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June 3, 2021
Adoption of Bill 78, An Act mainly to improve the transparency of enterprises

Bill 78, An Act mainly to improve the transparency of enterprises, was adopted by the National Assembly on June 3, 2021, setting in stone the government's commitment to the fight against tax havens, tax evasion, money laundering and corruption. For more information, see the press release (in French only) published by the MTESS.

The measures introduced by this Act will contribute to increasing the general public's and investors' confidence in the enterprises they do business with. With these provisions, Québec has reaffirmed its place at the forefront of protecting the general public, by making the Registraire des entreprises a North American leader in this field. 

For many years now, the Registraire des entreprises has held a free public register that provides a lot of information about enterprises doing business in Québec. With this new Act, the register will contain even more information, as enterprises will now have to provide the Registraire with information about their ultimate beneficiaries, that is the persons who actually control an enterprise (or the persons who hold 25% or more of an enterprise's shares). Furthermore, it will now be possible to search the register using the first and last names of a natural person.

We have planned a transition period to make sure that all changes will be properly implemented and we will accompany registrants and partners until the new obligations come into effect.

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