ComplyCTA is a one-stop solution for identifying, verifying, and registering Beneficial Ownership Information under FinCen’s Corporate Transparency Act (CTA)
- ⦾ Powerful workflows to complete initial filing in minutes
- ⦾ Assured real-time compliance with changes in CTA requirements
- ⦾ Integrated AML Sanctions checks against OFAC watchlists
Beneficial Ownership Information reporting is mandatory for all US entities starting January 1, 2024
The Corporate Transparency Act, enacted in 2021, mandates Beneficial Ownership Information (BOI) reporting to FinCEN starting in January 2024. If your business has fewer than 21 full-time employees OR earns less than $5 million annually, it is likely necessary to get BOI reporting done to avoid potential penalties imposed by FinCEN and the Department of the Treasury.
Non-compliance or misreporting may result in fines of up to $10,000 or a two-year imprisonment. Certain exemptions apply to businesses in specific industries. Quickly assess your company’s filing requirements in under a minute using our “Verify Your BOI Filing Obligations” tool.
What is the definition of a Beneficial Owner?
Beginning January 1, 2024, all corporations, LLCs, and other entities created in the United States by the filing of a document with the secretary of state or similar office, or created in a foreign country and registered to do business in a state by filing a document with a secretary of state or similar office, unless otherwise exempt, will have to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).
Who is required to file?
Beginning on January 1, 2024, domestic and foreign reporting companies must file reports with FinCEN that provide information about the reporting company, beneficial owners, and company applicants, if applicable.
When is the deadline for submitting information?
Companies created or registered before January 1, 2024 must file their initial report on or after January 1, 2024 and on or before January 1, 2025. Reporting companies formed or first registered on or after January 1, 2024 must file their initial report within 30 days of receiving actual or public notice of their formation or registration.
Key Features of ComplyCTA
Our platform is built with simplicity in mind. From initial Beneficial Owner registration to updates / corrections & real-time monitoring, our interface ensures that compliance tasks are straightforward & hassle-free.
Our platform is designed by experts to streamline the CTA filing and monitoring process. Our experts keep a close watch on the developments from FinCen and ensure you are compliant at all times.
ComplyCTA’s powerful workflows provide a guided walkthrough of the CTA compliance process, ensuring you meet all regulatory requirements effortlessly.
ComplyCTA comes with integrated real-time AML checks into the workflow, screening individuals and entities against the real-time OFAC watchlist.
Complete the BOI filing for multiple entities through powerful batch filing capabilities.
Access the complete audit trail at any time for regulatory enquiries by FinCen.
Our platform seamlessly connects with FinCEN, ensuring your data is submitted accurately and securely.
Our platform keeps you informed with real-time alerts, allowing you to address compliance issues promptly and proactively.
Tailor your dashboard to your specific needs, monitoring the progress of reports filed, approvals, rejections, pending actions, and much more.
ComplyCTA is built to save you time and reduce the risk of errors. With automated processes and data validation, you can trust that your compliance reports are accurate and up-to-date.
Plans & Pricing
One Time Payment
$99
- ✔ One Initial BOI Reports
- ✔ Any Number of Beneficial Owners
- ✔ Limitless Updated Report Filing For a Year
- ✔ Live BOI Report Status Tracking
- ✔ Dashboard
- ✔ Alerts & Notifications For a Year
Annual Subscription
$49
/Reporting Entity/Year
- ✔ Multiple Initial BOI Reports
- ✔ Any Number of Beneficial Owners
- ✔ Unlimited Updated Report Filing Forever
- ✔ Live BOI Report Status Tracking
- ✔ Dashboard
- ✔ Alerts & Notifications Forever
Frequently Asked Questions
If your company is a small corporation or LLC, it’s likely you’ll need to report your beneficial ownership information to FinCEN. A crucial factor in determining this requirement is whether you’ve filed documents with your state’s secretary of state or a similar office for your company’s creation. This also applies to foreign companies registering to do business in the United States.
A beneficial owner refers to any individual who exercises substantial control over your company or owns or controls at least 25 percent of it.
Your company may have up to two individuals qualifying as company applicants: (1) the individual directly responsible for filing the document that creates or first registers the reporting company, and (2) the individual primarily responsible for directing or controlling the filing of the relevant document. Reporting company applicants is mandatory only if your company is created or registered on or after January 1, 2024.
To meet reporting requirements, your company must provide: (1) its legal name and any trade name or “Doing Business As” (DBA); (2) its address; (3) the jurisdiction in which it was formed or first registered, depending on whether it’s a U.S. or foreign company; and (4) its Taxpayer Identification Number (TIN). Additionally, for each of your company’s beneficial owners and each company applicant (if required), your company will need to provide the individual’s: (1) legal name; (2) birthdate; (3) address (usually residential); and (4) an identifying number from a driver’s license, passport, or other approved document for each individual, along with an image of the document containing this number.
If your company was created or registered before January 1, 2024, the initial report should be filed by January 1, 2025. For companies formed or registered after this date, file within 30 calendar days of receiving official notice from your state’s secretary of state or similar office about your company’s formation or registration. FinCEN will begin accepting electronic reports starting January 1, 2024.