Have you heard about the BOI Report or the Beneficial Ownership Information Report? If you do business in the US and have a company registered there, the BOI Report should’ve drawn your attention for some time now.
BOI Report is the legal form that is mandatory, under certain circumstances, to be filled out by the US companies’ representatives starting January 1st, 2024. This document is supposed to disclose the company’s actual owners and who is making the decisions.
A BOI report or Beneficial Owner Information report is a report that each US company must file with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, to identify the company’s beneficial owner(s) and the company applicants.
By filing a BOI report, reporting companies must provide information about the company, the beneficial owners, the individuals that ultimately own or control them, company applicants, and the individuals who first registered the company in the US.
According to the legislation, a beneficial owner is any person who directly or indirectly:
- Exercises substantial control over your company or
- Owns or controls at least 25% of your company.
Anyone who can make crucial decisions on behalf of the reporting company is considered to exercise substantial control over the company.
Of course, there are exemptions from this measure. Still, by adopting this legislative measure, the US is taking a critical step to prevent and deter money laundering, tax evasion, and other illicit activities.
Not sure if you need to fill in a BOI Report? Contact the companies specializing in BOI Report procedure; they will offer specialized consultancy on this subject.
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