How to Present Your BOI Information with FINCEN

Bajo la Ley de Transparencia Corporativa (CTA), la Red de Ejecución de Crímenes Financieros (FINCEN) administers la Ley de Información de Propietarios Beneficiarios, obtenida como un requisito clave de cumplimiento. Its goal is to increase transparency and stop illegal financial activities by requiring businesses to disclose to its beneficiaries, who are the people who ultimately own or manage the company.

Step 1: Completing the requirements

Are You Required to Present?

Every reporting company, including corporations, limited liability companies, and other like entities, is required to submit a BOI report. Certain types of entities, such as large operating companies or regulated entities, may be subject to extensions.

What information is needed?

• Beneficiary Propietarios: Details such as their full legal name, birthdate, residential address, and the unique number of an identification issued by the government (such as a driver's license or passport) are required.
• Information about the Company: Contains the company's legal name, main business address, and the Employee Identification Number (EIN) that the IRS has issued.

Step 2: Gather the Required Information

Information about the Beneficiary Propietors:

Provide the following details to each beneficiary property owner:

• Nombre Completo: The number that appears in official documents.
• Nacimiento Fecha: For the purpose of identity verification.

The address is residential rather than a postal address.

Identifiability numbers: such as the number of driving or passenger licenses, together with the country of origin.

Details about the company:

• Nombre Legal: The entity's official number as it is registered.
• Direction: The main location where commercial activities are carried out.
• EIN: The unique number assigned by the IRS for tax penalties.

Step 3: Sign up in FINCEN

To create an account, go to the FINCEN website and log in to the BOI information portal. It will be necessary to create a user account, provide their electronic mail address, create a password, and verify their identity through a confirmation email.

Verification Process

After creating an account, it could be necessary to confirm their identity once more by providing personal information or answering security-related questions. This ensures that only authorised individuals can enter and present information.

Step 4: Finish the BOI Information Form

Passing through the BOI Information Section:

Start the session on their FINCEN account and navigate to the BOI information section. Sign the instructions to start a new report.

Entering the Information:

Enter the recompiled information for the company as well as its beneficiaries who are its owners. Make sure that every field is delivered in a precise and comprehensive manner. The form will most likely contain sections for:

• Identification of the company
• Details on the beneficiaries' owners
• Details about the company's officials or directors (si corresponde)

Recommendations for accuracy:

• Review all of the entered data to identify typographical or inexact errors.
• Ensure that the identification numbers are entered accurately and match the provided documentation.

Step 5: Review and Send

• Reviewing the Information: Before sending, go over all of the entered data. Make sure that all required fields are filled out and that the information matches their response documents.
• Envío Process: After revision, electronically send the form using the FINCEN portal. A confirmation of delivery must be received and kept for their records.

Step 6: Verification and Monitoring

• Post-Envio Expectations: Following the presentation, FINCEN will process their information. You will receive a confirmation email or through their FINCEN account.
• Verification of Status: By using their FINCEN account, it is possible to confirm the status of their presentation. This will enable them to verify that their information was received and processed successfully.

Actualisation or Modification

Following the presentation, if there are changes to the beneficiary's property or the company's information, an updated report must be provided. Follow the instructions on the FINCEN webpage to send enmiendas.

Errors Shared with Evitar:

• False Information: Make sure all the information is accurate to prevent rejection.
• Formularies Incomplete: Confirm that all required sections are filled in.

Technical Issues

If you run into issues, contact FINCEN's assistance resources or get in touch with their support staff to get help. Common issues may include issues with the start of the session, errors in the form, or issues with document loading.

Conclusion

Presenting their BOI is essential to maintaining compliance with the Corporate Transparency Law. By following these steps, one may ensure that their information is accurate and timely, which will help to improve transparency and financial integrity.