Welcome to PKF Puerto Rico!
PKF Puerto RicoPKF Puerto RicoPKF Puerto Rico
(787) 400-9548
pkfpuertorico@pkfpuertorico.com
Trujillo Alto, Puerto Rico 00976
PKF Puerto RicoPKF Puerto RicoPKF Puerto Rico

New Federal Reporting Requirement for Beneficial Ownership Information

Beginning on January 1, 2024, many companies in Puerto Rico and the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

Who Has to Report?

Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN.

Your company may be a reporting company and need to report information about its beneficial owners if your company is:

  • A corporation, a limited liability company (LLC), or was otherwise created in the Commonwealth of Puerto Rico or the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
  • A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
Who Does Not Have to Report?

Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies.

How to Report?

Reporting companies will have to report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi.  The system will provide the filer with confirmation of receipt once a completed report is filed with FinCEN.

When to Report?

Reports will be accepted starting on January 1, 2024.

  • If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.
  • If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
  • If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
  • Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

Leave A Comment

Archives

Categories

We understand the importance of approaching each work integrally and believe in the power of simple.

Melbourne, Australia
(Sat - Thursday)
(10am - 05 pm)
X
Open chat
Hello 👋
Can we help you?