Can the non-voting shares of the Professional Corporation be owned by another corporation, whose shareholders are the spouse and/or the children of the controlling individual (licensee/registrant)?
Yes. The non-voting shares can be legally and beneficially owned by an affiliated person of the controlling shareholder that includes another corporation as referred to above.
Can the non-voting shares of the other corporation as referred to above be held by a trust, the beneficiaries of which are the licensee's/registrant's spouse and children?
Yes. The non-voting shares of the professional corporation can be beneficially owned by the spouse and children through a trust.
Can a sole proprietor apply for a Professional Corporation permit?
Can a Professional Corporation pay money received in relation to real estate services it provides to an affiliated person?
Yes, there are no restrictions against a Professional Corporation from paying money it receives from real estate services to an affiliated person.
Can two licensees/registrants married to each other share a Professional Corporation and own the voting shares or do they each have to own their own Professional Corporation?
No. There can only be one licensee/registrant as the controlling individual who owns the voting shares. Therefore the spouse who is also the licensee/registrant would have to incorporate his or her own Professional Corporation.
Can a Professional Corporation own the shares of a corporation that owns the brokerage to which the Professional Corporation is licensed/registered?
Does the Professional Corporation name need to be approved by the Council?
Yes. The parameters of the Professional Corporation name are specific and pre-approval from the Council is required. When deciding upon the name for your Professional Corporation; you must ensure that the words "Professional Corporation" or the abbreviation "Prof. Corp." or "P.C." are a part of your corporate business name (i.e. John Brown Real Estate P.C. Ltd.; John Brown Real Estate P.C. Inc.; John Brown Real Estate Professional Corporation; or John Brown Real Estate Prof Corp.).
How do I submit my request for a Professional Corporation name approval?
Send written correspondence via mail/fax/e-mail to the Commission office indicating your choice for a Professional Corporation name and the Registrar will provide you with written confirmation whether or not the name is approved.
What is the contact information for Saskatchewan Justice, Corporate Registry to incorporate my Professional Corporation?
1301 – 1st Avenue
Does the Saskatchewan Real Estate Commission have a Permit Application form and what is required for submission with that application form?
Yes, you must complete a Permit Application form and submit the following to the Saskatchewan Real Estate Commission:
- a copy of the Articles of Incorporation with any amendments thereto;
- a Certificate of Incorporation;
- a current Profile Report of the corporation; and
- the initial $500 permit application fee.
Do I need to notify the Saskatchewan Real Estate Commission regarding a change in the corporate structure of my Professional Corporation?
Yes. A registrant with a professional corporation must immediately notify the Registrar of the Saskatchewan Real Estate Commission in writing of any proposed change of name or of any proposed changes to the corporate structure, ownership or directors.
Is there an annual renewal process for the Professional Corporation permit?
Yes. The Professional Corporation must file an application for renewal of an annual permit by December 1st of each year for the following year. Failure to file the application for renewal of a permit by December 1st is subject to a late payment fee of $100. The renewal application fee is $200.