About Us
easemyfilings is your companion in the landscape of US regulatory compliance. We aim to alleviate the complexities associated with BOI reporting. We offer a multifaceted approach to compliance extending far beyond the realm of BOI. From supporting the thorough production of Tax Returns to negotiating the complexities of the Foreign Bank Account Report (FBAR), our platform provides a comprehensive solution tailored to our clients’ requirements.
Hand over your compliance problems to our team of seasoned specialists, and embark on a journey of pristine regulatory compliance.
Together, let’s navigate the complexities of compliance, allowing your firm to prosper in an ever-changing regulatory environment.
BOI
Beneficial Ownership Information Reports
Financial Crimes Enforcement Network (FinCEN), introduced a reporting obligation for beneficial ownership information (BOI) under the US Corporate Transparency Act, 2021.
- Existing businesses have a year to file
- New businesses must file within 90 days of creation or registration
Corporations and limited liability companies (LLCs) are the most popular forms of businesses required to file a BOI report. A BOI report may also be necessary if your company is:
- Domestic Limited Partnership
- Domestic Limited Liability Partnership
- Domestic Limited Liability Limited partnership
- Foreign (non-U.S.) company
Beneficial Ownership Information encompasses details about individuals who directly or indirectly own or control a company. BOI helps you identify owners to build trust with legitimate businesses and business owners.
Effortless BOI reporting made secure!
Experience hassle-free BOI reporting with easemyfilings. We provide a hassle-free submission procedure, compliance, and safeguard your data without compromising your information to third parties.
Reporting BOI to FinCEN:
- Share your Basic Information
- Seamless Collection and Secure Filing Process
- Receive Confirmation of Filing
Beneficial Ownership Reporting goes Beyond a Single Filing
We comply and ensure your BOI is submitted before the deadline.
Changes in the beneficial owners and exemption status of the organization are updated to FinCEN and in case your initial BOI submission was incorrect, we update the information as part of the service.
BOI ADVANTAGE
Why file a BOI?
Mitigate Risk
By accurately reporting investment activities and financial performance to FinCEN, businesses can mitigate the risk of non-compliance, fines, and legal disputes
Enhance credibility
By being compliant and transparent with regulatory requirements businesses can enhance credibility with investors, lenders, and stakeholders.
Strategic Insights
Meet regulatory obligations while gaining strategic insights. Analyzing the information gathered while preparing BOI filings can inform strategic planning decisions, and optimize resource allocation for informed decision-making.
FAQs
A BOI report is a crucial document submitted to FinCen, detailing registered business entities, their beneficial owners (individuals with substantial control over or 25% or more ownership interest), and their company applicants.
A reporting company’s beneficial owner is any individual who owns or controls 25% or more of the ownership interests of a reporting company or who directly or indirectly exercises substantial control over the entity.
The following do not count as beneficial owners:
- An employee (not in a senior position) whose control or economic benefits from the reporting company are derived solely from their activities as an employee.
- An individual who has only a future ownership interest through a right of inheritance (once they inherit the interest, they must be reported)
- A custodian, nominee, intermediary, or agent of another individual who meets the beneficial owner definition.
- A minor child (information about a parent or guardian must be reported instead) Creditors of the reporting company.
As an initial matter, only reporting companies created or registered on or after January 1, 2024, will need to report their company applicants. Up to two individuals could qualify as a company applicant:
(1) the individual who directly files the document that creates or registers the company, and
(2) if more than one person is involved in the filing, the individual who is primarily responsible for directing or controlling the filing. In many cases, company applicants will be a lawyer, a law firm, or an entity formation company.
Reporting companies include:
Domestic reporting companies: Corporations, limited liability companies, and other entities created by the filing of a document with a secretary of state or any similar office in the United States.
Foreign reporting companies: Entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
- Existing businesses that were formed before January 1, 2024, must file by 31st, December 2024.
- New businesses that are formed on or after January 1, 2024, must file within 90 days of business formation
Reporting companies must include the following information about their business entity:
- Legal name
- DBAs or trade names
- A principal business address in the U.S.
- Formation or registration jurisdiction (state, tribal, or foreign)
- Federal taxpayer ID number (TIN, Social Security Number, EIN)
The information they must provide about their beneficial owners and company applicants include:
- The individual’s full legal name
- Date of birth
- Residential street address (Company applicants may use the business address in some instances).
- Personal identification number and issuing jurisdiction from a non-expired U.S. passport, state driver’s license, or other ID document issued by a state, local government, or tribe — also an image of the ID document. (Individuals may use a foreign passport if they don’t have any other forms of ID.)
To streamline the report filing process, reporting companies, beneficial owners, and company applicants can obtain a FinCEN identifier, which eliminates the need to enter some of the specific details within the BOI report.
FinCEN ID, is a unique identifying number, issued to certain companies or individuals by the federal Financial Crimes Enforcement Network. It is issued on request and is designed to make updating or filing a Beneficial Owner Information Report (BOI) easier.
Yes, there are! There could be civil penalties of up to $500 per day for each day a BOI report is late. Willful failure or attempt to provide false or fraudulent beneficial ownership information could bring criminal penalties, including imprisonment for up to two years and/or a fine of up to $10,000.
No. However, if information about your reporting company or its beneficial owners has changed, you may have to issue an updated report.