Frequently asked questions about missing beneficial owner details

You have received a reminder letter because your company has not filed its beneficial owner details with the Finnish Trade Register.

Most companies must file details of their beneficial owners (persons who have an ownership interest or control in the company) and then keep the details in the register up to date.

We send the letter to the company’s mailing address, as recorded in the Finnish Business Information System at ytj.fi, and also by email if an email address has been entered in the company’s Trade Register details. If the company does not have an address, we send the letter to the company’s responsible person entered in the Finnish Trade Register.

The Finnish Act on Money Laundering defines a beneficial owner as a person who either owns a company or otherwise exercises control over the company. A beneficial owner is always a person. See who can be a beneficial owner of a company.

Most companies have a statutory obligation to file details on their beneficial owners with the Finnish Trade Register. This obligation is based on the Finnish Trade Register Act. Similar obligation applies to companies in all EU member states.

Beneficial owner details are filed for registration to prevent money laundering. For instance, banks, accounting firms and insurance companies are obligated to identify their customers and check the beneficial owner details to prevent money laundering. It may become difficult for the company to carry out its operations if it does not file its beneficial owner details.
Some companies that are obligated to file their beneficial owner details have not done so. In the interests of society and everyone who needs this information, as many companies as possible should submit their beneficial owner details to the Finnish Trade Register and keep them up to date.

According to Finnish law, most companies must file their beneficial owner details with the Finnish Trade Register. Information about the beneficial owners must be filed even if the company is inactive. There are no legal provisions on exemption from the obligation to file.

The PRH sends a register extract about beneficial owners by post when the notification has been registered. The extract is sent to the address of the person who provides further information on the notification or to the company’s registered address.
The Virre Information Service shows whether a company has filed its beneficial owner details. Search for the company’s details using its Finnish Business ID. The basic details show the submitted notification of beneficial owners.

You can download your company’s beneficial owner extract free of charge in the Beneficial Owner Information Service. Read our instructions on how to download your company’s extract.

In exceptional cases, the notification can be filed on paper. Read the filing instructions.

The PRH cannot extend the deadline for filing. If the beneficial owner details are not filed by the deadline given in the letter, the PRH will impose a fee for negligence.

If you have not filed the beneficial owners by the deadline stated in the letter, the PRH will send the company a decision on a fee for negligence. The fee is at least 300 euros.

If the company does not file its notification of beneficial owners despite having the fee imposed on it, the PRH may remove the company from the Finnish Trade Register or order it into liquidation.

As long as the company is registered in the Finnish Trade Register, it is obligated to file its beneficial owner details. If the company is inactive, and the company has no intention to continue its operations in the future, it may be the right time to remove the company from the Finnish Trade Register. Read our instructions on how to dissolve a limited liability company.

The negligence fee is collected by the Legal Register Centre (LRC). If the company does not pay the fee by the due date provided by the LRC, the fee can be sent for debt collection.

If the company does not pay the negligence fee during the debt collection process or the company has no distrainable income or property, the execution officer will refer the matter back to the LRC. The LRC can later resend the fee for debt collection.

An insolvent company can also be declared bankrupt on application by a debtor or a creditor. A court of law makes the decision to declare the company bankrupt.

As long as the company is registered in the Finnish Trade Register, it is obligated to file its beneficial owner details. If you have not filed the beneficial owners by the deadline stated in the letter, the PRH imposes a fee for negligence on the company. If the company does not file its notification of beneficial owners despite the fee imposed on it, the PRH may remove the company from the Finnish Trade Register or order it into liquidation.

The PRH cannot extend the deadline for paying the negligence fee. The fee is collected by the Legal Register Centre (LRC), which sends a separate payment reminder. The fee must be paid by the due date in the payment reminder. Read more about the enforcement of the fee on the LRC’s website.Avautuu uuteen välilehteen

The decision on the fee concerns the company, not the person responsible for the company. The company is liable for the fee imposed on it. The fee is collected by the Legal Register Centre (LRC), which sends a separate payment reminder. The fee must be paid by the due date in the payment reminder. Read more about the enforcement of the fee on the LRC’s website.Avautuu uuteen välilehteen