Beneficial Ownership information reporting
Collection of documents and reporting to FinCen according to new Corporate Transparency Act of 1 jan, 2024
We not only help prepare the report, but also maintain its relevance at all stages
Full support
Free consultation for clients within 30 minutes
Free consultation
Save up to 3 hours per report. Focus your business, not government requirements
Time saving
WHAT IS CTA?
On January 1, 2024, a new law Corporate Transparency Act (CTA) came into force requiring over 30 million organizations registered in the United States to provide information about company beneficial owners (BOI) to Financial Crimes Enforcement Network (FinCEN) The law was adopted to combat financial crimes
Key dates
- FinCEN began accepting BOI reports on January 1, 2024.
- Existing businesses formed before January 1, 2024 must file BOIR before January 1, 2025.
- Businesses formed between January 1, 2024 and December 31, 2024 must file BOIR withing 90 days of company formation.
- Businesses formed on January 1, 2025, or later must file within 30 days of formation.
We Understand Business Owners are Busy Complying with government reporting obligation agencies can be time-consuming. FinCEN estimates that up to 3 hours may be required to prepare and file BOI report. By entrusting this work to us, you save this time, so you can focus on your business operations. Additionally, failing to submit on time can result in fines being imposed on your business. |
WHAT INFORMATION OWNERS HAVE TO PROVIDE FOR FINCEN
All beneficial owners need to provide their complete legal name and date of birth
Beneficial owners Personal data
Copy of a government issued identification for each beneficial owner listed
Government Identification
Beneficial owners must also provide their current residential address
Address of Beneficial Owners
Guiding on how to correctly setup your
accounts with Stripe, Paypal USA and how
to open accounts with Business Payoneer
and Tide
accounts with Stripe, Paypal USA and how
to open accounts with Business Payoneer
and Tide
We will share our years of experience
in safe and stable work with various
payment systems
in safe and stable work with various
payment systems
We will open a bank account for both American and foreign companies without your physical presence in just 3-5 days.
Opening a bank account
We will open a bank account for both American and foreign companies without your physical presence in just 3-5 days.
Consultation on opening an account
Together with client, we determine the detailed requirements, such as industry-specific business compliance needs.
Determine the detailed requirements
We then discuss compliance rules with the client to get to a common understanding of the requirements and corresponding needs for such matters as reporting procedures, formats, and timings.
Discuss compliance requirements
What do we
What do
Offer?
we Offer?
What do we Offer?
Our in-house knowledge base is quite extensive, and we conduct research to apply best practice options particular to Client's industry and/or jurisdiction.
Research best practice options
We provide a wide range of services for your business. The full list of services can be found on our main webpage.
Provide the necessary guidelines
We provide the necessary guidelines once-off or as a continuous process, depending on how the client wants the engagement regime to be structured.
HOW WE WORK
Our experts provide step-by-step guidance to navigate the beneficial ownership reporting process, from initial assessment to final submission, ensuring compliance every step of the way.
You send the required documents to our WhatsApp by clicking the 'Send documents' button
1
We review your documents thoroughly and send a payment link directly to your email
2
We make up a report based on the information provided. Your participation is not required
3
Submitting a report to FinCEN.
4
About us
Location
We are headquartered in downtown Chicago which strategically allows us to optimally service our domestic and international clients.
We are headquartered in downtown Chicago which strategically allows us to optimally service our domestic and international clients.
Vision
To provide world-class financial service advice and support to our bespoke clients.
To provide world-class financial service advice and support to our bespoke clients.
History
Being in operation for two decades now, it allows us to provide management consulting and corporate support and advice services to our list of esteemed clients that have allowed them to thrive and grow.
Being in operation for two decades now, it allows us to provide management consulting and corporate support and advice services to our list of esteemed clients that have allowed them to thrive and grow.
Our Structure
We remain, by choice, a small firm with dedicated and experienced consultants, working together with support and administrative staff. This allows us to remain flexible, efficient, and cost-effective.
We remain, by choice, a small firm with dedicated and experienced consultants, working together with support and administrative staff. This allows us to remain flexible, efficient, and cost-effective.
Mission
At Zax & Associates, we are committed to our clients’ performance and measure our success levels in how they perform. We will endeavor to understand their expectations and exceed their needs by delivering practical advice and support, always providing unparalleled value.
At Zax & Associates, we are committed to our clients’ performance and measure our success levels in how they perform. We will endeavor to understand their expectations and exceed their needs by delivering practical advice and support, always providing unparalleled value.
LET'S WORK WITH US Our company specializes in full business support, including reports for FinCEN. To start cooperation with us, contact us on Whatsapp or make an appointment with us through the website. |
FAQ
The CTA requires entities to report the individuals with ownership and controlling stake to the federal government. This involves submitting beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) and notifying the agency of any changes to the information as they occur.
The CTA mandates that entities report individuals with ownership and controlling stakes to the Financial Crimes Enforcement Network (FinCEN). This involves submitting beneficial ownership information (BOI) via the Beneficial Ownership Secure System (BOSS) and promptly notifying the agency of any changes to the information on file.
The reporting requirement of the CTA is effective on January 1, 2024. FinCEN will begin accepting beneficial ownership information reports on that date.
FinCEN will begin accepting BOI reports on January 1, 2024. Deadlines depend on when a reporting company was created or registered.
- Reporting companies created or registered to do business before January 1, 2024 – Initial BOI report is due by January 1, 2025.
- Reporting companies created or registered on or after January 1, 2024 and before January 1, 2025 – Initial BOI report is due within 90 days of the entity’s formation.
- Reporting companies created or registered on or after January 1, 2025 – Initial BOI report is due within 30 days of the entity’s formation.
Key details required include the entity’s name, any trade or DBA names, state of formation, federal EIN, ID number from its domicile Secretary of State, the entity’s primary address within the US, full legal name of each beneficial owner, unique identifying number from an acceptable identification document, and more.
Under the Corporate Transparency Act (CTA), all legal entities including corporations, Limited Liability Companies (LLCs), and similar structures formed by filing with a U.S. state agency are required to report. Reporting is also required for foreign entities registered to conduct business in the U.S.
Exemptions:
Exemptions:
- Certain categories of organizations may be exempt from the CTA requirements if they meet specific criteria, such as well-known, actively regulated companies (e.g., banks and insurance companies), which are already subject to other federal reporting regulations.
- Exemptions may also apply to certain large enterprises with many employees and substantial operating expenses or revenues.
Zax & Associates
Phone: +1 312 765 7890
Fax: +1 312 765 7891
contact@zax-associates.com
205 N. Michigan Ave. Suite 810
Chicago, IL 60601 U.S.A.
Fax: +1 312 765 7891
contact@zax-associates.com
205 N. Michigan Ave. Suite 810
Chicago, IL 60601 U.S.A.
Zax & Associate
Phone: +1 312 765 7890
Fax: +1 312 765 7891
contact@zax-associates.com
205 N. Michigan Ave. Suite 810
Chicago, IL 60601 U.S.A.
Fax: +1 312 765 7891
contact@zax-associates.com
205 N. Michigan Ave. Suite 810
Chicago, IL 60601 U.S.A.
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