Mississauga, ON -- (ReleaseWire) -- 02/17/2020 --In response to Bill 22, Manitoba's new Beneficial Ownership legislation, Emergent announces a corresponding feature for their industry-leading software. The new legislation came into effect on the first day of 2020 and requires law firms to painstakingly collect additional data for each of their corporate clients' shareholders. To help facilitate the monumental task that employs, Emergent's Corporate Manager ET now encompasses a new Beneficial Ownership feature. The latest essential for Manitoba law firms will do the heavy lifting to collect shareholder information; so, no additional in-house procedures are necessary to keep the information up to date annually.
For law firms who manage hundreds, or even thousands, of entities, the myriad details received from clients are now kept conveniently within a new apt framework. In adherence to the new legislation, Emergent's software will keep track of names, addresses, tax jurisdiction, birthdates, and dates to which the shareholder became, or ceased from being, an individual holding "significant control" over a privately-held entity. It will also keep track of how they are a significant individual and a description of their interests and rights concerning their corporate shares.
Darren Cooper, President and CEO of Emergent, said of the new timesaving feature, "It's unnecessary to spend exorbitant amounts of money that can't be recouped quickly to comply with the new law. Our software will seamlessly help law firms track the beneficial owner of each share certificate already managed by Corporate Manager ET. Law firms simply ask shareholders to confirm what they have or provide any missing information. It's simple, direct, and effective - all hallmarks for Emergent products."
With foresight concerning the Canadian Beneficial Owners legislation that came into effect in 2019 for federal corporations, Emergent knew the new law would soon also influence the provinces. To that end, Emergent was tasked with broadening its software's reach. Just in time for Manitoba's new legislation, significant changes in Emergent's Corporate Manager ET software allows law firms the agility to use it for any entity's jurisdiction.
For more information, visit http://www.emergent.ca.
About Corporate & Estate Manager
The Corporate & Estate Manager utilizes wizards to form, organize, and amalgamate entities and maintain Director, Officer, and Shareholder information. It also automates the generation of transaction-oriented precedents such as annuals, organizations, renewals, share certificates, and much more.
Emergent is based in Mississauga, Ontario, Canada, and provides the marketplace with document creation and file management software. The software is available on a fee-per-file basis. Some of their products include Canada's first two-way integration for Initial Notice/Notice of Change filings for corporations in Ontario, and software for the integration of corporate records, wills, and probate.
President & CEO, Emergent