sâmbătă, iunie 15, 2024

Essential Guide for Romanian Business Owners in the US: BOI Report Compliance

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Are you familiar with the Beneficial Ownership Information (BOI) Report, especially if you’re involved in business within the United States and have a registered company there? This report has been a significant point of focus for some time.

Starting from January 1st, 2024, US companies, under specific conditions, are required to complete the BOI Report. This document’s purpose is to reveal the actual owners of the company and the individuals responsible for decision-making.

The BOI Report, or the Beneficial Ownership Information Report, is a mandatory submission for every US company to the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury. Its goal is to identify the company’s beneficial owners, those who ultimately have ownership or control, as well as the company applicants and the people who initially registered the company in the US.

In submitting a BOI report, companies must provide details about the business, its beneficial owners, the persons who ultimately own or control the company, the company applicants, and those who first established the company in the US.

The law defines a beneficial owner as anyone who, either directly or indirectly:

  1. Has substantial control over the company, or
  2. Owns or controls at least 25% of the company.

A person able to make critical decisions for the reporting company is seen as having substantial control over it.

There are exceptions to this requirement. However, implementing this legislation is a vital move by the US to combat money laundering, tax evasion, and other illegal activities.

Unsure about whether you need to submit a BOI Report? It’s advisable to consult with firms specializing in the BOI Report process for expert guidance.

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