Beneficial Ownership (BOI) Filing and Reporting
What is Beneficial Ownership?
In many countries, including the United States under the Corporate Transparency Act (CTA), it’s now mandatory to identify and report the individuals who ultimately own or control certain types of businesses, known as beneficial owners. These individuals typically exercise significant influence over the business, even if they don’t hold shares directly.
Who needs to comply with Beneficial Ownership Reporting?
The CTA applies to a broad range of business entities, including:
- Corporations
- Limited Liability Companies (LLCs)
- Limited Liability Partnerships (LLPs)
- Certain trusts
- Certain non-profit organizations
What information needs to be reported?
For each beneficial owner, you’ll need to report:
- Full name and date of birth
- Residential address
- Social Security number or passport number (only in the US)
- Citizenship or nationality
- Percentage of ownership interest (direct or indirect)
- Method used to control the business (e.g., voting rights, management positions)
Specific Solutions
- Identifying beneficial owners: We can help you determine who qualifies as a beneficial owner under the CTA, even in complex ownership structures.
- Gathering required information: We’ll guide you through the process of collecting the necessary information from beneficial owners.
- Preparing and filing reports: We’ll prepare and file your reports electronically with the appropriate government agencies.
- Managing ongoing compliance: We can help you stay up-to-date on any changes in regulations and ensure your filings remain accurate.
Educational Resources
- FinCEN’s Beneficial Ownership Information Reporting Rule: https://www.fincen.gov/boi
- Corporate Transparency Act: https://www.fincen.gov/sites/default/files/shared/Corporate_Transparency_Act.pdf
Don’t let Beneficial Ownership Reporting become a headache! Contact Veritas International Services today.
Notice: Availability of Services is subject to change. For additional information and pricing on our services and offerings, please contact us and a corporate services specialist will promptly assist you.
