BOI
REPORTING

Following the approval of the Corporate Transparency Act in 2021 by the U.S. Congress, the BOI report(Beneficial Ownership Information) to FinCEN (Financial Crimes Enforcement Network) became a tax obligation that your company must file to verify that no illicit activities are being conducted by the beneficial owners.

FinCEN is the network of the U.S. Department of the Treasury responsible for combating financial crime. It collects and analyzes information to prevent terrorism and tax evasion.

By collecting detailed data about the company's beneficial owners, the BOI report helps make the company's ownership and control structure transparent.

Requirements for Filing the BOI Report

Reporting Company:

• Full legal name
• Trade name or DBA (only if applicable)
• Jurisdiction of incorporation (state, tribal, or foreign)
• EIN (Employer Identification Number)

Beneficial Owner and Company Applicant:

• Full legal name
• Date of birth
• Current residential address (zip code required)
• One of the following scanned documents: passport, driver's license, identification card (for U.S. citizens)
• Scanned passport (for non-U.S. citizens)

FINCEN penalizes the failure to meet established deadlines or the intention to provide false information in the submission of the BOI report with:

• Civil penalties of $500 USD per day of violation.
• Criminal penalties of up to 2 years in prison or fines of $10,000 USD.

The filing of this report varies depending on the incorporation date of your company:

• Companies established before January 1, 2024, must file the report between January 1, 2024, and January 1, 2025.
• Companies established on or after January 1, 2024, have 90 days to file the report, starting from the moment the company receives its certificate of status.

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