An ISC Resister, also known as a Register of Individuals with Significant Control or a Transparency Register, sets out prescribed details for each individual owning, controlling, or influencing more than 25% of the voting shares or fair market value of shares.
Do you need an ISC? If you have a controlling interest in a corporation, then yes you do.
Federal corporations have had this requirement for several years now; however, as of January 1, 2023, all Ontario corporations need one as well.
If you are a direct shareholder; or have ownership or control of a corporate shareholder; or are a trustee or a trust beneficiary of a trust shareholder, you are required to provide your date of birth, address, jurisdiction for tax purposes and description of the nature of your control of the corporation for the purposes of completing this register.
It is your responsibility to ensure that your information in this register is up to date and accurate on an annual basis. This register must be maintained in your Corporate Minute Book.
If you require assistance with maintenance of your Corporation’s Minute Book and/or preparation of this new register, we would be pleased to assist. For our existing clients, we are preparing this register as part of your regular annual Minute Book updates.
More information? We’re here to help – [email protected]
This WARDS LAWYERS PC publication is for general information only. It is not legal advice, nor is it intended to be. Specific or more information may be necessary before advice could be provided for your particular circumstances.
