Kewal Krishan & Co, Chartered Accountants
beneficial owners Audits

Mastering Information Collection for Compliance

Struggling to figure out what information you need to collect about your company, its beneficial owners, and company applicants for compliance purposes? We’ve got you covered!

Key Information Checklists for Compliance

Whether you’re a reporting company or an individual, knowing what information is crucial can make compliance a breeze. Check out these essential details you need to gather and report:

For Reporting Companies:

– Full legal name

– Any trade name or “doing business as” (DBA) name (report all trade names or DBAs)

– Complete current U.S. address (principal place of business in the U.S. or primary U.S. business location for foreign companies)

– State, Tribal, or foreign jurisdiction of formation

– For foreign reporting companies, State or Tribal jurisdiction of first registration

– Internal Revenue Service (IRS) Taxpayer Identification Number (TIN) (including an Employer Identification Number (EIN))

For Beneficial Owners and Company Applicants:

– Full legal name

– Date of birth

– Complete current address (individual’s residential street address, or business street address for certain company applicants)

– Unique identifying number and issuing jurisdiction from, and image of, specific non-expired documents (e.g., U.S. passport, state driver’s license, identification document issued by a state, local government, or tribe, or foreign passport for individuals without the previous documents)

But wait, not all reporting companies are required to report company applicant information. Need help determining your requirements? Refer to Chapter 3 for assistance.

Conclusion: Navigating Compliance with Precision

Ensuring compliance with reporting requirements for your company, its beneficial owners, and company applicants is a vital step toward maintaining transparency and integrity in the business landscape. By meticulously gathering and reporting the required information, you fortify your commitment to regulatory adherence, safeguarding your company against potential legal and financial repercussions. This guide serves as your roadmap to compliance, empowering you with the knowledge to navigate these obligations confidently.

Have Questions?

Don’t let the maze of Beneficial Ownership Information reporting overwhelm you. Reach out to our team for expert guidance and support tailored to your business needs. Contact our COO Anshul Goyal at anshl@kkca.io and schedule a consultation today to navigate the compliance waters with confidence.

Disclaimer

This content is intended for informational purposes only and does not constitute legal advice. The regulations and guidance mentioned may have been updated. Always consult with a legal professional or the appropriate regulatory authority for the most current information.

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