Amendments to the B.C.
Business Corporations Act imposing new corporate
record keeping requirements on private companies in B.C. will come
into force on October 1, 2020.
These amendments were scheduled to come into force on May 1,
2020; however, by order of the Lieutenant Governor dated April 6,
2020, the coming into force date has been extended in response to
the COVID-19 pandemic. The amendments require B.C. companies to
maintain transparency registers with information
about significant individuals who hold 25% or more
of the shares or votes in the company or who have the right to
elect a majority of the company's
directors.
These amendments are part of the B.C. Government's efforts
to end hidden ownership of private companies and to crack down on
illegal activities such as money laundering and tax evasion by
helping identify persons who own and control private companies.
