Welcome to LATAM US Comply
Your Expert Guide in Corporate Transparency
and Compliance
Who we are
Welcome to LATAM US Comply, your premier destination for comprehensive assistance.
With the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) filings. Our team of expert legal advisors specializes in guiding both US and Latin American companies through the complexities of BOI submission as mandated by the Corporate Transparency Act.
We ensure your company complies seamlessly with all the requirements, minimizing risks and streamlining the process. Click here to explore our full range of services tailored to support your business in navigating the intricacies of BOI filings.
How We Can Help
Our Services
CTA Filing Assistance
Ease through the CTA compliance with our comprehensive filing assistance. From identifying beneficial owners to handling the necessary paperwork, we've got you covered.
Beneficial Ownership Information Management
Trust us to meticulously manage and report your Beneficial Ownership Information, aligning with the CTA's strict guidelines.
Continuous Compliance Support
With ever-evolving regulations, our continuous support ensures your company remains compliant, mitigating risks and facilitating a smooth operational flow.
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Frequently Asked Questions about the Corporate Transparency Act (CTA)
FAQ Section
What is the CTA?
The CTA, effective from January 1, 2024, changes the regulatory and reporting landscape for entities classified as Reporting Companies. It is implemented by FinCEN.
What are the new reporting requirements?
Reporting Companies formed before January 1, 2024, must submit a BOI report to FinCEN by January 1, 2025. Those formed after this date must report within 90 days of formation.
Who are considered Reporting Companies?
Reporting Companies include domestic entities created by filing with a secretary of state or similar office and foreign entities registered to do business in the U.S.
What entities are exempt?
Large operating companies, publicly traded companies, banks, credit unions, certain SEC-registered entities, insurance companies, and accounting firms are exempt.
What information must be reported?
Reporting Companies must provide their entity name, business address, jurisdiction of formation, and a unique identification number like a TIN or EIN.
Who are Beneficial Owners and Company Applicants?
Beneficial Owners have substantial control or own/control at least 25% of a Reporting Company. Company Applicants are those who file or control the filing of the company’s formation documents.
What information is required for them?
Full legal name, date of birth, current address, and a unique identifying number from an ID document, along with an image of the document, are required.
What is "Substantial Control"?
Substantial control is typically held by senior officers, individuals with authority over officers or board members, or those influencing important decisions.
What are Ownership Interests?
These include instruments or contracts used to establish ownership, such as equity, stock, or partnership interests.
When must BOI reports be filed?
Companies formed before January 1, 2024, have until January 1, 2025. Those formed afterward must file within 90 days. Changes must be reported within 30 days.
How are reports submitted?
Reports must be filed electronically through FinCEN's BOSS system.
Who can access the BOI reports?
They are confidential, accessible only to U.S. and certain foreign agencies for specific purposes, with FinCEN maintaining a secure database.
What are the penalties for non-compliance?
Civil and criminal penalties include fines up to $10,000 and two years’ imprisonment for false information or failure to report.
How should entities prepare for compliance?
Identify which need to file a BOI report, collect required information, establish systems for updating, and set up filing procedures with FinCEN.