New entrepreneur – how to set up a business and manage taxes

Are you setting up a business? Submit a start-up notification and enter your company in the registers maintained by the Tax Administration. Do not forget the prepayment of tax and tax returns.

Checklist for the founder of a new business

  • 1

    Preparations before starting a business

  • Selecting the type of company

    Select the type of company. Different types of companies are taxed differently.
  • 2

    The measures required for setting up a business

  • Start-up notification and registration

    Submit a start-up notification and enter your company in the registers maintained by the Tax Administration at the same time.
  • Business ID

    A business ID will be issued immediately, if you submit the start-up notification electronically.
  • 3

    Starting the business

  • Preparations

    While you wait for registration decisions, you can look for an accountant and open a bank account for the company.
  • Registration decisions

    Decisions will usually be issued within 3 to 4 weeks after sending the start-up notification.
  • The company can start invoicing

    You may start invoicing as soon as you have received the registration decisions.
  • 4

    Entrepreneur's everyday routines

  • Employer contributions: report and pay

    A report must be made for each tax period, even if the company does not pay wages.
  • Value added tax: report and pay

    Report and pay value added taxes if you are VAT liable. A report must be made for each tax period, even if the company does not conduct business subject to VAT.
  • Payment of taxes

    Ensure that the prepayment of taxes or your tax card (entrepreneur with a business name, a business operator and self-employed person) are up-to-date. Remember the advance payment of tax on time!
  • Employer’s annual information return

    If you have paid wages, submit an employer’s annual information return.
  • Tax return

    File tax return on time

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