What is the Beneficial Ownership Information Report (BOIR)?
The Beneficial Ownership Information Report (BOIR) is a new mandate under the Corporate Transparency Act (CTA) for U.S. businesses. Its purpose is to enhance transparency in business ownership and aid in the fight against financial crimes.
Important Points Regarding BOIR:
- Mandated by the Financial Crimes Enforcement Network (FinCEN)
- Relevant to the majority of U.S. businesses
- The filing deadline is January 1st, 2025.
- Failure to file can lead to penalties of up to $500 per day.
What Information is Reported?
The BOIR mandates businesses to report information about their beneficial owners, including:
- Full legal name
- Date of birth
- Current residential or business address
- Unique identifying number (e.g., passport or driver's license number)
Why is the BOIR Important?
The BOIR helps:
- Designed to prevent money laundering and other financial crimes.
- Enhances corporate accountability
- Helps law enforcement in conducting investigations
Need to file your BOIR?
Filing is quick and straightforward, taking just a few minutes. File today to ensure compliance.
File Your BOIR Now
Useful Information
Discover more about the Beneficial Ownership Information Report (BOIR) and how it can help your business remain compliant with legal requirements:
When is the Beneficial Ownership Information Report Deadline?
The deadline for filing the Beneficial Ownership Information Report (BOIR) is January 1st, 2025. This deadline applies to businesses that were registered before
How do I file my BOI Report?
Filing your Beneficial Ownership Information Report (BOIR) is a crucial step to comply with the Corporate Transparency Act (CTA), which aims to increase transpa
Who Needs to File a BOI Report?
The Beneficial Ownership Information (BOI) Report is a key requirement under the Corporate Transparency Act (CTA). The report is designed to increase transparen
What Is BOIR?
BOIR, or Beneficial Ownership Information Report, is a mandatory filing under the Corporate Transparency Act (CTA). The purpose of BOIR is to increase transpare
What Are The BOIR Penalties?
Failing to file the Beneficial Ownership Information Report (BOIR) or providing inaccurate information can result in severe penalties. These penalties are part