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. Chinese companies and investors that have incorporated entities or have registered to conduct business in the United States, to the extent they have not already done so, are advised to assess the application of the act to their US entities as soon as possible so as to avoid these decisions being put off until the end of the year.
If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following: