On January 1st, 2024, the Corporate Transparency Act (“CTA”) will come into effect. Its purpose is to force certain companies to deliver information regarding themselves and their final beneficiaries to the United States Treasury Department.
The indicated reporting obligations apply to companies (including corporations, limited liability companies and other entities) created in the United States or incorporated abroad and registered to do business in said country.
The information must be delivered in a Beneficial Beneficiary Report, which contains information to identify both the company and its beneficial owners, such as their name, address, identification number, among others.
Companies existing on January 1st, 2024 will have until January 1st, 2025 to send their Beneficial Beneficiary Report, while those incorporated after that date will have a period of 30 days from the constitution of the company to fulfill information duties.
Fischer y Cía. is available to collaborate to comply with the reporting obligations required by the CTA. We recommend our clients to take the necessary steps to fulfill these new regulations and avoid sanctions for non-compliance.