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Effective 1 October 2020, the Ministry of Finance adopted new transparency requirements under the Business Corporations Act.

The new requirements imposed obligations for private BC companies to prepare and maintain (annually) a transparency register that discloses prescribed information on significant individuals.  Failure to maintain the registry and have available for inspection may result in significant penalties.

If your corporate records are maintained with a corporate law office, it is likely you have received information on creating a registry.  If you maintain your own corporate records, you will need to ensure you are in compliance with the changes to the Act.  Unlike LOTA, the transparency registry under the BC Business Corporation Act is not a public registry and will only be available to certain Federal and Provincial enforcement bodies.