What is BOI Registration?
BOI Registration is the process by which companies submit their Beneficial Ownership Information (BOI) to a regulatory authority like the Financial Crimes Enforcement Network (FinCEN). This registration is required under the Corporate Transparency Act (CTA) and other relevant laws to disclose the identities of individuals who directly or indirectly own or control the company, ensuring accountability and transparency.
BOI registration involves reporting key details such as the name, address, date of birth, and ownership percentage of each beneficial owner. This information is essential to combat financial crimes such as money laundering, fraud, and tax evasion by preventing anonymity in corporate ownership.
Who fills out the beneficial ownership form?
Typically, a senior company representative, such as a director, compliance officer, or other authorized individual, is responsible for filling out the beneficial ownership form. This person ensures that all necessary information about the company’s beneficial owners is accurately submitted and that the company complies with regulatory obligations.
