Limited liability companies and co-operatives must submit financial statements to the Trade Register; for the first time, even active businesses may risk de-registration

Wed, May 24, 2017 18:07 CET

The Finnish Patent and Registration Office (PRH) will this week send reminder letters to one thousand limited liability companies and co-operatives that have not submitted their financial statements for registration within one year from the end of the financial period.

Even an active business that does not submit their financial statements may risk de-registration, which means in practice the termination of business activities and significant tax consequences.

“All limited liability companies and co-operatives must draw up financial statement documents and file them with the PRH. The PRH has been active informing about this and has sent thousands of reminder letters during the winter and spring. However, businesses have not been very active in fulfilling their reporting obligation”, says Terhi Maijala, Head of Law and Supervision at the PRH.

The de-registration procedure is based on the Limited Liability Companies Act and the Co-operatives Act.

Limited liability companies and co-operatives must submit financial statements to the Trade Register; for the first time, even active businesses may risk de-registration

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