Did you know that every incorporated company located in British Columbia is required to have a Registered and Records Office?
As stated in s.34(1) of the BC Business Corporations Act, companies must maintain a Registered and Records Office address (mailing and delivery) as part of their record at the Corporate Registry.
In the following post, you will learn what a Registered and Records Office is and the primary benefits of utilizing a law firm as your office address.
What is a Registered Office?
A Registered Office of an incorporated company is the address where all documents and notices are delivered to and inquiries are sent.
The documents received by the Registered Office are dealt with by the receivers promptly and forwarded to the appropriate parties as necessary.
What is a Records Office?
A Records Office of an incorporated company is the place where all corporate records of the company are stored, including but not limited to the articles of incorporation, the Central Securities Register and Transparency Registrar.
The Records Office address must be located in British Columbia that is accessible during regular business days for potential inspections by company directors, officers, shareholders, and the general public.
Why Hire a Law Office to Act as Your Registered and Records Office?
There are a number of benefits for having a law office to act as your Registered and Records Office.
Some of these benefits may include:
Ensuring annual reports are filed
For business owners, it may be difficult to track and organize the obligations required by a corporation.
Section 51 of the BC Corporations Act requires corporations to annually file documents with the government. Failure to file annual reports for two consecutive years may lead to dissolution of the company.
This can also lead to the BC Escheat Act where the corporation’s property is taken over by the BC Government.
A law firm will automatically file the annual filing requirements for the corporation on behalf of the directors to eliminate that worry.
Protecting access to corporate records
A law firm is capable of restricting and monitoring access to a company’s corporate records by third parties in accordance with their legal entitlements.
Prompt notification of court notices
If the company is served a notification of claim or lawsuit, the lawyers can quickly advise on the merits of the claim and potentially leave you more time to respond.
Conclusion
Patrola Law Corporation maintains the corporate records for hundreds of companies in British Columbia.
Have Patrola Law act as your Registered and Records Office so you can focus less on paperwork and more on running your business.
For assistance, please call us at (778) 565-4700 or simply fill out our contact form to schedule a free consultation.
The preceding content is for informational purposes only and does not constitute legal or professional advice. To obtain such advice, please contact our offices directly.