{"id":15707,"date":"2024-01-17T10:26:13","date_gmt":"2024-01-17T10:26:13","guid":{"rendered":"https:\/\/juradolawfirm.com\/?p=15707"},"modified":"2024-01-17T10:26:15","modified_gmt":"2024-01-17T10:26:15","slug":"are-businesses-owned-by-foreigners-required-to-file-a-boi-report-with-fincen","status":"publish","type":"post","link":"https:\/\/juradolawfirm.com\/are-businesses-owned-by-foreigners-required-to-file-a-boi-report-with-fincen\/","title":{"rendered":"Are Businesses Owned by Foreigners Required to File a BOI Report with FinCEN?"},"content":{"rendered":"\n
If you are a foreigner who owns or controls a business<\/a> in the United States, you may be wondering if you need to file a BOI report with FinCEN<\/a>.\u00a0<\/p>\n\n\n\n BOI stands for beneficial ownership information, and it is a new reporting requirement businesses registered in the United States must meet. <\/p>\n\n\n\n However, does that include businesses owned or controlled by foreigners? Below, we will answer that question.<\/p>\n\n\n\n A BOI report is a document that contains information about the individuals who ultimately own or control a reporting company. A reporting company is any entity that is created or registered in the United States, or that operates in the United States, and that meets certain criteria. <\/p>\n\n\n\n The BOI report must include the name, date of birth, address, and a unique identification number of each beneficial owner and applicant of the reporting company. <\/p>\n\n\n\n A beneficial owner<\/strong> is any individual who owns 25% or more of the equity interests of the reporting company, or who exercises substantial control over the reporting company. <\/p>\n\n\n\n A company applicant <\/strong>is any individual who files a document to create or register the reporting company or to obtain authorization to do business in the United States.<\/p>\n\n\n\n The purpose of the BOI reporting rule is to prevent the misuse of legal entities for illicit activities, such as money laundering, tax evasion, fraud, terrorism, and human trafficking. <\/p>\n\n\n\n By collecting and maintaining beneficial ownership information, FinCEN aims to enhance the transparency and accountability of the financial system and to assist law enforcement and national security agencies in detecting and combating crime.<\/p>\n\n\n\n The BOI reporting rule applies to any reporting company that is owned or controlled by a foreigner, regardless of their nationality, residence, or citizenship. However, certain types of entities, such as banks, credit unions, and insurance companies, are exempt. You can find the full list of exempt entities on the FinCEN website.<\/p>\n\n\n\n If you are not sure whether your entity qualifies as a reporting company or an exempt entity, you should consult with a qualified attorney<\/a> who can advise you on your specific situation.<\/p>\n\n\n\n The deadline for filing a BOI report depends on when your entity was created or registered. <\/p>\n\n\n\n To file a BOI report, you need to use the BOI E-Filing System, which is an online platform that allows you to submit and manage your BOI reports electronically. You need to create an account and provide some basic information about your company, such as its name, address, and jurisdiction of formation. <\/p>\n\n\n\n You also need to upload a copy of an identification document of each beneficial owner and applicant of your entity, such as a passport, driver\u2019s license, or ID card.<\/p>\n\n\n\n Filing a BOI report may pose some challenges for foreign-owned or controlled entities, especially if they have complex ownership structures or operate in multiple jurisdictions. <\/p>\n\n\n\n Some of the challenges include:<\/p>\n\n\n\n To overcome these challenges, you may need to seek professional assistance from a FinCEN Compliance Lawyer who can help you with the BOI reporting process.<\/p>\n\n\n\n Filing a BOI report may have some benefits for your entity<\/a>, such as:<\/p>\n\n\n\n Failing to file a BOI report or filing a false or incomplete BOI report may have serious consequences, such as:<\/p>\n\n\n\n Therefore, it is important that you file your BOI report accurately and timely and that you update it whenever there is a change in the beneficial ownership information of your entity.<\/p>\n\n\n\n You may have more questions or concerns about how the BOI reporting rule affects your business. That is why we are here to help you. <\/p>\n\n\n\n At Jurado & Associates, P.A.<\/strong><\/a>, we have extensive experience and expertise in helping foreign-owned entities comply with legal requirements in the United States.\u00a0<\/p>\n\n\n\n We can help you:<\/p>\n\n\n\n If you are interested in working with us, or if you have any questions about the BOI reporting rule, please do not hesitate to contact us. You can reach us by phone at (305) 921-0976<\/a>, by email at Romy@juradolawfirm.com<\/a>, or by WhatsApp at +1 (305) 921-0976<\/a>.<\/strong><\/p>\n\n\n\n We are ready and eager to help you and your business succeed and thrive in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":" If you are a foreigner who owns or controls a business in the United…<\/p>\n","protected":false},"author":1,"featured_media":15710,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Are Businesses Owned by Foreigners Required to File a BOI Report with FinCEN? %%sep%% %%sitetitle%%","_seopress_titles_desc":"If you are a foreigner who owns or controls a business in the United States, you may be wondering if you need to file a BOI report with 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is a BOI Report and Why is it Important?<\/strong><\/h2>\n\n\n\n
Who Needs to File a BOI Report and When?<\/strong><\/h2>\n\n\n\n
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How Do You File a BOI Report?<\/strong><\/h2>\n\n\n\n
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What are the Benefits of Filing a BOI Report?<\/strong><\/h2>\n\n\n\n
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What Happens If You Do Not File a BOI Report?<\/strong><\/h2>\n\n\n\n
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We Can Help You<\/strong><\/h2>\n\n\n\n
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