If your company has not yet completed its filing, the final date to comply is December 31, 2024.
Filing Requirements Overview
Who Must File?
- Required: Most U.S.-based corporations, LLCs, and foreign entities registered to do business in the United States.
- Exempt: Certain large or regulated entities, including publicly traded companies and certain nonprofit organizations.
What Information Must Be Reported?
- Beneficial Owners
- Individuals owning 25% or more of the entity.
- Those with substantial decision-making authority, such as executives.
- Company Applicants (for entities formed after January 1, 2024):
- Individuals who filed or were responsible for registering the entity.
- Information to Provide:
- Full name, date of birth, residential address, and a valid government-issued ID.
Deadlines and Compliance
- Entities Formed Before 2024: File by January 1, 2025.
- Entities Formed in 2024: File within 90 days of formation.
- Entities Formed After January 1, 2025: File within 30 days of formation.
Penalties for Non-Compliance
- Civil Penalties: $500 per day for late or inaccurate filings.
- Criminal Penalties: Fines up to $10,000 or imprisonment for up to two years for willful violations.
Why This Matters
Failure to comply may result in significant fines, reputational harm, and operational disruptions. Filing is not merely a legal obligation—it is essential to protecting your business.
Act Now to Ensure Compliance
With the January 1, 2025 deadline approaching, it’s crucial to take action now. Safeguard your business, avoid penalties, and maintain peace of mind.
If you would like to discuss this information further or need assistance with the filing, please contact the attorney responsible for your account, or reach us through the following methods:
Email: contact@junwanglaw.com
Phone:212-679-9700
For more information in Chinese, please visit here.