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Quebec’s New Transparency Rules for Businesses’ Ultimate Beneficial Owners

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Quebec’s New Transparency Rules for Businesses’ Ultimate Beneficial Owners Aquilina Law January 30, 2024

Quebec’s New Transparency Rules for Businesses’ Ultimate Beneficial Owners

Photo by Adrien Olichon on Unsplash

On March 31, 2023, the Loi visant principalement à améliorer la transparence des entreprises (Act mainly to improve the transparency of enterprises) came into force in Québec, imposing new obligations for businesses in the province.

The new law modifies the Loi sur la publicité légale des entreprises (Act respecting the legal publicity of entreprises) and seeks to increase corporate transparency, namely by requiring businesses to provide to the Registraire des entreprises (the “REQ”) information about their bénéficiaires ultimes, i.e. ultimate beneficial owners (“UBO”).

Click here to to read the full article published in LegalMondo.

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