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Canada (Saskatchewan): Requirement to keep Individuals with Significant Control register
As of the 12th of March 2023, following an amendment to The Business Corporations Act, 2021 (Saskatchewan “the Act”), Private Corporations incorporated in Saskatchewan, Canada will now be required to create and maintain an internal register of Individuals with Significant Control (“ISC”).
This ISC register must be set up by the end of the company’s 2023 Financial Year and reviewed at least once a year.
In scenarios where there are no identifiable ISCs, a register must still be created, stating that there are no ISCs based on the criteria in the Act along with a description of the steps taken to determine that the company has no ISCs.
Failure to meet these requirements will have the company’s Directors and Officers be personally liable to fines and penalties.
Although no filing is required, the authorities may still formally request to access the register. The information contained, however, will not be publicly available.
