WHAT'S NEW IN BUSINESS
Most businessmen when they start a business in British Columbia incorporate a new company under the British Columbia company law. Some may choose to buy an existing British Columbia company.
On March 29, 2004 a new Business Corporations Act (“BCA”) was brought into force. This new BCA replaces the previous British Columbia Company Act (Company Act”). This new BCA covers companies incorporated under the previous Company Act and incorporated under the new BCA.
Under the new BCA there are a number of new and important requirements and changes you should be aware of when incorporating a BC company. An example would be the elimination of residency requirements for directors.
Any company that was incorporated under the previous Company Act must consider the transition requirements of the new BCA.
Under the transition provisions of the new BCA a pre-existing company must do the following three things within two years after the coming into force of the BCA ( that is, by March 29, 2006):
(collectively referred to as a “transition rollover”)
Failure to do a transition rollover will provide the registrar with grounds to dissolve the pre-existing company.
- File with the registrar a transition application
- Alter its articles
- Supplement the information in its central securities register
Brian Edward Tadayoshi Tsuji
Canadian Immigration Lawyer
2800 Park Place
666 Burrard Street
Vancouver, British Columbia, Canada, V6C 2Z7
Tel:(604) 643-6496 Fax:(604) 605-3596