Individuals with Significant Control
In the next question, we will ask you to list the individuals with significant control behind every entity you have listed as shareholder for this company.
An “individual with significant control” refers to an individual, who:
(a) owns, controls, or directs: (i) 25% or more of the voting shares of the corporation or (ii)
shares that are worth 25% or more of the fair market value of all outstanding shares of the corporation;
(b) has direct or indirect influence over the corporation without owning at least 25% of the shares; or
(c) owns or controls a significant number of shares jointly with other people.
If a group of related persons collectively controls at least 25% of the shares of a corporation, then each person would be an individual with significant control.
A related person would include the individual and:
(a) their spouse
(b) their son or daughter
(c) any other relative living in the same house
If you don't understand these requirements, don't worry! Complete the next question to the best of your knowledge and we will contact you directly to further discuss your circumstance before advising on how to proceed.