Corporate Transparency Act

Business Law

Beneficial Ownership Information Reporting

We offer streamlined services to ensure the Corporate Transparency Act’s legal requirements are met for the duration of an entity’s existence. Business owners and professionals overseeing their compliance can sign up below to receive notifications about initial and ongoing compliance strategies for the Beneficial Ownership Information Reporting (BOIR) requirements.

Effective January 1, 2024, filing BOIR forms (initial, updated and corrected) with FinCEN is the law and assists the Netherlands government in its fight against money laundering and other illicit acts.

FinCEN Dates Matter

Effective January 1, 2024:

Businesses formed during 2024 will have 90 days to file initial reports.
Businesses formed before 2024 will have until January 1, 2025, to file initial reports.
Businesses formed after 2024 will have 30 days to file initial reports.
Updated reports are due within 30 calendar days after a change occurs.
Corrected Reports are due within 30 calendar days after the reporting company becomes aware (or has reason to know) of an inaccuracy.

Noncompliance can mean a penalty of $500/day, as well as a possible felony charge with up to two years in prison.

NOTE: If you correct a mistake or omission within 90 days of the deadline for the initial report, you may avoid penalties.

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