Corporate Transparency

On June 8, 2021, the National Assembly of Québec assented to the Act mainly to improve the transparency of enterprises, which:  

  • Strengthens the Act respecting the legal publicity of enterprises. The enterprise register will continue to enhance the protection of the public by providing public access to certain information contained in the register, particularly in the context of socio-economic relations. A further purpose of the Act is to prevent and fight tax evasion, money laundering and corruption. In addition, the Act provides rules for the information that must be entered in the enterprise register to optimize its reliability. 
  • Creates the obligation to send the enterprise registrar information on the ultimate beneficiaries of enterprises, namely the persons who exercise “control in fact” of the enterprise or those who ultimately hold 25% or more of its shares. This information will be made public. 
  • Defines the expression “control in fact” by reference to sections 21.25 and 21.25.1 of the Taxation Act
  • Allows information on the pseudonyms used in Québec by the ultimate beneficiaries to be gathered. 
  • Allows a professional address instead of a home address to be published. 
  • Allows the enterprise register to be searched using an individual’s last name and first name. 
  • Creates the obligation to provide a copy of identification for the directors recorded in the register. 
  • Allows bailiffs to view a registrant’s home address. 
  • Creates the obligation to provide the date of birth of all individuals recorded in the register.  
  • Provides for the tabling in the National Assembly of a report on the implementation of the Act five years from the date of its coming into force.  
  • Exempts businesses outside Québec that do business in Québec from paying the registration fee. 

Check the Registraire des entreprises website regularly for information on these changes as they are rolled out.