Transitions under the Business Corporations Act: one year to go
BC companies have just over a year to file a transition application on Corporate Online under the new Business Corporations Act if they have not already done so.
Under that legislation, BC companies incorporated prior to March 29, 2004 have two years from that date to file a transition application. This is a mandatory electronic filing that involves a review of company records. There is no fee for the filing.
The Corporate Registry advised that a company that fails to file a transition application will receive a notice from the Registrar indicating that the company is in default of its obligations under the Business Corporations Act. If the company does not respond within the timeframe indicated in the notice, the Registrar may take action to dissolve the company.
For more information, see the Corporate Registry website at www.fin.gov.bc.ca/registries/transition.htm.
BC Online has advised its customers to complete company transitions as early as possible. It expects an increase in the volume of calls as the filing deadline approaches, which may result in a delay in obtaining telephone support from BC Online or the Corporate Registry.
Can you check on whether a company has made a transition? BC Online reminds users that they can see a company's transition application filing date and time by scrolling down the screen of a search results page.