How do I file my Beneficial Ownership Information Report (BOIR)?

Filing your Beneficial Ownership Information Report (BOIR) is a crucial step to comply with the Corporate Transparency Act (CTA), which aims to increase transparency in business ownership. Here’s a step-by-step guide to help you complete the process and avoid penalties.

Step 1: Determine If You Need to File

Before starting, confirm whether your business is required to submit a BOIR. The report must be filed by corporations, limited liability companies (LLCs), and other similar entities that were:

• Registered before January 1st, 2024 (must file by January 1st, 2025)

• Registered on or after January 1st, 2024 (must file within 30 days of registration)

Entities that are exempt, such as publicly traded companies or large operating companies with over 20 employees, do not need to file.

Step 2: Gather Required Information

You’ll need to collect detailed information about your business’s beneficial owners. A beneficial owner is anyone who:

• Directly or indirectly owns 25% or more of the business, or

• Exercises significant control over the business.

The required information includes:

• Full legal name

• Date of birth

• Residential address

• A unique identifying number (e.g., passport or driver’s license)

Step 3: Access the Filing Portal

BOIR filings can be submitted electronically via our website through our dedicated online portal.

Step 4: Complete the Online Form

Complete the online BOIR form by entering the required beneficial ownership details. Ensure that all information is accurate to avoid fines or legal issues.

Step 5: Submit the Report

After filling out the form, review all the information and submit the report. Keep a record of your submission for your own reference.

Step 6: Stay Compliant

Once your BOIR is filed, remember that you are responsible for keeping your beneficial ownership information