What information is required in a BOI Report?
When preparing a BOI report, critical information about each beneficial owner must be included. This encompasses the beneficial owner’s full name, date of birth, residential address, and a unique identifying number from an acceptable document such as a passport, driver’s license or state/local/tribe issued ID. An image of the document verifying this number is also required.
In addition, the BOI Report must contain information about the reporting compant, including its legal name, current address of its principal place of business in the United States, country of formation, place of US registration and its taxpayer identification number.
Who qualifies as a ‘beneficial owner’ in the context of BOI Reporting?
A beneficial owner is not just someone with an equity stake in the company. The definition extends to any natural person who either directly or indirectly exercises substantial control over the company or owns or controls at least 25% of the company’s ownership interests.
As you can see, an individual can be a beneficial owner through substantial control, ownership interests, or both.
A reporting company can have multiple beneficial owners.
How detailed should the information about beneficial owners be?
The requirement is quite explicit – every beneficial owner must be individually reported with detailed personal information as specified above. This requirement highlights the intention of the Corporate Transparency Act to ensure transparency in the ownership structures of US companies, particularly those that might otherwise operate under layers of obscurity.
Best Practice: Make sure you collect all of the necessary documents and paperwork for each beneficial owner before filing initial BOI Reports, or updated or corrected BOI Reports. After, enter all of your information into our secure database for processing.
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