What is beneficial ownership information(BOI)?
Beneficial ownership information identifies individuals who directly or indirectly own or control a company.
Under the Corporate Transparency Act (CTA), all businesses must disclose their beneficial owners—those with significant control over the company. This promotes transparency and helps combat financial crime.
Deadlines for Beneficial Ownership Information (BOI) Filing:
- For companies incorporated before 2024, the deadline is December 31, 2024.
- For companies incorporated in 2024, the deadline is 90 days from the incorporation date.
- If any information changes, an updated report must be filed within 30 days of the change.
How to file the BOI:
- Visit https://boiefiling.fincen.gov/
- Click on “File BOIR”.
- Select “File Online BOIR”.
- Answer all the questions truthfully and carefully. You’ll need information about your company and its beneficial owners, including names, addresses, and dates of birth.
- Review your report and submit it electronically.
Remember, you only need to file again if any information changes. In that case, you must submit an updated BOI report within 30 days of the change.
Need help?
For more information about Beneficial Ownership Information Reporting, you can visit the FinCEN FAQs.
Remember: Filing your BOI report is crucial for complying with the CTA and combating financial crime. If a company fails to file it on time or if there is any false information it could lead to civil and criminal penalties as well as the loss of good standing of your company.
For further insights, explore the Startxpress Help Center and Blog. If you have questions or need support, reach out anytime at support@startxpress.io!
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