Businesses must now disclose who are their true owners
This article first appeared in French in the April 2021 edition of the Journal des Parcs industriels by the Corporation des parcs industriels du Québec.
An international movement pushing for greater transparency in the corporate world has sparked reform initiatives across Canada. In this context, the Quebec government introduced a bill in December 2020 to force companies to be more transparent. Indeed, businesses will be required to disclose their true owners as part of their annual declaration to the Registraire des entreprises du Québec (the “Registrar”), a requirement under the Act respecting the legal publicity of enterprises (the “ALPE”).