FinCEN Beneficial Ownership Reporting Service

FinCEN’s Beneficial Ownership Information (BOI) Reporting

To tackle the issue of shell companies, the U.S. government has rolled out mandatory Beneficial Ownership Information (BOI) reporting through FinCEN. Recently, the focus has shifted mainly to “foreign reporting companies” operating in the U.S. These companies now have to reveal the actual people who own or control them, which helps boost transparency and makes it harder to hide illegal money.

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.

Which Companies Need to File?

Under the revised beneficial ownership rule, only certain foreign entities must report Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury. These foreign entities are defined as businesses formed under foreign law that registered to operate in the U.S. by filing documentation with a Secretary of State or a similar office.

Domestic companies and U.S. persons are now officially exempt from BOI reporting requirements.

Deadlines for Filing

Following the recent Corporate Transparency Act (CTA) updates, foreign entities registered to do business in the U.S. must now comply with specific Beneficial Ownership Information (BOI) reporting requirements. Below are the key deadlines for submitting BOI reports to FinCEN:

• Foreign Entities Registered Before March 26, 2025: These entities must file their initial Beneficial Ownership Information (BOI) reports by April 25, 2025. This deadline was extended from an earlier date due to the interim final rule published on March 26, 2025.
• Foreign Entities Registered On or After March 26, 2025: These entities have 30 calendar days from the date they receive notice of the effectiveness of their registration to file an initial BOI report.

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
• Unique Identifier (e.g., driver’s license, passport number)

Company’s applicant who will make the reporting

• Full legal name
• Date of Birth
• Residential address
• Unique Identifier (e.g., driver’s license, passport number)

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. 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.

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.

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.