Details on nearly 3,500 company owners already in the Trade Register

From July 2019, most companies have had a new obligation to file the details on their beneficial owners with the Finnish Trade Register. During the first month of the renewal, almost 3,500 notifications of beneficial owners have been filed with the Trade Register maintained by the Finnish Patent and Registration Office (PRH).

In most cases, the beneficial owners of a company are its owners.

The new obligation to file the details on beneficial owners with the Trade Register from 1 July 2019 applies to about 300,000 companies, including all limited liability companies and co-operatives. Some general partnerships and limited partnerships must also file a notification.

However, private traders, listed companies, and housing co-operatives do not file a notification, and neither do associations or foundations.

The Finnish Act on Money Laundering requires beneficial owners are identified and filed

Every company is responsible for identifying its beneficial owners.

A beneficial owner is a person who for example owns more than 25 percent of the shares of the company, or has more than 25 percent of the number of votes in the company.

Filing and registering beneficial owners is based on the Act on Money Laundering and EU directives. The money laundering legislation demands that for example banks should be able to identify their clients.

Even if a company does not have beneficial owners in accordance with the Act on Money Laundering, the company must file a notification with the Trade Register.

Who can get details on beneficial owners from the PRH?

Unlike other details entered in the Trade Register, the details on beneficial owners are not public. The PRH will give out the details on beneficial owners only for clients with a purpose of use in accordance with the Act on Money Laundering.

Authorities can get details on beneficial owners free of charge, but for others the details are subject to a charge. Read more about beneficial owner details.

For more information, please contact:

Legal Officer
Jukka Tavi
Finnish Patent and Registration Office (PRH)
Tel. +358 29 509 5422
firstname.lastname@prh.fi

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Latest update 05.08.2019