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.

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.