FinCEN Beneficial Ownership Information (BOI) Report

Under the Corporate Transparency Act (CTA), the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requires most entities registered in the United States to file a Beneficial Ownership Information (BOI) Report. This report is mandatory for most corporations, limited liability companies (LLCs), and similar entities.

The purpose of this requirement is to promote transparency in business operations, combat financial crimes, and prevent the misuse of shell companies for illegal purposes such as money laundering, tax evasion, and terrorism financing.

Key Reporting Requirements:

1. What Must Be Reported:

   • The name, date of birth, address, and an identifying number (such as a driver’s license or passport number) for each beneficial owner of the company.

   • Information on the individual(s) responsible for forming the company, referred to as the company applicant(s).

2. Who Must File:

   • Most domestic and foreign business entities, except those exempted by law (e.g., certain large operating companies and regulated entities).

3. When to File:

   • Entities created or registered on or after January 1, 2024, must report within 30 calendar days of formation or registration.

   • Existing entities formed before January 1, 2024, must report by January 1, 2025.

Failure to comply with these reporting requirements may result in significant civil and criminal penalties, including fines and imprisonment.

As part of our service, we will:

1. Ensure Accurate and Timely Reporting:

   • We will gather and verify the required information about your beneficial owners and provide it directly to FinCEN.

   • We will ensure that all filings are completed accurately and submitted within the mandated deadlines.

2. Privacy Protection:

   • By designating our firm as the company applicant, your beneficial ownership information will remain securely handled, reducing your direct exposure in public or legal records.

3. Ongoing Support:

   • For businesses formed prior to January 1, 2024, we can assist with the preparation and submission of the initial BOI report to meet the January 1, 2025 deadline.

   • We will also assist with amendments or updates to FinCEN filings, as required by law, if changes occur to your beneficial ownership structure.