Beneficial Ownership Information (BOI) Report

A NEW reporting requirement has gone into effect January 1, 2024 that requires millions of new & existing businesses with qualifying entities to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

As your trusted Registered Agent and reporting company, Simplecorp can help prepare and submit your company’s BOI Report.

***Latest Update*** FinCEN is currently involved in ongoing litigation, leading to a temporary suspension of the requirement to file a Beneficial Ownership Information (BOI) report. As a result, the mandatory filing deadlines are not currently applicable, offering some reprieve for businesses. However, companies retain the option to voluntarily submit a BOI filing if they wish, which may help them manage and streamline their compliance efforts in light of potential future changes to deadlines and requirements.

Beneficial Ownership Information (BOI) Report

File my Beneficial Ownership Information (BOI) Report
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Following the enactment of the Corporate Transparency Act, this new BOI reporting requirement has gone into effect January 1, 2024 & requires millions of small businesses with qualifying entities to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). As your trusted Registered Agent and reporting company, Simplecorp will help prepare and submit your company’s Beneficial Ownership Information Report.

*Failure to submit a Beneficial Ownership Information Report may lead to fines of up to $500 per day in addition to criminal consequences whih man include imprisonment for up to two years and/or a fine of up to $10,000. Officers of an entity neglecting to file a mandated BOI report may be held responsible for such lapses.

Frequently Asked Questions —

Check out these common BOI Report questions before you get started.

  • A Beneficial Ownership Information (BOI) Report is a document that provides details about individuals who ultimately own or control a company. It includes information such as names, addresses, and ownership percentages of the beneficial owners. This helps authorities track down individuals who may be behind corporate structures for various purposes like preventing money laundering and illicit financial activities.

  • Following the enactment of the Corporate Transparency Act, this new BOI reporting requirement has gone into effect January 1, 2024 & requires millions of small businesses with qualifying entities to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Starting January 1st, you are required to file identifying information about the individuals who directly or indirectly own or control your company with the Financial Crimes Enforcement Network to satisfy the requirements of the Corporate Transparency Act. As your trusted Registered Agent and reporting company, Simplecorp can help prepare and submit your company’s Beneficial Ownership Information Report.

  • The deadline for filing a Beneficial Ownership Information (BOI) Report can vary depending on the jurisdiction and the specific regulations in place. It’s typically required to be submitted within a certain timeframe after a company is formed or when there are changes in beneficial ownership. Generally, business entities formed before Jan. 1, 2024, will have until Dec. 31, 2024, to file. Business entities formed on or after Jan. 1, 2024, will have 90 days after formation to file. Business entities that amend their formation documents on or after Jan. 1, 2024, will have 30 days to submit a new updated report. Taking care of this requirement will help you avoid criminal and civil penalties for failing to comply, including imprisonment for up to two years, a fine of up to $10,000, and/or a fine of $500 per day.

  • As your trusted resource in entity formations, compliance filings and CA Registered Agent, Simplecorp Inc can help file your Initial BOI Report, correct a prior report, or update a prior report when there are any changes in beneficial ownership for your business.

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  • Beneficial Ownership Information (BOI) Reporting

    As your trusted resource in entity formations, compliance filings and CA Registered Agent, Simplecorp Inc can help file your Initial BOI Report, correct a prior report, or update a prior report when there are any changes in beneficial ownership for your business.

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