The Executive Council of British Columbia has approved amendments to the Business Corporations Regulation, B.C. Reg. 65/2004, under the authority of the Business Corporations Act, S.B.C. 2002, c. 57, section 432(9.2). The amendments introduce additions relating to ownership structures, definitions, and recognition of Indigenous nations and professional limited liability partnerships within the framework of corporate regulation.

The changes include the modification of Section 46, which has been renumbered as Section 46(1) and expanded with new definitions and ownership provisions. A key addition is the definition of “Indigenous nation,” which aligns with the meaning established under the Land Owner Transparency Act, providing regulatory recognition for corporations wholly owned by Indigenous nations. The amendments also refine the definition of “intermediary” to include Indigenous nations alongside partnerships, ensuring clarity on the role of intermediaries acting on behalf of such nations.

Another addition is the introduction of the concept of a “professional limited liability partnership,” which encompasses two types of entities: first, professional partnerships registered under Part 6 of the Partnership Act, and second, partnerships governed by jurisdictions outside British Columbia, whose members carry on a regulated profession or occupation and are authorized to operate through a partnership with limited liability status comparable to that recognized in British Columbia. These provisions establish that a corporation is considered wholly owned by an Indigenous nation if all issued shares are held by one or more Indigenous nations, intermediaries acting solely for Indigenous nations, corporations wholly owned by Indigenous nations, or their wholly owned subsidiaries. Similarly, a corporation is recognized as wholly owned by a professional limited liability partnership if all shares constitute partnership property under the Partnership Act.

Section 47 of the regulation has been amended to accommodate these changes, removing a previous reference to the Land Owner Transparency Act in paragraph (j) and adding paragraph (k) to recognize companies wholly owned by professional limited liability partnerships. Section 52(1) has also been updated to include Indigenous nations, corporations wholly owned by Indigenous nations, and corporations wholly owned by professional limited liability partnerships as specific categories, reflecting the broader intent to integrate these entities into corporate governance and transparency frameworks.

These amendments aim to improve the regulatory landscape by formally acknowledging new forms of corporate ownership, providing explicit legal definitions, and supporting the participation of Indigenous nations and professional partnerships within the British Columbia corporate environment.

British Columbia (6/2026) January 21, 2026
Disclaimer: Insights are for informational purposes only and does not reflect RRI’s official position or constitute legal opinion.