BOI reporting exemptions

Starting January 1, 2024, the Corporate Transparency Act will require the vast majority of active entities in the United States to file Beneficial Ownership Information (BOI) with the U.S. Government to show who owns and controls each entity. CORPSMART™’s filing solutions offer a one-stop-shop to both form your entity and file required information with government agencies. Read more to learn if your entity qualifies for an exemption to BOI filing requirements. 

The following summarizes the 23 types of companies that may qualify for exemption, according to FinCEN:

  1. Securities reporting issuer
  2. Governmental authority
  3. Bank
  4. Credit union
  5. Depository institution holding company
  6. Money services business
  7. Broker or dealer in securities
  8. Securities exchange or clearing agency
  9. Other Exchange Act registered entity
  10. Investment company or investment adviser
  11. Venture capital fund adviser
  12. Insurance company
  13. State-licensed insurance producer
  14. Commodity Exchange Act registered entity
  15. Accounting firm
  16. Public utility
  17. Financial market utility
  18. Pooled investment vehicle
  19. Tax-exempt entity
  20. Entity assisting a tax-exempt entity
  21. Large operating company
  22. Subsidiary of certain exempt entities
  23. Inactive entity

BOI reporting requirements will go into effect on January 1, 2024 and all active entities that do not qualify for exemption will be required to report. According to FinCEN, “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”. To discuss your filing further, obtain a quote or prepare for filing, please reach out to the CORPSMART team at support@corp-smart.com.

CORPSMART™ is a global corporate compliance and lien due diligence provider. For more information regarding this article, please reach out to support@corp-smart.com. If you would like to learn more about our services or discuss your unique needs, please reach out to the CORPSMART™ team at sales@corp-smart.com.

Washington Secretary of State Filing Fee Increases

Filing fees will increase in the state of Washington, effective October 1, 2023. The change in fees will effect not only new entity formation fees, but also ongoing annual report filing fees. If you’re considering forming a new entity, please consider the approaching increase of fees and reach out to CORPSMART to get a quote today.

CORPSMART™ is a global corporate compliance and lien due diligence provider. For more information regarding this article, please reach out to support@corp-smart.com. If you would like to learn more about our services or discuss your unique needs, please reach out to the CORPSMART™ team at sales@corp-smart.com.