Most of our corporate clients will know about the requirement to maintain a transparency register. We have maintained this register for most of our clients since October 2020 when this became a requirement.
An amendment to the Business Corporations Act, enacted on May 11, 2023, set the course for the introduction of a new public transparency registry by 2025 that will be searchable by the public.
When these amendments come into force, companies will be required to file the information contained in its transparency register in the Registrar of Companies’ Transparency Register.
The information available to the public will be the:
- Full Name of significant individual
- Year of Birth
- Whether the person is a Canadian Citizen or Permanent Residents.
The information available will concern all “significant individuals”. Generally those who own or control (directly or indirectly) 25% of the shares of a Company.
More information will be forthcoming over the next year or so.
Please reach out to us at 250-374-3344 if you have any questions or concerns.
Disclaimer: This is not legal advice.