Finland
Financial Reporting Obligations for Companies in Finland
1. Financial Statements Submission Registry in Finland
In Finland, companies must submit their financial statements annual reports to the Kaupparekisteri (Trade Register) (https://www.prh.fi/en/kaupparekisteri.html). The Trade Register is maintained by the Patentti- ja rekisterihallitus (PRH) – Finnish Patent and Registration Office (https://www.prh.fi/en/index.html).
2. Legal Forms Obliged to Publish Financial Statements
The obligation to publish financial statements to the Trade Register in Finland depends on the legal form of the company. Below is a list of legal forms in Finnish along with their English translations, and notes on their obligations:
Legal Forms Obliged to Publish Financial Statements:
- Osakeyhtiö (Oy – Limited Liability Company)
- Julkinen osakeyhtiö (Oyj – Public Limited Company)
- Avoin yhtiö (Ay – General Partnership)
- Kommandiittiyhtiö (Ky – Limited Partnership)
- Osuuskunta (Osk – Cooperative)
- Säätiö (Foundation)
- Yhdistys – Association (if engaged in business activities)
Legal Forms Not Obliged to Publish Financial Statements:
- Toiminimi (Tmi – Sole Trader / Proprietorship)
Note: Sole traders are not required to submit financial statements unless they exceed certain thresholds defined by the law or if they are VAT-liable and meet specific criteria.
3. Audit Requirements for Financial Statements in Finland
Companies in Finland must have their financial statements audited if they meet specific criteria outlined in the Tilintarkastuslaki (Auditors' Activities Act) (https://www.finlex.fi/en/laki/kaannokset/2007/en20070659). The criteria for mandatory auditing are based on turnover, total assets, and the number of employees.
Here is a table summarizing the audit requirements:
| Legal Form | Rule | Criteria |
| Osakeyhtiö (Oy – Limited Liability Company) | Must be audited if two of the criteria are met | Turnover (more than) EUR 200 000 Total assets (more than) EUR 100 000 Employees (more than) 3 |
| Julkinen osakeyhtiö (Oyj – Public Limited Company) | Always audited | No specific criteria — mandatory for all Oyj |
| Avoin yhtiö (Ay – General Partnership) | Must be audited if two of the criteria are met | Turnover (more than) EUR 200 000 Total assets (more than) EUR 100 000 Employees (more than) 3 |
| Kommandiittiyhtiö (Ky – Limited Partnership) | Must be audited if two of the criteria are met | Turnover (more than) EUR 200 000 Total assets (more than) EUR 100 000 Employees (more than) 3 |
| Osuuskunta (Osk – Cooperative) | Must be audited if two of the criteria are met | Turnover (more than) EUR 200 000 Total assets (more than) EUR 100 000 Employees (more than) 3 |
| Säätiö (Foundation) | Always audited | Mandatory for all foundations |
4. Stock Exchange Requirements
If a company is listed on the Finnish stock exchange, it must publish its financial statements there. The primary stock exchange in Finland is Nasdaq Helsinki (https://www.nasdaq.com/market-activity/exchanges/helsinki).
5. Deadline for Submitting Financial Statements
Below is a table summarizing the deadlines for filing financial statements with the Finnish Trade Register based on the company type and specific instructions provided.
| Company Type | Deadline | Details |
| Osakeyhtiö (Oy – Limited Liability Company) | Within 8 months from the end of the financial period | Financial statements must be filed with the Finnish Trade Register after approval by the general meeting. |
| Osuuskunta – Cooperative | ||
| Avoin yhtiö (Ay – General Partnership) | Within 6 months from the end of the financial period | Must file financial statements with the Finnish Trade Register if required by law. |
| Kommandiittiyhtiö (Ky – Limited Partnership) | ||
| Toiminimi (Tmi – Private Trader) | If certain legal requirements are met, within 6 months from the end of the financial period | Must file financial statements with the Finnish Trade Register if required by law. |
| Savings Banks, Insurance Associations, Mortgage Societies, and EEIGs | Within 6 months from the end of the financial period | Must file financial statements with the Finnish Trade Register. |
| Branches (including foreign-owned branches) |
6. Partial Financial Statements
Certain companies, such as small cooperatives (osuuskunta), may submit simplified financial statements if they do not exceed the thresholds defined in the Accounting Act (Kirjanpitolaki) (https://www.finlex.fi/en/laki/kaannokset/1997/en19971336).
7. Consequences of Late Submission
- Late Filing Penalties: The PRH can impose fines for late submission.
- Legal Actions: Persistent failure to submit financial statements can result in legal proceedings.
- Striking Off the Register: In severe cases, the company may be struck off the Trade Register, leading to its dissolution.
8. Reporting Requirements for Foreign-Owned Branches and Newly Established Companies
Foreign-owned branches in Finland must comply with the same financial statement submission requirements as local companies. Newly established companies are required to submit their first financial statements within six months of the end of their first financial year. There are no additional reporting obligations or different deadlines specifically for foreign-owned branches unless specified by the Accounting Act (Kirjanpitolaki) (https://www.finlex.fi/en/laki/kaannokset/1997/en19971336).
Sources
| Source | Link |
| Patentti- ja rekisterihallitus (PRH) | https://www.prh.fi/en/index.html |
| Kaupparekisteri (Trade Register) | https://www.prh.fi/en/kaupparekisteri.html |
| Tilintarkastuslaki (Auditors' Act) | https://www.finlex.fi/en/laki/kaannokset/2007/en20070659 |
| Kirjanpitolaki (Accounting Act) | https://www.finlex.fi/en/laki/kaannokset/1997/en19971336 |
| Nasdaq Helsinki | https://www.nasdaq.com/market-activity/exchanges/helsinki |
| Start Companies Search | Order Credit Report |
Keywords
financial report submission in Finland; financial statement requirements for Finnish companies; financial reporting obligations in Finland; annual report requirements for Finnish companies; Finnish annual report submission rules; annual report filing deadlines in Finland; Finnish accounting standards for companies; audit requirements for Finnish companies; Patentti- ja rekisterihallitus; Kaupparekisteri; Tilintarkastuslaki; Kirjanpitolaki; Nasdaq Helsinki
