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What is continuance under the OBCA and when is it used?

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User Paleonix
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Final answer:

Continuance under the OBCA is the process by which a corporation continues its legal existence under Ontario law, often pursued for tax benefits, a better corporate environment, or operational consolidation.

Step-by-step explanation:

Continuance under the Ontario Business Corporations Act (OBCA) refers to the process by which a corporation incorporated in another jurisdiction (province, country, etc.) continues its legal existence under the OBCA. This procedure is akin to 'reincorporating' the company in Ontario and requires the corporation to comply with all the laws and regulations outlined in the OBCA. Continuance is used when a corporation wants to change the jurisdiction of its incorporation for various reasons which might include, but are not limited to, tax benefits, a more favorable corporate regulatory environment, or the desire to consolidate operations within a single jurisdiction where it conducts most of its business.

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User Yukashima Huksay
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