We set up your solutions with ongoing support.
GET STARTED ON YOUR REQUIRED
Beneficial Ownership Report
Effective January 1, 2024, the FinCEN Beneficial Ownership Rule is now in effect, necessitating businesses to disclose information about beneficial owners with over 25% ownership stake or substantial control.
The goal? To strengthen the fight against money laundering and terrorism financing by promoting increased transparency.
Discover how to navigate this new regulatory landscape and ensure your business’s compliance with the latest disclosure requirements.
Important deadline:
For new U.S. businesses established from January 1, 2024, it is crucial to file their beneficial ownership information within 30 days following their creation. However, they have the option to request an extension of this deadline up to 90 days to finalize their submission.
As for businesses established before January 1, 2024, they are granted a deadline until December 31, 2024, to align their practices with the requirements of the new legislation regarding beneficial ownership. This grace period is designed to facilitate a smooth transition to full regulatory compliance.
Effective January 1, 2024, the FinCEN Beneficial Ownership Rule is now in effect, necessitating businesses to disclose information about beneficial owners with over 25% ownership stake or substantial control.
The goal? To strengthen the fight against money laundering and terrorism financing by promoting increased transparency.
Discover how to navigate this new regulatory landscape and ensure your business’s compliance with the latest disclosure requirements.
Important deadline:
For new U.S. businesses established from January 1, 2024, it is crucial to file their beneficial ownership information within 30 days following their creation. However, they have the option to request an extension of this deadline up to 90 days to finalize their submission.
As for businesses established before January 1, 2024, they are granted a deadline until December 31, 2024, to align their practices with the requirements of the new legislation regarding beneficial ownership. This grace period is designed to facilitate a smooth transition to full regulatory compliance.
How Set My Business Can Facilitate Your Compliance?
Set My Business positions itself as your dedicated ally in navigating through the 2024 regulatory requirements. Our mission is to simplify this process by guiding you step by step in collecting and submitting the crucial information required:
- The full name of the beneficial owner,
- Their residential address,
- A valid identification document (ID) or passport,
- The percentage of ownership in the business.
How It Works
1. Collection of Owner Information
Begin by providing us with the names, residential addresses, and identification documents (ID card or passport) of the beneficial owners holding more than 25% of the shares or having significant control over the business.
2. Submission via
Our Secure Platform
Take advantage of our secure and encrypted platform to transmit this information with peace of mind. The protection and confidentiality of your data is our primary commitment.
3. Compliance Analysis
by Our Experts
Our specialized team will review your information to ensure full compliance with FinCEN guidelines, within the allotted time.
4. Confirmation of Compliance
Once the process is completed, you will receive a certificate confirming that your business fully meets the new regulatory requirements.
Unlock the Answers
What is the Beneficial Ownership Transparency Act?
The Beneficial Ownership Transparency Act aims to combat money laundering and other illegal activities by requiring companies to provide and update information on their beneficial owners, i.e., those who own or control more than 25% of the company’s shares or have significant control over the company.
Who is subject to this regulation?
This regulation applies to all commercial entities registered in the United States, including corporations, limited liability companies (LLCs), and other similar business structures, that were created after January 1, 2024, as well as existing entities before this date but must comply by December 31, 2024.
What information must be provided?
Companies must provide the full names, residential addresses, dates of birth, and Social Security numbers (or passport numbers for non-residents) of the beneficial owners. They must also include a copy of a valid identification document for each beneficial owner.
How should this information be submitted?
The information must be submitted through a secure and encrypted platform provided by the relevant government agency or authorized partners like Set My Business, which facilitate submission and ensure compliance.
What are the penalties for non-compliance?
Companies that fail to comply with this regulation may face significant penalties, including fines and imprisonment for serious offenses. Therefore, it is crucial to adhere to the specified deadlines and requirements.
Is it possible to request an exemption?
Certain entities may be exempt from this requirement, including publicly traded companies, some regulated financial institutions, and companies that operate under the supervision of a specific federal agency. It is advisable to consult a legal advisor to determine if your company can claim an exemption.
How can Set My Business assist in this process?
Set My Business offers a comprehensive service for collecting, verifying, and submitting the required information. Our secure platform simplifies the compliance process, and our team of experts ensures that all information is processed in accordance with legal requirements, thereby ensuring that your company remains compliant with the law.
Unlock the Set My Business Benefits
Book a free consultation with us.
Enjoy your solutions and check your status remotely.