The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2023.
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.