60,000 companies have not filed their beneficial owner details – may now risk deregistration
The Finnish Patent and Registration Office (PRH), which maintains the Finnish Trade Register, will deregister companies that have not filed their beneficial owner details despite requests to do so.
This week, the PRH sent reminder letters to thousands of limited liability companies and co-operatives that have not filed their beneficial owner details. The PRH may deregister these companies if they – despite reminders – do not file their beneficial owner details by the deadline.
According to the Finnish Trade Register Act, all limited liability companies and co-operatives must file details of their beneficial owners (people with an ownership interest or control in the company) with the Trade Register. This does not apply to listed companies or mutual real estate limited companies.
Companies have had several years to file the notification
The PRH has registered beneficial owner details of companies since July 2019. Around 280,000 companies are obligated to file a notification of beneficial owners, which is free of charge, and keep the details up to date.
The PRH has reminded companies to file their notification of beneficial owners by sending them letters, publishing information on the PRH website and in several other ways. Despite this, around 60,000 companies on the Finnish Trade Register have not filed the notification required by law.
Our deregistration and liquidation process follows the procedure set out in the Finnish Limited Liability Companies Act, Co-operatives Act and Trade Register Act.
Read more about the deregistration procedure in our media package in Finnish (attached) and on the prh.fi website.
EU financing has been used to implement the deregistration of companies that have neglected to submit their notification of beneficial owners.
For further information, please contact
Karita Metsälä
Legal Officer
Finnish Patent and Registration Office (PRH)
Tel. +358 29 509 5342
Email: firstname.lastname@prh.fi
About us
We work for the benefit of companies and organizations.
We register companies, associations, foundations and other organizations and corporations, as well as enterprise mortgages and LEI codes. We examine and grant patents and register utility models. We also register trademarks for products and services and provide design protection. We oversee and approve auditors and monitor foundations and the collective management of copyright.
We offer our customers advisory services and courses. We give information about companies, organizations, corporations and immaterial rights.
Our office is an International Searching Authority (ISA) and International Preliminary Examining Authority (IPEA) for international PCT patent applications.
Our office comes under the administrative sector of the Ministry of Economic Affairs and Employment (MEAE), and we negotiate each year with the MEAE on our performance targets. Our office is subject to net budgeting, meaning that about 95% of our expenses are covered by the income we make from our services.
Read more: https://www.prh.fi/en/presentation_and_duties.html
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