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.
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