BC is moving toward greater transparency about who owns companies. Each private company in BC is required to maintain a transparency register which identifies people who have significant control over a company, which is kept internally and available for viewing by government officials.

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Starting in late 2025, private companies in B.C. will be required to file their transparency register information directly with the Business Registry, not just keep it internally. This is intended to prevent hidden ownership and increase public accountability. Under the new rules, some of this information will become public, including individuals’ full legal names, year of birth, and countries of citizenship. Companies will need to update changes within 15 days, instead of the current 30-day window.

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These rules will apply to all private companies in B.C. and will require disclosure of anyone who owns or controls 25% or more of shares or voting rights, or has the power to appoint or remove directors.

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Non-compliance comes with serious consequences. Fines may reach $50,000 for individuals and $100,000 for companies if false or misleading information is filed, plus additional penalties for failing to file at all.

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Now is the time for businesses to review ownership structures, update records, and get organized before filing becomes mandatory.