What is the Corporate Transparency Act (CTA)?

The CTA is a U.S. federal law enacted in January 2021 as part of the Anti-Money Laundering Act of 2020. Its primary goal is to combat money laundering, terrorism financing, and other illicit financial activities by increasing transparency around the ownership of companies.

Beneficial Ownership Reporting:

The CTA requires certain U.S. companies to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial owners are individuals who (in)directly own 25% or more of the company or who exercise substantial control over the company.
The information that must be reported includes the beneficial owner’s name, date of birth, address, and a unique identifying number from an acceptable identification document (such as a passport or driver's license).

Why is this important to small businesses?

Who Must Report:

1.

Most small U.S. businesses, including corporations, limited liability companies (LLCs), and other similar entities, are required to report Beneficial Ownership Information.

2.

U.S. business include the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the United States Virgin Islands, and any other commonwealth, territory, or possession of the United States.

3.

Certain entities are exempt from reporting, including large operating companies, publicly traded companies, regulated entities like banks, and certain inactive entities.

What must be reported?

Reports contain information about the entity itself and two categories of individuals:

Beneficial owners
Company applicants

What are the consequences of not filing on time?

Non (timely) compliance can result in:

Civil penalties of up to $500 for each day the violation continues
Criminal penalties of up to $10,000 and/or possible imprisonment of up to 2 years for each violation

What can Soxia do to help?

If you provide us with your information, we will set up a call to collect your Beneficial Ownership information and complete the filing for you.

Alternatively, you can subscribe to our easy-to-use system that allows you to file your Beneficial Ownership information with the Financial Crime Enforcement Network. The whole process should not take more than 10 minutes to complete. Our system guides you through the whole process in easy steps and easy to understand explanations. Where necessary our system provides you with the relevant guidelines as provided by FinCEN to allow you to file your information correctly.

How does our system work?

Step 1

Provide us with some details

1. Full Name

2. Company name

3. Email address

So we can send you a link to our secure system

Step 2

Set up your Secure login

The secure login will provide you access to our system and help you to:
1. Determine whether you are exempt

2. Step-by-step file your report

3. Download a time stamped transcript of your filed report

4. Make changes / updates to your Beneficial Ownership Information for 12 months for free

Step 3

Submission and Payment

1. Submit your form
2. Receive an email with a payment link
3. Make payment
4. Receive proof of the filed Beneficial Ownership Report from FinCEN
If you conclude that you are exempt, no payment is due

Pricing:

Let us file for you for $300. This includes a free one-hour call to collect your Beneficial Ownership information.
Alternatively file yourself with Soxia’s easy-to-use filing system for a total filing fee of $150.

Pay only when you have submitted your report!

Submit your form