File your Beneficial Ownership Information Report BOIR today.

What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) is a crucial requirement introduced under the Corporate Transparency Act (CTA) for businesses in the United States. The BOIR ensures transparency in ownership structures and plays a significant role in combating financial crimes, such as money laundering.

_____________________________________________________________________________________________________________________

Key Features of the BOIR:

• Mandated by FinCEN: The BOIR is regulated by the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury.

• Applicable to Most U.S. Businesses: Corporations, LLCs, and other similar entities are required to comply unless exempt.

• Filing Deadline: Businesses must file their BOIR within 30 days of formation for newer entities.

• Penalties for Non-Compliance: While direct financial penalties have for the time being been removed, your business may be in breach of business and loan contracts by being in violation of the BOIR requirement and penalties may again be reinstated in the future.

_____________________________________________________________________________________________________________________

What Information Does the BOIR Require?

To comply with BOIR regulations, businesses must report the following details for each beneficial owner:

• Full legal name

• Date of birth

• Current residential or business address

• Unique identifying number (e.g., passport or driver’s license number)

_____________________________________________________________________________________________________________________

Why is the BOIR Important?

The BOIR serves multiple purposes that enhance accountability in the corporate ecosystem:

1. Prevents Financial Crimes: By revealing ownership details, the BOIR makes it harder for bad actors to hide behind anonymous entities.

2. Supports Law Enforcement: The BOIR aids investigations into money laundering, tax evasion, and other illicit activities.

3. Improves Transparency: It ensures businesses operate under ethical and accountable standards.

The BOIR filing is a pivotal step toward a more transparent corporate environment. Ensure your business meets the BOIR requirements to avoid penalties and contribute to a secure financial system.