A permit issued to a professional corporation expires on December 31 of the calendar year in which it was issued but may be renewed annually provided the applicant continues to meet eligibility requirements.
A professional corporation permit may be issued to a corporation that:
- is incorporated under the Business Corporations Act, RSY 2002, c.20, as amended, and complies with the requirements of that Act;
- the name of the corporation contains the expression ‘professional corporation’ or the expression ‘societe professionnelle’;
- each of its voting shares is legally and beneficially owned by a member of the Society in good standing;
- no person other than a member of the Society in good standing has any authority to exercise a voting right attached to any of the shares of its capital stock;
- each of its directors is a member of the Society in good standing;
- the individuals who will provide legal services on behalf of the corporation are authorized under the Legal Profession Act, 2017 to provide legal services and have professional liability coverage as required under the Act.
If a professional corporation ceases at any particular time to be an eligible corporation, its permit is revoked at that time.
Application for a professional corporation permit must be made to the Executive in Form 20 and include the following:
- a copy of the Certificate of Incorporation;
- copy of Articles of Incorporation of the corporation;
- proof of professional liability coverage;
- fees in the amount of $262.50 ($150 application fee, $100 permit fee plus $12.50 GST)
A professional corporation must notify the Executive Director in writing as soon as practicable of any change in the information set out in its application for a permit or permit renewal.
Renewal of Permit
A permit issued to a professional corporation expires on December 31 of the calendar year for which it is issued unless renewed.
A professional corporation may apply to the Executive to renew its permit by submitting the following to the Executive prior to expiry of its permit:
- Application for Renewal in Form 21
- fees in the amounts of $105.00 ($100 renewal fees plug $5.00 GST); and
- proof of professional liability coverage
Under s.12(3.2) of the Business Corporations Act, a corporation that ceases to be a professional corporation must change its name to remove the words professional corporation.
Under s.175(3)(b) of the Business Corporations Act, if a corporation ceases to be a professional corporation, the directors may amend the articles to change the corporation’s name.