AY is a legal entity form in Finland, fully named Avoin Yhtiö, meaning "open partnership company". It belongs to the merged ownership, meaning all shareholders jointly own the company, and there is no limit to the number of shareholders. AY does not have limited liability, which means shareholders have unlimited liability for the company's debts. AY does not need to participate in the public market, nor does it need to appoint a legal representative, local residents as directors, or a company secretary. According to Finnish law, at least one shareholder and two directors are required to establish AY, with one of them being a Finnish or EU permanent resident. If a client needs to nominate two Chinese residents as directors, they also need to hire two nominated directors to meet the requirements of the Finnish government. AY does not require registered capital or capital verification.
