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How to file your Beneficial Ownership Information- BOI?

file your Beneficial Ownership Information
file your Beneficial Ownership Information

File your Beneficial Ownership Information:

The U.S. Corporate Transparency Act (CTA), enacted in 2021, mandates that numerous U.S. business entities disclose Beneficial Ownership Information (BOI). A beneficial owner is defined as an individual who holds significant control over a company or possesses ownership interests of at least 25% of the entity. This legislation aims to enhance transparency in corporate structures by requiring entities to report information about individuals with substantial ownership stakes or control, thereby helping to combat illicit financial activities such as money laundering and terrorism financing.

The implementation of the CTA requires coordination between FinCEN and relevant stakeholders to ensure compliance with reporting requirements and effective utilization of beneficial ownership data in addressing illicit financial activities.

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) began accepting reports on Beneficial Ownership Information (BOI) starting January 1, 2024. Existing companies are granted one year to submit their reports, while new companies must file within 90 days of their creation or registration. Furthermore, companies are required to update their BOI reports within 30 days of any changes to the company or its beneficial owners. In case of inaccuracies in the initial report, corrected reports must be filed within 30 days of becoming aware of such inaccuracies.

The information required for each beneficial owner includes:

  1. The individual's legal name

  2. Date of birth

  3. Residential street address

  4. A unique identifying number from an acceptable identification document

  5. The name of the state or jurisdiction that issued the acceptable identification document

This comprehensive data ensures that FinCEN has accurate and detailed information about the individuals who have significant control over or ownership interests in a company, thereby strengthening efforts to combat financial crimes and promote transparency in corporate structures.

File here FinCen

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