US Corporate Transparency Act

The final rules implementing the Corporate Transparency Act are effective January 1, 2024, and establish uniform beneficial ownership information (BOI) reporting requirements for certain businesses—estimated to be more than 32 million—operating in the United States, with the goal of developing a central registry of legal entity beneficial owners in order to combat money laundering and illicit financial activities.

Our lawyers are on the leading edge of this issue, which has broad application across a wide range of business types and industry sectors. We routinely assist companies in evaluating their potential BOI reporting requirements and navigating guidance issued by the Financial Crimes Enforcement Network (FinCEN).

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RECENT UPDATES

09/27/2024 - The US Corporate Transparency Act Compliance Deadline is Approaching: What Companies Need to Know
The deadline for Corporate Transparency Act (CTA) compliance is fast approaching. Companies formed or registered to do business in the United States prior to January 1, 2024 must file initial beneficial ownership reports with the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, unless exempt. With only months left before the deadline, companies should act now to ensure compliance with the CTA’s reporting requirements.

8/19/2024 - US Corporate Transparency Act – What Chinese Businesses and Investors Need to Know
More than half a year has passed since the United States’ Corporate Transparency Act came into effect, and for existing entities created or registered to do business in the United States before January 1, 2024, less than five months remains to submit an initial BOI report (by January 1, 2025). This Lawflash summarizes the key content of the act, its implications for various Chinese investors and companies that are active in the United States, and the filing deadlines.