Beneficial Ownership Information Report Filing Service

What is the Corporate Transparency Act? The Corporate Transparency Act (CTA) is a new U.S. law aimed at combating financial crimes by requiring certain entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The goal is to increase transparency and reduce the use of anonymous entities for illegal activities like money laundering and tax evasion.

What is a Beneficial Owner?

A beneficial owner is any individual who owns or controls at least 25% of a company or who exercises substantial control over the company. This can include direct or indirect ownership of shares, voting rights, or significant influence over the company’s management decisions.

What are the Penalties for Not Filing?

Failure to file a Beneficial Ownership Information Report (BOIR) can lead to significant penalties, including fines of up to $500 per day of non-compliance and, in severe cases, criminal penalties such as imprisonment. Ensuring timely and accurate filing is essential to avoid these consequences.

When Do I Need to File?

Entities formed or registered after January 1, 2024, must file their initial report within 30 days of formation. Existing entities must file their reports by January 1, 2025. Any changes to beneficial ownership must be reported within 30 days of the change.

What is the Beneficial Ownership Information Report (BOIR)?

The BOIR is the formal document required under the CTA that identifies and provides detailed information about the beneficial owners of a business. It must be submitted to FinCEN and updated if ownership details change.

Who is Exempt from Filing?

Certain entities, such as publicly traded companies, banks, and large operating companies, are exempt from filing a Beneficial Ownership Information Report. These entities typically fall under other regulatory frameworks that already require ownership disclosures.

How Do I Complete the Report?

To complete the BOIR, you’ll need to provide basic company information (such as name, address, and incorporation details) and the personal details of each beneficial owner, including name, birthdate, address, and identification numbers. Our law firm streamlines this process by handling all the necessary documentation and submission on your behalf.

The timeline for completing the annual report filing process can vary depending on the complexity of your business structure and any specific requirements. However, our team works diligently to ensure prompt and efficient service.