FinCEN is now officially accepting reports for the Beneficial Ownership Information Registry

A new era of transparency has arrived in the U.S. financial landscape. As of January 1, 2024, the U.S. Department of the Treasury’s FinCEN officially began accepting beneficial ownership information reports under the historic Corporate Transparency Act.
By requiring companies to disclose their beneficial owners, the government aims to create a more accountable and secure business environment. As companies navigate this new reporting landscape, FinCEN’s commitment to providing accessible resources ensures a smoother transition, fostering a culture of compliance and integrity within the business community.

Reporting Requirements and Deadlines

Filing for beneficial ownership information is now open and comes with a straightforward process. To ensure compliance, reporting companies are required to adhere to specific deadlines based on their creation or registration dates.

Mark your calendars! Deadlines are here:

  1. If you own or control an existing company formed before January 1, 2024, you have one year to file your beneficial ownership report. The deadline is January 1, 2025.
  2. For companies formed or registered in 2024, the clock starts ticking upon receiving notice of your company’s official formation. You have 90 calendar days to file your report.

What information needs to be reported?

For each beneficial owner, you’ll need to provide:

  • Name
  • Date of birth
  • Address
  • Identifying information from a valid government-issued ID (driver’s license, passport, etc.)

Additionally, the company itself needs to submit basic information like name and address. For companies formed after January 1, 2024, information about the individuals who formed the company (“company applicants”) is also required.

Filing is free, and secure, and only needs to be done once unless information in the company changes.

Visit the FinCEN website for comprehensive information about reporting requirements and the BOI E-Filing System:

Remember, transparency is key to a healthy financial system. By complying with the Corporate Transparency Act, you’re playing your part in making the U.S. a safer and more just place to do business.

Laveco USA is here to guide you and assist you in filing your report!

Consult with a qualified professional if you have questions or need assistance with filing your report.