The federal government now requires the reporting of Beneficial Ownership Information (BOI) for all domestic and foreign corporations.
What is BOI?
Beneficial ownership information (BOI) refers to the identifying information of individuals who directly or indirectly own or control a company.
What companies will be required to report BOI to FinCEN?
Certain companies — referred to as “reporting companies” — will be required to report their BOI to FinCEN. There are two types of reporting companies:
Domestic Reporting companies
Foreign Reporting companies.
When do I need to report my company’s BOI to FinCEN?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
A reporting company created after January 1, 2024, and before January 1, 2025, will have ninety (90) days to file the report.
Reporting companies created after January 1, 2025, will have thirty (30) days to file the report.
Additional information and reporting requirements can be found in the FINCEN web page (boiefiling.fincen.gov/).
Please note that the noncompliance with the BOI requirements may include penalties from $500 up to $10,000, including a jail term.
Also, please be advised that the Puerto Rico Department of State is requiring a Registry for Legal Entities as well.
What is the "Registry for Legal Entities" and who must file?
Corporations, companies, partnerships, special partnerships, trusts, foundations, and other associations of persons of particular interest, whether civil, commercial, or industrial, must be registered in the Registry of Legal Entities administered by the Department of State.
Additionally, domestic entities and foreign entities doing business in Puerto Rico must register in the Registry of Legal Entities.
How do I know if I apply?
Entities created on or after June 2, 2022, are required to register.
Entities created before that date are encouraged to register, but it is not mandatory.
Additional information can be found in the Department of State's web page (estado.pr.gov/personas-juridicas).
Should you have any questions or need our assistance with any of these filings, please contact us. Also, be prepared to provide the following documents:
A color copy or .PDF of your State Driver’s License.
A color copy or .PDF of your Passport.
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