1. What is the BOI Report?
The BOI Report requires certain companies to identify individuals who own or control at least 25% of the company or have substantial control over it. This measure aims to combat the misuse of legal entities for illicit activities.
2. Which Companies Must File?
- Domestic Companies: Entities created within any of the 50 U.S. states or the District of Columbia. There are 23 categories of exempt entities, including publicly traded companies, banks, insurance companies, and certain nonprofits.
- Foreign Companies: Entities registered to do business in the U.S.
3. Required Information
Companies must provide the following details for each beneficial owner:
- Full legal name
- Date of birth
- Residential address
- Identification document (e.g., passport or driver’s license)
An image or PDF file of the identification document
4. Filing Deadlines
- Existing Companies (formed before January 1, 2024): Must file by January 1, 2025.
- New Companies (formed on or after January 1, 2024): Must file within 90 days of formation or registration.
5. Penalties for Non-Compliance
Failure to file the BOI Report can result in:
- Civil penalties up to $500 per day, accumulating to a maximum of $10,000
- Criminal fines up to $250,000 and/or imprisonment for up to 3 years
6. Updating Information
Companies must update their BOI Report within 30 days of any change in the reported information.
Filling your report now
At Transparency Team, we understand the complexities of complying with this new regulation. We are authorized to transmit BOI Reports directly to FinCEN via API, ensuring a fast, secure, and fully compliant process. Trust us to assist you in preparing and submitting your report accurately and on time, helping you avoid potential penalties.
Get my reportFor more information or assistance, please contact us at info@transparencyteam.com.