Recognizing the pressures that COVID-19 issues are creating for
many businesses, the Government of British Columbia is delaying the
implementation of the beneficial ownership transparency register
under the B.C. Business Corporations Act (BCBCA) until
October 1, 2020. Previously, the register was to come into effect
on May 1.
The change was announced in an order in council,
dated April 6, 2020, that also modifies some of the rules that will
govern the transparency register once it is in effect. The primary
purpose of the register is to create an accurate and accessible
record of the beneficial ownership of privately held BCBCA
companies.
Our previous post on the
transparency register will be updated to reflect the changes in the
coming days.
