorpNordic contact person coordinates everything in all countries.

 

In Denmark and Sweden, CorpNordic is also the market leader in operating as representative of the investors in bond issues. This role is known as Special Servicer. The main purpose is to represent the interest of the bondholders before the issuer and other creditors. These services will be offered in future also in Finland.

 

According to Mr. Talvitie, Finland has a very lucrative business environment. It is a stable and well regulated country making it a safe place to start a business. "It was quite easy for us to begin here and copy our business model that has proven successful in the other Nordic countries," he says.

 

When planning the move into Finland, CorpNordic's executives received valuable help from Invest in Finland in finding possible future business partners, such as law firms and accounting offices. The expertise and know-how of IIF was exactly what was needed at the time.

 

"Working with IIF was very beneficial. It didn't actually change anything, but reinforced CorpNordic's own views and expectations,” Timo Talvitie says.