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Avoid fines of USD 500 to USD 10,000 per day and file your BOI report with us.

fincen is the entity to which the boi report is submitted
Entrepreneur happy because he was able to make his BOI report with prodezk
What is BOI reporting?
Important dates

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

FINCEN is the U.S. Treasury's financial crime enforcement network that collects and analyzes information to prevent terrorism and tax evasion.

By collecting detailed data on a company's beneficial owners, BOI reporting helps make a company's ownership and control structure transparent.

BOI reporting requirements

Reporting Company:

Beneficial owner and applicant for the company:

  • Full legal name
  • Date of Birth
  • Current residence address (Zip Code required)
  • One of the following scanned documents: passport, Driver's License, ID Card (Americans).
  • Scanned passport (Foreigners)

FINCEN penalizes failure to comply with the established dates or intent to provide false information in the filing of the BOI Reporting with:

- Civil penalties of $500 USD per day the violation continues.

- Criminal penalties of up to 2 years in jail or fines of $10,000 USD.

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

Companies created before January 1, 2024 must file the report between January 1, 2024 to January 1, 2025.

Companies created on or after January 1, 2024 have 90 days to file the report. It starts counting from the moment the company receives its status certificate.

Get advice from our professionals and file your BOI reporting on time.

businessman specialized in BOI reportingbusinessman specialized in BOI reporting

Frequently Asked Questions

According to the Corporate Transparency Act, who can access information about ultimate beneficial owners?

Access will be granted to federal, state and local officials. For foreign officials, they must submit a request through the relevant U.S. federal government agency. Financial institutions may also have access to this information under specific circumstances.

Who qualifies for an exception to the definition of beneficial owner?

There are five types of beneficiaries that qualify as an exception and you should not report this individual to FINCEN:

  • Underage
  • Nominee, intermediary, custodian, or agent
  • Employee
  • Heir/Heiress
  • Creditor

Who is the beneficial owner of the reporting company?

It is a person who, directly or indirectly:

  1. Exercises substantial control over the reporting company.
  2. Owns or controls at least 25% of the ownership interests of the reporting company.

Can the information be updated after the report has been prepared?

Yes, companies can make updates when they have had significant changes in their beneficiaries or other information. Contact us now to undergo this process with the assistance of experienced professionals.

Can a person who is not listed in any of the company's documents be a beneficiary?

No, in order to include a person in the BOI report who is not listed in the company records, there must be an official document demonstrating that they are given substantial authority for decision-making in the company. A useful document for this purpose is the operating agreement.

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