It also gives the holder certain rights which may include the right to vote or to a proportional part of the assets through dividends or distribution of assets upon winding up of the corporation. When shares are issued, a resolution of the directors is usually passed setting out the number of shares to be issued, to whom and for what consideration. Actual share certificates must be issued, if demanded by the shareholder, and the corporation must keep careful records of each shareholder and the number of shares held by each. An accountant or lawyer can help you determine the considerations for which the shares should be issued. Shares must be issued before the corporation commences business.
Most stationery stores carry blank share certificates.
There are a number of administrative requirements, such as filing a Notice of Change of Registered Office if you move, and a Notice of Directors if directors change. However, the key requirement is to file an annual return with the Corporations Branch. An annual return is the annual filing requirement that maintains your corporation's existence and verifies the information we have in our records is correct. Corporations Branch generates the annual return and sends it to the corporation's mailing address approximately 6 weeks before the due date. Annual returns are due one month after the anniversary of the date of incorporation.