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Services | Entity COMPLIANCE


Beneficial Ownership Information Report Filing Information & Services

As we approach 2024, an important new federal regulation will go into effect that will impact millions of existing and new business entities registered in the United States.

Montero Corporate Services has been working to develop a streamlined process to timely file the required report on behalf of our clients to ensure that all entities we manage are in compliance. 

We will have information on our website as to the filing requirements and we will provide updates as we receive additional information from the Financial Crimes Enforcement Network (FinCEN).

Corporate Transparency Act (CTA)

On January 1, 2024, the Corporate Transparency Act (CTA) will go into effect, creating an obligation for most registered companies in the US to file a Beneficial Ownership Information (BOI) report with the FinCEN.

Under the CTA, non-exempt entities will be required to file a detailed report with information about the beneficial owners and the individuals who have substantial control of an entity. Failure to comply can result in civil fines of $500 per day and criminal penalties of imprisonment for up to two years and/or fines of up to $10,000 per violation.

Filing Deadlines

    • Entities created before January 1, 2024
      • Due by January 1, 2025.
        •  We will be working with our clients to ensure compliance.
    • Entities created on or after January 1, 2024
      • Due within 90 days of their creation date.
  • Entities MCS forms in 2024
      • This will be included as part of our formation service to ensure compliance within 90 days of formation
  • Entities MCS forms in 2025
      • This will be included as part of our formation service to ensure compliance within 30 days of formation
  • Updates and/or Changes
    • We will handle required updates or corrections to the information reported as those changes or corrections occur. Updates and corrections are required to be filed within 30 days of the change or discovery of the inaccuracy.