FINCEN FOR YOUR BUSINESS
Stay Compliant in 2024: Business Owners' Guide to Upcoming FinCEN Beneficial Ownership Information (BOI) Reporting Requirements
Why Choose us?
¿Are you informed about FINCEN regulations?
We provide specialized advice for FINCEN regulatory compliance, and thus help you inform the Treasury Department about the real benefits generated by the economic activity of your business. LLCs and other entities that are registered and do business in the United States must file the report starting January 1, 2024.
Who is Required to Report Beneficial Ownership Information (BOI) to FinCEN?
Easy to Filing!
Personalized Advice
Although these regulations may seem overwhelming, having the right support can make the process more manageable and ensure proper compliance.
Frequent Questions
What is Fincen?
FinCEN is a bureau of the U.S. Department of the Treasury. The Director of FinCEN is appointed by the Secretary of the Treasury and reports to the Treasury Under Secretary for Terrorism and Financial Intelligence.
What is the value of FinCEN data?
The financial data, collected from financial institutions by the Financial Crimes Enforcement Network under the Bank Secrecy Act (BSA), has proven to be of considerable value in investigations of money laundering, terrorist financing and other financial crimes by law enforcement.
What is beneficial ownership information?
Beneficial Ownership Information refers to identifying information about the individuals who directly or indirectly own or control a company. pulvinar dapibus leo.
Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
What is Fincen's Mission?
FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
Should my company report beneficial ownership information now?
No. No one needs to report beneficial ownership information to FinCEN until January 1, 2024. FinCEN is currently not accepting any beneficial ownership information reports.
When do I need to report my company’s beneficial ownership information to FinCEN?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
A reporting company created or registered on or after January 1, 2024, will have 30 days to file its initial beneficial ownership information report. This 30-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
What companies will be required to report beneficial ownership information to FinCEN?
Companies required to report are called reporting companies. There are two types of reporting companies:
- Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
- Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
Which Entities Are Exempt from Reporting Beneficial Ownership Information (BOI) to FinCEN?
Certain types of entities are exempt from the requirement to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The following is a list of entities that are generally exempt:
- Securities Reporting Issuer
- Governmental Authority
- Bank
- Credit Union
- Depository Institution Holding Company
- Money Services Business
- Broker or Dealer in Securities
- Securities Exchange or Clearing Agency
- Other Exchange Act Registered Entity
- Investment Company or Investment Adviser
- Venture Capital Fund Adviser
- Insurance Company
- State-Licensed Insurance Producer
- Commodity Exchange Act Registered Entity
- Accounting Firm
- Public Utility
- Financial Market Utility
- Pooled Investment Vehicle
- Tax-Exempt Entity
- Entity Assisting a Tax-Exempt Entity
- Large Operating Company
- Subsidiary of Certain Exempt Entities
- Inactive Entity
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