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.

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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 by January 1, 2025, or within 30 days of formation for newer entities.

• Penalties for Non-Compliance: Failing to submit the BOIR can lead to civil penalties of up to $500 per day and additional criminal penalties.

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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)

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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.