In response to a new law for British Columbia, an enhanced software feature from Emergent keeps tabs on individuals who have direct or indirect control of a company or its shares.
Mississauga, ON (PRUnderground) April 6th, 2020 - Effective May 1, 2020, businesses in British Columbia will be called upon to keep and maintain a transparency register of beneficial owners. To end hidden ownership of companies in BC, and decrease illegal activities, Bill 24 will amend the Business Corporations Amendment Act, 2019. It’s good news for the province that will, in turn, require law firms to gather and keep track of information collected from the shareholders of the corporations they represent. To help with the overwhelmingly time-consuming process, Emergent has developed a new feature for its industry-leading software, Corporate Manager ET. Newly-enhanced specifically to help law firms step away from bearing the expense of new processes, the software will both record and maintain this new legally required information.
For the transparency register, Corporate Manager ET will collect shareholders’ full legal name, their date of birth, citizenship, and last known address. It will also include how they are, the date they became, or ceased from being a significant individual to the corporation. To engage the timesaving software, law firms send each shareholder the information they already have about them within Emergent’s program. They then ask the shareholder to confirm what is given, or if necessary, provide any missing data.
“The alternative to using our program to comply with the new law is to keep track of shareholder information manually in an MS Word or Excel document. I think we can all agree that while those programs are useful in other areas, when it comes to the transparency register, neither Word or Excel is more efficient than using Corporate Manager ET. We’re very pleased to help our clients streamline new legislatively required processes in a simple and efficient manner,” said the President and CEO of Emergent.
For more information, visit http://www.emergent.ca.
About Corporate Manager ET:
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.