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FinCEN Beneficial Ownership Reporting Service
Let IncParadise handle your BOI reporting efficiently and affordably so you can focus on running your business and avoid costly compliance mistakes. Our team of experienced professionals will ensure your report is filed with accurate information and on time, thus allowing you to focus on your business growth.
FinCEN’s Beneficial Ownership Information (BOI) Reporting
Each year, tens of millions of small businesses are registered within the United States. The US government has decided that it is time to collect all information possible regarding illicit actors and other individuals who have been frequently using front companies, shell organizations, and other corporate structures for obfuscating their identities and laundering their illegal gains. This has been made possible by making beneficial ownership information reporting mandatory.
What is Beneficial Ownership Reporting?
Beneficial ownership reporting according to the Financial Crimes Enforcement Network (FinCEN) is the process of identifying information pertaining to individuals directly or indirectly owning or controlling a company. This information is provided in the Beneficial Ownership Information (BOI) report and is required to prevent financing of terrorism, money laundering, tax fraud, as well as other illegal acts.
What is Beneficial Ownership?
FinCEN has defined beneficial ownership or a beneficial owner referring to an individual who directly or indirectly exercises substantial control over an entity or controls at least 25% of the ownership interests in the entity (like shareholders in a corporation). An individual may become a beneficial owner through ownership interests as well as substantial control.
Example: You have formed a C Corporation where you are the owner. When shares are distributed, you get 29 percent of the total shares. Thus, you will be considered to be a beneficial owner as you qualify in the ownership category as well as have control over the entity.
It is important to note that an entity can have multiple beneficial owners especially when the control of a company is well distributed over multiple individuals. If 4 people have 25 percent of the ownership interest in an entity then all four would be considered as beneficial owners or will be regarded to have beneficial ownership in the said company.
Which Companies Need to File?
The beneficial ownership rule states that a “reporting company” is required (mandatory) to provide both general and beneficial owner information to the U.S Department of Treasury. Certain domestic companies and foreign entities are considered to be “reporting companies” especially those that have filed specific documentation with the secretary of state or similar governing bodies in a specific state of the USA. It is also important to note that certain types of businesses are exempt from BOI reporting requirements like accounting firms.
Deadlines for Filing
FinCEN has amended the beneficial ownership information (BOI) reporting rule in order to extend the filing deadline for certain BOI reports. Beneficial ownership reporting is an important aspect and January 1, 2024, brings forth a new regulation under which millions of small business owners will have to file the beneficial ownership information report:
- Companies formed or registered before January 1, 2024: Entities that have been formed or registered prior to January 1, 2024 will be required to file their initial beneficial ownership information report by January 1, 2025.
- Companies formed or registered in 2024: Entities that will be formed or registered on or after January 1, 2024 and before January 1, 2025 will be required to file their beneficial ownership information report within 90 calendar days (approximately 3 months) after receiving the notice of the entity’s registration.
- Companies formed or registered on or after January 1, 2025: Entities that will be formed or registered on or after January 1, 2025 will be required to file their beneficial ownership information report with FinCEN within 30 calendar days (approximately 1 month) after the entity’s registration is effective.
What Information needs to be reported?
If your company is qualified to file the beneficial ownership information report then according to FinCEN, you are required to furnish the following information:
Reporting Company
- Full legal name
- Any trade names, “doing business as” (DBA), or “trading as” (TA) names
- Complete current US Address
- Company’s jurisdiction of formation or registration
- Taxpayer Identification Number
Beneficial owner (Identify ultimate beneficial owner – UBO)
- Full legal name
- Date of Birth
- Current residential address
- Govt. issued ID number with image, which has not expired
- US Passport
- State Driver License
- Identification document issued by a state, local government, or tribe
- If they cannot provide any of the above a foreign passport is acceptable
Company’s applicant who will make the reporting
- Full legal name
- Date of Birth
- Residential address
- Govt. issued ID number with image, which has not expired
Not all reporting companies are required to report information about company applicants. Only 2 individuals can register as an applicant for a company.
What are the penalties for non-compliance with BOI reporting?
The willful failure to report complete or updated beneficial ownership information to FinCEN, or an attempt to provide false or fraudulent beneficial ownership information may result in civil or criminal penalties. Civil penalties may be of up to $500 for each day that the violation continues, while criminal penalties include imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity that fails to file a required BOI report may be held accountable for that failure and penalized accordingly.
Avoid penalties by submitting beneficial ownership reports on time!
IncParadise BOI Reporting Service
Let IncParadise efficiently and affordably handle your Beneficial Ownership Information (BOI) reporting with FinCEN, allowing you to focus on running your business and avoid costly compliance mistakes. Whether you are filing for a new company or an existing one, our expert team ensures your reporting is accurate and timely. Trust IncParadise to navigate the complexities of BOI reporting so you can concentrate on what you do best – growing your business.
In addition to the initial fulfillment, your company may need to update Beneficial Ownership Information:
- Change of ownership – Has your ownership structure changed? You can order this service to update your BOI report accurately.
- Information correction – Need to fix an error in your previous filing? We will handle the amendment process efficiently.
- Maintaining compliance – Stay compliant with the latest regulations by keeping your BOI report updated. It is important to note that if the images in any ID used in previous reports have expired, you will need to update them through the BOI update process.
Feel free to contact us if you need your existing filings updated or corrected.
Why Choose IncParadise?
IncParadise is not just one of the most reputed registered agents in the nation but also is geared towards updating businesses regarding new laws, filings or submissions, and helping your company be compliant with all business related laws including the Corporate Transparency Act (CTA). When you are with IncParadise, you can benefit from the following:
- Experienced professionals – Our team of experts understands the intricacies of BOI reporting and ensures your compliance.
- Time-saving convenience – We take care of every aspect of BOI reporting thus ensuring you are free to focus on running your business.
- Accuracy and peace of mind – Avoid costly penalties and headaches with our comprehensive services.
- Competitive pricing – Get the best value for your investment with our affordable solutions.
- Dedicated support – We are always here to answer your questions and offer personalized assistance.
Pricing
IncParadise provides a highly competitive pricing structure for small as well as large entity structures. The pricing packages are classified as:
- Regular entity structures – $99 for straightforward ownership structures with a single layer and 2-8 owners, Order it here.
- Large entity structures – Pricing will be quoted based on the time required for filing.
If your company has a complex structure, simply contact us and we will be happy to provide whatever assistance is necessary.
Start your BOI Filing Today
FinCEN’s BOI reporting may seem like a complex process but at IncParadise, we make everything simple and efficient for you. Here is a step by step instruction of how you can begin your BOI filing with us:
- Order the BOI filing service – Simply open the order form and place your order online with ease.
- Complete our questionnaire – We will send you a simple questionnaire to gather the necessary information and materials.
- We handle the filing – Our team will prepare and submit your BOI report to FinCEN on your behalf.
- Confirmation and follow-up – We will confirm the successful submission and answer any questions you may have.
Choose IncParadise – Your BOI Compliance and Filings Made Easy
Are you feeling overwhelmed with the information pertaining to filing of beneficial owner information within the stipulated time? If you are with IncParadise, you don’t have to feel overwhelmed because we will make the entire process easy for you. We possess knowledge regarding the Corporate Transparency Act, have necessary know-how of the submission process for beneficial ownership information reporting, and have an efficient system in place to address the submission requirements.