A benefit company is a BC company incorporated with BC Registries. It commits to conducting its business in a responsible and sustainable way beneficial to the public, organizations or the environment. Benefit companies may choose the type of benefit they want to promote but the activities of it must meet certain criteria.
It is not a non-profit entity.
Who can incorporate:
- One or more individuals who are 18 or up can incorporate a BC company.
- Currently there is no citizenship or residency requirement for people who can be the directors, officers, and shareholders.
What is required to incorporate a BC Benefit Company:
- A name approval number from BC for the company (if it is to be a named corporation)
- Must include a ‘benefit statement’ in its notice of articles and a ‘benefit provision’ in its articles.
- A physical address or street address in the Province of British Columbia.
- For incorporation process, a minimum of one Director, one Incorporator and one contact person is required. The same person can fill in all three roles.
- For operations purposes and to fully comply, a minimum of one officer and one shareholders are also required.
What you get
After registering the BC Standard Company, you will receive the following as pdf documents by email:
BC Numbered Company: For a BC numbered company, we have 3 processing queues:
- Regular Queue: A BC numbered company can be ready in 10 business days.
- Express Queue: A BC numbered company can be ready 2 business days.
- Super-Express Queue: A BC numbered company can be ready 2 business HOURS.
BC Named Company: For a BC named company processing time depends on the name approval queue with the government of BC.
How is a benefit company different from other incorporated companies?
Benefit Company must have the following features which differentiates it with a BC Company:
- Must have a benefit statement in its notice of articles.
- Commitments to promote public benefits and to conduct business in a responsible and sustainable manner – this should be stated in its articles.
- Must publish an annual benefit report and post it publicly.
What type of activities can a benefit company carry out?
The activities must include any of the following:
Can I convert my existing BC Company to a benefit company?
Yes. An existing company can become a benefit company by altering its notice of articles to include the benefit statement.
Benefit statement example: We build the best product that cause no unnecessary harm to humans and animals. Our business is to inspire and implement solutions to the environmental crisis.