How to file for the Beneficial Ownership Information Reporting (BOIR)

What Is the BOIR?

The BOIR is a report that certain companies must submit to the **Financial Crimes Enforcement Network (FinCEN)**. It’s all about revealing who ultimately owns or controls the company. This information helps law enforcement track suspicious activity and prevent financial crimes.

Who Needs to File?

– Reporting Companies: If your business doesn’t qualify for an exemption, you’re a reporting company.
– Beneficial Owners: These are the individuals who own or significantly control the company.
– Company Applicants: These are the people applying to form the company.

Why File?

1. National Security: By disclosing beneficial ownership, we protect U.S. national security. Illicit actors often use shell companies to launder money or hide assets.
2. Transparency: Filing promotes transparency and accountability within the business community.
3. Level Playing Field: It ensures that everyone plays by the rules, preventing unfair advantages for those who hide behind opaque structures.

How to File: 3 Easy Steps

1. Identify Beneficial Owners:
– Gather information about each beneficial owner: name, date of birth, address, and government-issued ID details.
– Certify that the information is true, correct, and complete.

2. Choose Your Filing Method:
– Online: Use our e-Filing System. It’s simple, secure, and cheap.
– PDF: Download the PDF BOIR, fill it out offline, and submit it.

3. Submit the Report:
– Make sure to report any changes within 30 days.

Remember, this isn’t just paperwork. It’s a step toward a more secure financial system. So, let’s file that BOIR and keep things transparent!

For more details, check out the official BOIR FAQs and FinCEN’s website.

Disclaimer: This blog post is for informational purposes only and does not replace legal advice. Always consult a professional for specific guidance.

Source:
(1) Beneficial Ownership Information Reporting | FinCEN.gov. https://www.fincen.gov/boi-faqs.
(2) Corporate Transparency Act: FinCEN Updates FAQs on Beneficial Ownership …. https://www.huntonak.com/en/insights/corporate-transparency-act-fincen-updates-faqs-on-beneficial-ownership-information.html.
(3) Updated beneficial ownership information reporting FAQs. https://kpmg.com/us/en/home/insights/2024/01/tnf-updated-beneficial-ownership-information-reporting-faqs.html.
(4) FinCEN Updates BOI FAQs — Compliance Cohort. https://www.compliancecohort.com/blog/fincen-updates-boi-faqs.
(5) Beneficial Ownership Information Reporting | FinCEN.gov. https://www.fincen.gov/boi.
(6) Beneficial Ownership Information Reporting Rule Fact Sheet. https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet.
(7) U.S. Beneficial Ownership Information Registry Now Accepting Reports. https://home.treasury.gov/news/press-releases/jy2015.
(8) beneficial ownership information reporting requirements – what you need …. https://www.fosterandmotley.com/insights/2023/12/04/beneficial-ownership-information-reporting-requirements-what-you-need-to-know.
(9) File the Beneficial Ownership Information Report (BOIR) online. https://www.boirfileonline.com/.
(10) Beneficial Ownership Information Report. https://boiefiling.fincen.gov/resources/BOIR_Filing_Instructions.pdf.
(11) Get your Beneficial Ownership Information Report to stay compliant …. https://www.legalzoom.com/business/business-operations/beneficial-ownership-information-report.html.
(12) File the Beneficial Ownership Information Report (BOIR). https://boiefiling.fincen.gov/fileboir.
(13) Free Beneficial Ownership Information (BOI) Report – PDF – eForms. https://eforms.com/operating-agreements/beneficial-ownership-report/.