WHEN THEY MUST DECLARE:


  • Companies created before January 1, 2024 will have time to file until January 1, 2025.  
  • Companies created on or after January 1, 2024 will have 90 days from the Filing Date to file. 
  • Companies created on or after January 1, 2025, will have 30 days from the Filing Date to file.
  • Updates to the information already declared must be submitted within 30 days. 

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WHO MUST DECLARE:


Final Beneficiaries will be considered any natural person who: 

  • Owns or controls at least 25% of the shares of the declared company; 

or 

  • Exercises Substantial Control over the declared enterprise. To do so, the person must meet any of the following general criteria: 
  1. Be a senior manager; 
  2. Have the authority to appoint or remove certain officers or a majority of the directors of the reporting company;
  3. Be responsible for making important decisions; or
  4. Having any other form of substantial control over the reporting company.


Consequently, the Managers/Directors of the LLCs/Corps should also be informed.

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In addition, companies created on or after January 1, 2024, must declare their Applicant: the natural person who directly filed the document by which a company was created. 

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WHAT TO DECLARE:


Regarding the Company

  • Legal Name
  • Principal place of address
  • EIN

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In relation to the UBO, Manager/ Director and Applicant

  • Full name
  • Date of birth
  • Complete address
  • ID and photograph supporting the ID:
  1. USA Passport
  2. Driver's license
  3. ID issued by the State, local government or tribe
  4. If they do not have any of the above, Foreign Passport.

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FINCEN DATABASE AND ACCESS


Information reported to FinCEN will be stored in a private database, which will use security methods and controls used in the Federal Government to protect unclassified but sensitive information systems at the highest level of security.


FinCEN will enable federal, state, local, and tribal officials, as well as certain foreign officials who submit a request through a U.S. federal government agency, to obtain beneficial ownership information for authorized national security, intelligence, and law enforcement activities. 


In certain circumstances and with the consent of the reporting company, financial institutions will also have access to beneficial ownership information. Regulators of such financial institutions will also have access to beneficial ownership information when supervising financial institutions.

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We remain at your disposal for any questions you may have,

Kind regards,

INNOVATION LEGAL / TAX / TECH