File Your Beneficial Ownership Information Report Confidently
Define your beneficial owners and submit the FinCEN report with Clemta to avoid hefty penalties up to $10,000. This is a new requirement for all US companies (LLCs and C-Corps) starting from January 1, 2024.
Why Choose Clemta for BOIR Filing?
We ensure that filing your beneficial ownership report will be a stress-free experience for you. We handle all the complicated paperwork, while you sit back and focus on your business.
Easy Filing
Our experienced team helps you to file your BOIR faster and timely.
Expert Guidance
Get customized assistance to determine your beneficial owners and successfully file the report.
Maintain Compliance
Stay in compliance by filing BOIR timely and accurately to mitigate any legal risk for your company.
Protect Credibility
By fulfilling all legal obligations, you can protect your personal credibility as well as your company in the US for future ventures.
Don't Miss the Date: Penalties up to $10,000 or Jail Time
The deadline to file the BOIR depends on when the reporting companies are incorporated or registered in the United States;
· If the company is registered in the US before January 1, 2024, then it should file the report by January 1, 2025;
· If the company is registered in the US on or after January 1, 2024, then it must submit the report within 90 days of receiving the registration document; and
· If the company is registered in the US on or after January 1, 2025, then it must submit the report within 30 days of receiving the registration document.
The Process Explained
From defining your beneficial owners to drafting filing documents, our expert team will assist you throughout the whole process.
Define your beneficial owners and complete online form
Provide necessary information about your company and its beneficial owners.
Submit your report
Our business specialists will handle all necessary paperwork and file your BOIR directly with the FinCEN.
Proof of filing
Once the process is completed, you will receive a formal proof of submission and maintain your compliance.
Learn All the Essentials
We gathered all commonly asked questions regarding the BOIR filing process below:
What is the Beneficial Ownership Information Return (BOIR)?
Beneficial ownership information return is a new requirement for all US companies (including LLCs and C-Corps) to notify the FinCEN regarding identifying information about the individuals who directly or indirectly own or control a company.
Is my company required to file BOIR?
YES, if the company is;
a) A domestic reporting company which is incorporated in the US; or
b) A foreign reporting company which is not incorporated in the US but is registered to do business in the United States
NO, if the company is an exempt entity. You may access the full list of exempt entities here.
Who is the beneficial owner?
A beneficial owner is an individual who either directly or indirectly:
a) exercises substantial control over the reporting company, or
b) owns or controls at least 25% of the reporting company’s ownership interests.
When should I file BOIR?
The deadline to file the report depends on when companies are incorporated in the US:
a) If it is registered in the US before January 1, 2024, then it should file the initial report by January 1, 2025;
b) If it is registered in the US on or after January 1, 2024, then it must submit the report within 90 days of receiving the registration document.
c) If it is registered in the US on or after January 1, 2025, then it must submit the report within 30 days of receiving the registration document.
When there is any change after the report is filed (like company address or the beneficial owner details), the companies must report it no later than 30 days after the change.
What happens if I do not file BOIR in time?
There are severe penalties for failing to file the BOIR on time or providing inaccurate information;
a) Up to 2 years of jail time;
b) $500 per day until the violation is addressed; or
c) $10,000 fine.
What if the company or beneficial owner information changes?
You should update your BOIR within 30 days of any changes.
If there is any change or inaccuracy in the information filed, individuals and reporting companies must report that no later than 30 days after the change occurred, or the individual/company became aware of such inaccuracy or had reason to know it.
For instance, you need to update the BOIR in case of registering a new business address, or when a new CEO is appointed or his/her passport changed, or when a sale changes the ownership interest threshold of 25%.
Should the reporting company file the BOIR annually?
No, they are not required to! Reporting companies must file an initial BOIR and updated or corrected reports, when needed.
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