We prepare your company’s Beneficial Ownership Report (BOI) to help you avoid penalties up to $500 per day.

The beneficiary report (BOI) is a requirement established by the Financial Crimes Enforcement Network (FinCen), where companies must present information on the final beneficiaries.

A final beneficiary is a person who:

• Owns or controls at least 25% of the interest in a company.
• Exercises substantial control: (1) is a high-ranking manager; (2) has the authority to appoint or remove certain officers; (3) responsible for making important decisions; or (4) has any other form of substantial control over the company.

There are two types of companies that must report:

• Domestic: These are companies created within the USA and registered within the 50 states in the United States.
• Foreign: They are companies created abroad and registered to do business within the United States.

The Rule exempts twenty-three (23) types of company:

1. Reporting issuer of securities
2. Government authority
3. Bank
4. Credit cooperative
5. Depository institution holding company
6. Money services company
7. Securities broker or dealer
8. Stock market securities or clearing agency
9. Other entity registered under the Securities Market Law
10. Investment company or investment advisor
11. Fund advisor venture capital
12. Insurance company
13. State-licensed insurance producer
14. Entity registered under the Commodity Market Law.
15. Accounting firm
16. Utility firm
17. Financial market utility
18. Pooled investment fund vehicle

< li>Tax-exempt entity

19. Entity that provides assistance to a tax-exempt entity
20. Large operating company
21. Subsidiary of certain exempt entities

< li>Inactive entity

Basic information about the company and beneficiaries such as names, date of birth, address, identification numbers and identification document must be provided.

• For companies created before 2024: they have until January 1, 2025.
• Companies Created in 2024 onwards: 90 days following the notification of the creation or public registry.

You may be subject to fines of up to $500 USD per day cumulative up to $10,000 USD and criminal penalties of $250,000 USD and up to 2 years imprisonment.

If there is any change in the information about your company or your beneficiaries from the last BOI report, your company must file an updated report no later than 30 days after the date of the change.