A record year in Trade Register notifications

For the PRH, a substantial increase in the number of the Trade Register notifications compared to 2017 was the main indication of the upturn in the Finnish economy. Nearly 36,000 new businesses were established, which was more than at any time during the past five years.

The number of financial statements submitted to the Trade Register also increased substantially compared to 2017. Effective oversight was again one factor contributing to the trend.

The large number of new projects under way also kept the Trader Register busy in 2018.

New services for housing companies

During the year, the PRH prepared new online notification services for housing companies and mutual real estate companies. The services, which were introduced at the start of 2019, are part of the new electronic register of housing company units maintained by the National Land Survey of Finland.

All details of the ownership and mortgaging of housing company units will now be entered in the register. Likewise, all transactions involving housing company units will be in electronic form and housing companies will no longer use share certificates printed on paper.

Transfer of the Business Information System under preparation

The responsibility for the Business Information System (BIS) was transferred from the Finnish Tax Administration to the PRH on 1 January 2019. The preparations for the transfer were carried out during the year and the process did not have any impact on the services. Enterprises and corporations can still submit information to the PRH and the Finnish Tax Administration on a single notification form.

Director General Antti Riivari was elected as the Chair of the new European Business Registry Association (EBRA).

Digitalisation of financial information now under way

During the year, the PRH enhanced its capacity to receive financial statements information in electronic IXBRL format.

With IXBRL (Inline eXtensible Business Reporting Language), financial reports can be compiled, processed, edited and visualised automatically.

The joint Nordic project Nordic Smart Government 3.0, launched in 2018, also aims to develop the use of electronic financial information. The PRH, the Finnish Tax Administration, State Treasury, the Association of Finnish Accounting Firms and the RTECO project of the Technology Industries of Finland are the Finnish partners in the project.

Beneficial owners

Registration of beneficial owners now in preparation

The PRH has started preparations for the registration of beneficial owners. Starting in July 2019, the details of actual beneficial owners of companies will be entered in the Trade Register.

The obligation to enter the information on beneficial owners in the Trade Register will apply to approximately 300,000 companies. The registration of the information is based on the Act on Money Laundering and the EU directive on money laundering.