Updated B.C. Transparency Register Requirements

Effective October 1, 2020, all private companies incorporated under the Business Corporations Act (British Columbia) (BCBCA) will be required to maintain a transparency register disclosing certain prescribed information about those individuals (significant individuals) who exercise significant influence or control over the company by virtue of their shareholdings or influence over board composition. There are certain classes of private BCBCA companies and intermediary entities that are exempted from the transparency register requirement.

This disclosure constitutes part of the commitment by both the federal and provincial governments to combat the misuse of corporations for criminal purposes. The amendments to the BCBCA were introduced through the Business Corporations Amendment Act, 2019. See New Corporate Requirement—Transparency Registers for B.C. Private Companies for a detailed outline of the disclosure requirements and the rules for determining who qualifies