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Beneficial ownership engagement

The business community, including Indigenous businesses, can share input on proposed legislative amendments to the Business Corporations Act.

Overview

We are seeking feedback on proposed changes to the Business Corporations Act, which is managed by Service Alberta and Red Tape Reduction (SARTR). The proposed changes would require private companies in Alberta to keep records about who owns or controls them, known as their beneficial owners, and make this information available to government authorities if needed.

We would like to hear how this requirement might affect private Alberta companies, including any challenges or extra work involved in identifying beneficial owners and confirming their status as private companies.

Status

  • Open

  • Results under review

  • Completed

Who is listening

Service Alberta and Red Tape Reduction

Corporate ownership definitions

  • Beneficial owner

    A beneficial owner refers to the natural person(s) who, through direct or indirect means, exercises ultimate ownership or controls an interest of a privately held, non-distributing corporation. They are the real person who ultimately owns or controls a private company, even if their name doesn’t appear on official documents.

  • Private company

    A private company (also called a non-distributing corporation) is one that doesn’t sell shares to the public, isn’t listed on the stock exchange, and doesn’t file reports with a securities commission.

  • Non-distributing corporation

    A non-distributing corporation is a company that does not offer or distribute shares to the public. The term is defined under the Canada Business Corporations Act.  A non-distributing corporation does not file documents with a securities commission and does not sell shares on a stock exchange. These are commonly referred to as private corporations.
     

Get involved

Complete the survey to provide your feedback or connect with us at [email protected] to get involved.

Outcomes

Feedback will help to inform new government policies and is contribute to the development and implementation of amendments to the Business Corporations Act.

Contact

Connect with the Beneficial Ownership engagement:

Email: [email protected]