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.

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.

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.

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.

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.

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.