Summary of the new Trade Register Act
The new Trade Register Act entered into force on 1 June 2023.
Parts of the Act will not take effect until 2025 and 2026.
From 2026, all companies (except for associations, foundations and private traders) must submit start-up notifications, notifications of changes, notifications of termination of business, financial statements and other information to the Trade Register using the online service at ytj.fi.
New for private traders
Private traders are no longer required to register with the Trade Register, but can choose to do so if they wish.
You must register with the Trade Register when:
- you are using a company name for business activities
- you are registering financial statements under the Accounting Act
- you are a private trader permanently residing outside the European Economic Area
The changes in the new Trade Register Act will not affect the obligation for private traders to register with the Tax Administration.
Fee for late submission of financial statements is based on period of delay as of 2025
If limited liability companies, co-operatives, European companies or European co-operatives do not submit their financial statements to the Trade Register within eight months of the end of a financial period, the Patent and Registration Office (PRH) will charge a fee.
The fee is 150 to 600 euros depending on the period of delay. For public limited liability companies and European companies, the fee is doubled. A double fee is charged if financial statements are not submitted for two or more consecutive financial periods.
At the beginning of 2025, the PRH will start charging a late fee, applying to financial periods ending in December 2024 or later.
Fee concerning companies for neglecting to submit Trade Register details as of 2025As of 2025, the PRH can impose a fee on companies that, despite the PRH’s requests, do not remedy incomplete or incorrect register information. The PRH can charge a fee for negligence if, for instance,
- an address is missing
- a board of directors is missing
- the register details include errors (for instance, an illegal board of directors or the auditor is unauthorised)
- details on beneficial owners are missing.
The fee for negligence is 300 euros. For public limited liability companies and European companies the fee is 600 euros.
Companies must review their Trade Register details annually as of 2026
As of 2026, limited liability companies and co-operatives must review their details in the Trade Register annually. Companies must also review their contact details that are entered into the Business Identity Code Register at ytj.fi. European companies, European co-operatives and foreign traders who have set up a branch in Finland are also required to review their details.
The details are reviewed in the online service at ytj.fi.
If the details entered in the Trade Register are not reviewed, the PRH can charge a fee for negligence as of 2027. The fee is 300 euros. For public limited liability companies and European companies the fee is 600 euros.
New guidelines for filing beneficial owner details
The Act on Money Laundering requires companies to report their beneficial owners, and most companies must file a notification of beneficial owners.
As of 2024, the new Trade Register Act authorises the PRH to order your company into liquidation or remove it from the Trade Register if the company does not submit beneficial owner details or rectify incorrect details despite requests to do so. Read more about the notification of beneficial owners.
No new means to prevent company takeovers
The new Trade Register Act does not introduce any new means to prevent company takeovers. The PRH provides various services to protect your company from scams. Read more about how to protect yourself and your company from scams.
Social implications of the legal reform
The new Trade Register Act will make it easier to keep the register reliable and up-to-date.
In conjunction with the reform, the PRH will gradually revamp the online services at ytj.fi.