Every Company incorporated in BC is required by law to file an annual report with the Provincial Corporate Registry. Failure to file for two consecutive years will result in the Company being dissolved. When a private Company is dissolved all of its assets are forfeited to the Government.
While the Government rarely acts to collect assets from a dissolved company the cost of “restoring” a company is usually more than it is to incorporate in the first place.
To avoid missing annual reports many companies enlist the services of a law firm to act as their Registered and Records Office. In return for a modest yearly charge the law firm will maintain the corporate records, prepare annual reports and once signed and returned by the owner of the company will file same at the corporate registry.