Establishment and registration

A foundation can be established using a charter or with a testamentary disposition. In both procedures the foundation is established when it is entered in the Register of Foundations. Separate permission for establishment is no longer required when setting up a foundation. Read more about establishing a foundation in Chapter 2 of the new Foundations Act (only available in Finnish and in Swedish). Reference database of Finnish legislation FINLEX

The foundation to be established must have a basic capital of at least 50,000 euros.

Start-up notification

A foundation must be reported for registration within 3 months from signing the charter. If this isn’t done, the establishment expires. If the testator has signed the charter, the notification must be made within 3 months from the date the will has gained legal force. The Finnish Patent and Registration Office (PRH) can – if a good reason exists – prolong the deadline set for a start-up notification.

Forms

• Form Y1
• Appendix form 11a
• Personal Data Form
• Supervisory Board Form, if needed

The forms are available from the Business Information System (BIS), a service jointly maintained by the PRH and the Tax Administration.

Use a specific personal data form for submitting identification data of natural persons. Do not fill in personal identity codes or home addresses on any other notification forms.

An ordinary member of the board of trustees, or a person he or she has authorised, signs form Y1. If an authorised person signs the notification, you must enclose the original general power of attorney or a certified copy of a special power of attorney.

Enclosures

• the original charter or an officially certified copy
• by-laws of the foundation
• if the foundation is established with a testamentary disposition, a report on how the will has become final
• a report of the foundation's auditor stating that the payment of the foundation’s basic capital has been made in compliance with the charter and by-laws and that the foundation has a budgetary, an operating and a financial plan according to Chapter 2, Section 4 of the new Foundations Act

Handling fee

Our handling fee for establishing a foundation is 800 euros. We will send an invoice when the PRH has dealt with the foundation’s notification. If the by-laws of the foundation have been given a preliminary check, the notification is 200 euros.

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Latest update 15.12.2015