Are you a private corporation or LLC incorporated in the US? Are you a non-US company with a subsidiary in the US or a foreign company registered to do business in the US? If so, there is a good chance you will need to submit a beneficial ownership report to FinCEN. Now is the time to start preparations!
The corporate regimes in most developed countries require some level of reporting of beneficial ownership. Until now corporations incorporated in the United States have been the exception – other than public companies and highly regulated entities like financial services firms. This has now all changed with the Corporate Transparency Act which came into effect on January 1, 2024.
The table below provides a quick-high level guide on your company’s potential reporting obligations. Please be in touch if you would like our help with reviewing reporting requirements under the CTA, preparation of beneficial ownership reports, or setting up your templates to include language that will protect you going forward.
CTA – KEY REQUIREMENTS
This document is intended to provide only a general background regarding this matter. This document should not be regarded as setting out binding legal advice but rather as a practical overview that is based on our understanding. APM & Co. is not licensed to practice law outside of Israel.
James Ra’anan, Partner, Hi-Tech & Venture Capital Department: JamesR@apm.law
