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Stay Compliant: The Importance of Maintaining a Register of Individuals with Significant Control

febrero 14, 2024by Lutz Law

In a significant regulatory change beginning in January 2023, all corporations are now mandated to establish and maintain a register listing individuals with significant control (ISC). This crucial requirement is a pivotal step in ensuring transparency and accountability in corporate governance.

What is the Register of Individuals with Significant Control?

The Register of Individuals with Significant Control, is a register required by all corporations in Ontario, that identifies and records details of individuals who have significant influence or control over a company as set out in the Act.

This includes those individuals who hold 25% or more of the voting shares of a corporation.

Annual Updates for Compliance

The regulation requires the directors of the Corporation to maintain and update this register on annual basis.

How Can We Assist You?

Ensuring your company records and Minute Book are maintained and updated can be critical avoid legal complications. Our experienced team can assist you in creating and maintaining your Corporate records including the new Register of Individuals with Significant Control.

Contact Us Today

Don’t let compliance become a challenge. Contact us today to discuss how we can help you navigate the intricacies of maintaining your company records.

Stay compliant, stay confident.