Most companies in the U.S. are legitimate businesses, but criminals can use companies to provide cover for money laundering, corruption, tax evasion, drug trafficking, fraud, and other crimes. These illegal activities hurt innocent people and legitimate businesses. To help address this problem, CTA is passed, which by law requires many companies that are formed or operated in the US to report their beneficial ownership information (BOI) to FinCEN.

The failure to report complete or updated beneficial ownership information may result in a 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.

The beneficiary Ownership information filing will be in effect from January 1, 2024.

• Full legal name
• Any trade name or “doing business as” (DBA) name
• Complete current U.S. address
• State, Tribal, or foreign jurisdiction of formation
• For a foreign reporting company only, State or Tribal jurisdiction of first registration
• Internal Revenue Service (IRS) Taxpayer Identification Number (TIN) (including an Employer Identification Number (EIN))

• Full legal name
• Date of birth
• Complete current address
• Unique identifying number and issuing jurisdiction from, and image of, one of the following
  non-expired documents:
  • » U.S. passport
  • » State driver’s license
  • » Identification document issued by a state, local government, or tribe
  • » If an individual does not have any of the previous documents, foreign passport

By signing up and using our easy online Corporate Transparency Act Ownership filing portal.

A beneficial owner is any individual who exercises substantial control over the reporting company, or who owns or controls at least 25 percent of the reporting company and a company applicant is an individual who files the document that creates or registers the company.

There can be two individuals who qualify as company applicants:
-> the individual who directly files the documents that creates, or first registers, the reporting company
-> if more than one individual is involved in the filing of the document, the individual who is primarily responsible for directing or controlling that filing.

The reporting requirement is effective on January 1, 2024.

(a) Existing Companies: created or registered to do business in the US before January 1, 2024. Reports to be submitted by January 1, 2025.
(b) New companies: created or registered to do business in the US on or after January 1, 2024 and before January 1, 2025, have 90 calendar days after receiving the company’s creation or registration is effective.
(c) companies created or registered to do business in the US on or after January 1, 2025, have 30 calendar days after receiving the company’s creation or registration is effective

“FinCEN identifier” is a unique identifying number that FinCEN will issue to an individual
or reporting company upon request after the individual or reporting company provides certain
information to FinCEN.

Reporting companies may use it in place of the otherwise required four pieces of personal information about the individual in BOI reports.

Full legal name, date of birth, address, unique identifying number and issuing jurisdiction from an acceptable identification document, and an image of the identification document.

No. An individual or reporting company is not required to obtain a FinCEN identifier.

(a) Corporation company, LLC, companies created by the filing of a document with a secretary of state or any similar office under the law of a State or Indian tribe
(b) Foreign reporting company registered to do business in any US State of Tribal jurisdiction by filing a document with a secretary of state or similar office of the State or tribe.

Updated reports to be submitted within 30 calendar days after a change occurs.

Access to BOI reported under the CTA would significantly aid efforts to protect the U.S. financial system from illicit use. It would impede illicit actors’ ability to use legal entities to conceal proceeds from criminal acts that undermine U.S. national security and foreign policy interests

NO: if your company was created or registered before January 1, 2024.
YES: if your company is created or registered on or after January 1, 2024.

The 5-step process is easily traceable through your dashboard for viewing file/application status. To know more, click on *insert dashboard cta call button*

Upon completion of each step, a mail would be shared with the update.

Yes, our support team is guided by industry professionals and thus are available through the process of filing your application using our portal. For dedicated support, you can always opt for a Pro Pass plan/add-on from the billing section.

Checkout our pricing here