ORCOM US, your trusted partner for meeting the crucial regulatory requirement of Beneficial Ownership Information (BOI) in the USA. Our specialized BOI reporting service is designed to assist businesses in effectively complying with this new obligation by ensuring the accurate collection, verification, and submission of necessary information.
What is Beneficial Ownership Information (BOI)?
BOI is a regulatory requirement imposed by the Financial Crimes Enforcement Network (FinCEN) of the United States. This requirement aims to identify the beneficial owners of companies, i.e., the individuals who own or significantly control a business.
Why is BOI important?
BOI is crucial for enhancing financial transparency and combating criminal activities such as money laundering and terrorism financing. By identifying beneficial owners, authorities can better understand the true ownership of companies and prevent illegal activities.
Our Service
ORCOM US offers a comprehensive BOI reporting service designed to meet the specific needs of your business. Here’s what our service includes:
- Accurate data collection: We assist you in gathering all necessary information about the beneficial owners of your company, including their names, addresses, social security numbers, or other government-issued identifiers.
- Rigorous verification: Our team carefully verifies all collected information to ensure its accuracy and compliance with regulatory requirements.
- BOI report preparation: We meticulously prepare the necessary BOI reports, including all required information in a clear and precise manner.
- Timely submission: We ensure that BOI reports are submitted within the specified deadlines, thus ensuring your regulatory compliance.
- Ongoing advice and assistance: Our team remains available to provide guidance and ongoing assistance throughout the BOI reporting process, helping you successfully navigate this new regulatory landscape.
Compliance Deadlines
It is essential to meet the deadlines for compliance with the Beneficial Ownership Information (BOI) requirement.
Existing businesses, established or registered in the USA before January 1, 2024, must file their BOI reports by January 1, 2025, to comply with this new requirement. For these businesses, it is crucial not to delay the collection and submission of required information to avoid financial penalties and potential legal consequences for non-compliance with regulatory deadlines.
Newly established or registered businesses from January 1, 2024, also benefit from specific deadlines to comply with this requirement. They have 90 calendar days after receiving actual or public notice indicating that the establishment or registration of their business is effective to file their initial BOI reports. Therefore, all affected businesses must take action as soon as possible to ensure compliance with the specified deadlines.
At ORCOM US, we understand the importance of adhering to regulatory deadlines and are committed to helping our clients achieve full compliance within the required timeframes, thereby reducing risks and ensuring peace of mind.
