Beneficial Ownership Information Reporting
- Simplified Reporting
- End-to-End Filing
- Convenience and Accuracy
Corporate Transparency Act compliance at your fingertips.
BOI Reporting As Business Owner
Filing BOI reports for your own business is super easy and simple with BOI Fincen Reporting’s intuitive platform.
BOI Reporting As Business Consultants
File BOI reports on behalf of clients through BOI Fincen Reporting’s platform and offer them unparalleled convenience.
BOI FinCen Reporting
The Corporate Transparency Act (CTA), enacted in 2021, introduced a new requirement for businesses to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This legislation aims to combat money laundering, terrorism financing, and other financial crimes by increasing transparency in corporate ownership.
At BOI FinCEN Reporting, we understand that navigating the intricacies of reporting this Beneficial Ownership Information (BOI) reporting can be time-consuming and overwhelming. That is why we have created a user-friendly platform designed to streamline the process and make the process of filing extra easy for you. Our mission is to empower businesses to meet their compliance obligations securely and efficiently.
Reporting Due Date
Failure to comply with the set deadlines may bring a fine of:
- Civil penalties up to $500 per day that a violation continues.
- Criminal penalties include a $10,000 fine and/or up to two years of imprisonment.
Deadline : January 1, 2025
Why Choose Us?
We deliver quality service and offer a super easy-to-use platform for BOI report filing that distinguishes us from other platforms and service providers.
Choose a Plan
That Works for You
We offer a range of packages catering to a wide range of needs. You can select one that is tailored to you.
Business Owners
Manage your own compliance through our intuitive and simplified BOI Reporting platform.
- Easier Filing
- Guidance
- Error Detection
Business Consultants
Manage your clients compliance : Simplify BOI Reporting process for your clients.
- Multiple Filings
- Security
- Support
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Frequently Asked Questions
What is a BOI Report, and who needs to file it?
BOI Report is a disclosure document that every reporting company that is not exempt must file. It requires the reporting company to provide Information for each of its Beneficial Owners and company applicants.
What information must be included in the BOI Report?
The BOI Report must disclose information for each Beneficial Owner. Entities formed or registered to do business on or after January 1, 2024, must also provide the same information for the Company Applicant.
Who is considered a "beneficial owner"?
A “beneficial owner” is an individual who meets either of the following tests:
- Ownership Test: Directly or indirectly owns or controls 25% or more of the ownership interests of the company.
- Control Test: Exercises substantial control over the company through other means, such as by holding a significant influence over important decisions.
Who is a Company Applicant for a Reporting Company?
For reporting companies created or registered on or after January 1, 2024, the Company Applicant is:
- The individual who directly files the document that creates or registers the company, and
- If more than one person is involved, the individual is primarily responsible for directing or controlling the filing.
What are the deadlines for filing an initial BOI report with FinCEN based on when a company was created or registered?
- For Companies Existing Before January 1, 2024: The initial BOI report must be filed by January 1, 2025.
- For Companies Created or Registered Between January 1, 2024, and January 1, 2025: The initial BOI report must be filed within 90 calendar days from receiving actual notice of creation or registration, or from the date public notice is provided by a secretary of state or similar office, whichever comes first.
- For Companies Created or Registered on or After January 1, 2025: The BOI report must be filed within 30 calendar days of receiving actual or public notice that the company’s creation or registration is effective.
- For Companies No Longer Qualifying for an Exemption: The BOI report must be filed within 30 calendar days of losing the exemption status.
Is there an annual renewal requirement for the BOI Report?
No, there is no annual renewal requirement. However, the reporting company must amend its BOI Report within 30 days if there is any change in the information of any Beneficial Owner.
What are the penalties for failing to file a BOI Report on time?
Failing to file a BOI Report on time may result in a fine of $500 per day. Willful failure to file or filing false information may be considered a felony.
Uncovering the World of BOI!
Discover in-depth insights and practical advice on the Corporate Transparency Act and the Beneficial Ownership Information process through our informative blog articles.