Benefit Ownership Information 

february 12, 2024

In March 2023, the U.S. Department of the Treasury issued guidelines defining beneficial ownership information and outlining the necessity for companies to report such details. This marked a significant step towards greater transparency and accountability in corporate structures. But what exactly is beneficial ownership information, and why has it become a focal point for regulatory measures?

What is Beneficial Ownership Information?
Beneficial ownership information refers to the identification of individuals who directly or indirectly own or control a company. It provides insight into the real individuals behind corporate entities, unveiling the ultimate beneficiaries of a company's assets and activities. Such information typically includes details about individuals' names, addresses, and percentage of ownership or control.

Why Report Beneficial Ownership Information?
The requirement for companies to report beneficial ownership information to the U.S. Department of the Treasury stems from the Corporate Transparency Act, passed by Congress in 2021. This bipartisan legislation aimed to address the issue of illicit financial activities facilitated by opaque corporate structures, such as shell companies.

f you require assistance, please don't hesitate to contact us and schedule an appointment under BOI (Beneficial Ownership Information). We're here to help address any questions or concerns you may have regarding beneficial ownership and ensure compliance with regulatory requirements.

For further information on beneficial ownership and related regulatory requirements, please visit https://www.fincen.gov/.