Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. We are here to make BOI Reporting Easier.
FinCEN will permit Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement. Financial institutions will have access to beneficial ownership information in certain circumstances, with the consent of the reporting company. Those financial institutions’ regulators will also have access to beneficial ownership information when they supervise the financial institutions.
FinCEN published the rule that will govern access to and protection of beneficial ownership information on December 22, 2023. BOIR to FinCEN will be stored in a secure, non-public database. FinCEN will use rigorous information security methods and controls. Concerns will work closely with those authorized to access beneficial ownership information to ensure that they understand their roles and responsibilities.
FINCEN requires all privately held corporations to file a Beneficial Ownership Information Report (BOIR) to update the corporate record. Not filing file BOIR will make result in civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000.
We will prepare & file your Beneficial Ownership Information Report (BOIR) with the Financial Crimes Enforcement Network (FINCEN) to keep your records up to date. This will save the entity from going inactive as per FINCEN law. Financial crimes enforcement network law vests this responsibility solely on the incorporators. Corporate officers as well as the president of the corporation are also responsible for that.
Fast Professional Services will help you to complete the requirements and fill them.