This Act establishes the legal framework for the registration and regulation of social enterprises (“registrerede socialøkonomiske virksomheder”). It sets out the conditions a business must meet to be approved by the Consumer and Competition Authority — including having a social purpose, being commercially active, independent from the public sector, socially responsible in governance, and committing to reinvesting profits for social benefit. The Act details application procedures, ongoing reporting duties, limitations on profit distribution to owners, and the exclusive right to use the designation “registered social enterprise” once approved. A central register is created for these enterprises, managed by the Greenlandic government or potentially by another public body in Greenland or Denmark. The law further imposes duties on the enterprises’ management to provide accurate information, file annual reports, and notify authorities if conditions are no longer met. It empowers the Consumer and Competition Authority to supervise, demand information, revoke registrations, and impose reporting requirements and fees. Misuse of the designation, failure to meet social profit obligations, or inaccurate reporting is punishable by fines. Appeals can be made to Naalakkersuisut (the government of Greenland), except in certain cases.
Greenland (Denmark) · 2019-11-28