Can a non-registered person or corporation allowed to own shares in the registered firm?

Yes, non-registered person/s or corporation is allowed to own shares but not exceeding 49% equity of the firm. To allow this to happen, a holding company must be established which must be 100% owned by the registered persons only. This holding company is then required to own not less than 51% of the registered firm. A majority of the directors in the registered firm must be a registered person. (Example, if the registered firm has 5 directors, 3 of them must a registered person)