Keys to Understanding and Complying Your BOI Report According to FinCEN

Keys to Understanding and Complying Your BOI Report According to FinCEN

Since January 2024, the Corporate Transparency Act (CTA) requires certain U.S. and foreign en@@es operating in the U.S. to file a BOI Report with the Financial Crimes Enforcement Network (FinCEN) in an effort to prevent financial crimes such as money laundering and illicit financing.

What Should the BOI Report Include?

The BOI Report must detail vital information of beneficial owners and those who have applied to establish or register the company in question.

Who Is Required to Submit this Report?

The obligation to submit the BOI Report falls on “reporting companies”: national and foreign entities that meet certain criteria established by FinCEN. However, there are exceptions, such as banks and insurance companies that are exempt from this requirement.

What Are the Deadlines for SubmiFng the Report?
Pre-existing companies (created or registered before January 1, 2024): Submit the

BOI Report before January 1, 2025.

-New companies:

a) Created or registered from January 1, 2024: 90 days aYer the notification of effective registration.
b) Created or registered from January 1, 2025: 30 days after the notification of effective registration.

Exempt now required: Submission of the Report within 30 days after losing the exemption. Changes and Amendments to a previously submi[ed BOI Report: 30 days afer

the information change.

Benefits of Complying with the BOI Report

Correctly submi\ng the BOI Report not only avoids penalties but also strengthens the company’s image as a legitimate and responsible entity, facilitates access to financial services, and supports international efforts against financial crime.

Consequences of Non-Compliance

Companies that fail to submit the BOI Report or that provide false or incomplete information are exposed to severe penalties, including fines and possible legal actions that could significantly affect their operation and reputation, such as fines of $500 per day and the possibility of facing up to 2 years in prison for serious offenses.

We have a team of specialized lawyers who have studied and developed the necessary expertise to guide your company to comply with all legal requirements. We understand the commitment to protect your business and ensure your regulatory compliance through expert advice.

Avoid fines and possible criminal charges for non-compliance. Manage your BOI Report today with us and rest assured that your company is in compliance with the Corporate Transparency Act (CTA).

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