BOI
REPORTING

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.

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BOI reporting requirements

Reporting Company:

• Full legal name
• Business name or DBA (only if you have one)
• Jurisdiction of incorporation (state, tribal or foreign)
• EIN

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)

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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.