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Carefully designed process to meet the legal requirements of the CTA law.
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As of January 1, 2024, to help the United States combat financial crimes, specially money laundering, business owners will be required to collect a database of American companies and their beneficial owners. This law is the Corporate Transparency Act (CTA).
This new law requires the US Treasury’s Financial Crimes Enforcement Network (FinCEN) to compile a database of US companies and their beneficial owners.
CTA rules require that the Department’s Financial Crimes Enforcement Network (FinCEN). from the US Treasury compile a database with information on small and medium-sized businesses operating in the country and on their final beneficiaries, both owners and individuals who exercise control over some aspect of the company’s operations.
Pre-existing companies (created or registered before January 1, 2024): Submit BOI Report before January 1, 2025.
New businesses a) formed or registered from January 1, 2024: 90 days after notification of effective registration and b) formed or registered from January 1, 2025: 30 days after notification of effective registration.
Exempt now required: Submission of Report within 30 days after losing the exemption.
Changes and amendments to the previously submitted BOI report: 30 days after the information change.
Fines for Non-Compliance: Meet the Deadlines, Avoid Problems, Manage Your Report Today
Failure to comply with the requirements of the Corporate Transparency Act can result in fines of $500 per day and the possibility of facing up to 2 years in prison for serious offenses. Manage your BOI Report with us today and feel confident that your company is in compliance with the Corporate Transparency Act (CTA).
Avoid fines and possible criminal charges!
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Compliance with regulatory material
Various organizations have weighed in on FinCEN’s proposed reporting forms regarding legally required identifying information for each beneficial owner. As has been officially declared, the Corporate Transparency Law (CTA) includes in its requirement the identification of a final beneficiary.
Taking into account the reports issued by FinCEN since the Corporate Transparency Act (CTA) went into effect on January 1, 2024, it establishes that a reporting company must submit a BOI report identifying each of its beneficial owners. The report must provide the full legal name, date of birth, residential address, a unique identification number (such as a driver’s license or passport), and an image of the document containing the unique identification number, for each of the effective beneficiaries.
We already know that a company that prepares its Beneficial Ownership Report (BOI) in accordance with the Corporate Transparency Act (CTA) has the obligation to identify each of the members of its board of directors (or directors) as final beneficiaries. Although FinCEN regulations do not require a reporting company to list all members of the board of directors as beneficial owners, there are some practical considerations that should be considered when preparing the report.
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