Top BOI e-Filing Software
A BOI or Beneficial Ownership Information report is a mandatory filing for most private companies in the United States or those operating within the US. This report is required to comply with the Corporate Transparency Act (CTA), which aims to combat illicit activities like money laundering and terrorist financing by enhancing transparency regarding the actual owners of companies.
Most private US companies and foreign companies doing business in the US must file a BOI report. There are certain exemptions, such as publicly traded companies, certain regulated entities, and inactive businesses.
Information Required in BOI Reporting
o Beneficial Owners: Individuals who own 25% or more of the company.
o Control Persons: Individuals with significant control over the company, such as senior officers or others with the authority to make significant decisions.
o Company Applicant: The person who filed the documents to create the company, often the person who registers the company.
There are two main approaches to filing a BOI (Beneficial Ownership Information) Report:
- Self-Filing through FinCEN: The FinCEN website offers a free BOI E-Filing system FinCEN BOI E-Filing. This is a good option for businesses that are comfortable navigating government portals and filing procedures.
- Using a BOI Reporting e-Filing Platform: Several services can help with the BOI filing process. These services can offer features like:
o User-friendly interfaces: Making data input and management more effortless.
o Compliance checks: Ensuring your report meets FinCEN requirements.
o Integration with other business systems: Streamlining data collection.
Ranking Criteria
- Ease of E-filing: How easy and quick it is to file BOI reports electronically.
- Automation Features: The extent to which the filing process is automated.
- Security: Measures to ensure data security during e-filing.
- User Reviews: Feedback from users on their e-filing experience.
- Scalability: Ability to handle large volumes of filings efficiently.
Top BOI e-Filing Software
Corporate Mile
o Overview: Corporate Mile’s BOI e-filing tool is designed for simplicity and speed, making the e-filing process straightforward with no login required. The platform’s high level of automation and robust security measures make it a top choice for businesses looking for an efficient and reliable solution.
o Ease of E-filing: Extremely simple, with a three-step process.
o Automation Features: High level of automation, reducing manual input.
o Security: Robust security measures with no data retention.
o User Reviews: Excellent user feedback for ease of use and reliability.
o Scalability: Scalable to handle large volumes efficiently.
FinCEN Fetch
o Overview: Designed specifically for BOI reporting, FinCEN Fetch stands out for its ease of use and user-friendly interface. It simplifies the e-filing process, ensuring compliance with FinCEN requirements while maintaining robust data security.
o Ease of E-filing: Simple and intuitive e-filing process.
o Automation Features: Offers basic automation features to simplify the filing process.
o Security: Ensures robust data security.
o User Reviews: Highly rated for its user-friendliness.
o Scalability: Suitable for small to medium-sized businesses.
Cherry Bekaert BOI Solutions
o Overview: Cherry Bekaert offers a comprehensive BOI reporting solution with strong e-filing capabilities tailored for corporations and LLCs. Their user-friendly platform has clear instructions and robust security protocols, making it a reliable choice for medium-sized businesses.
o Ease of E-filing: User-friendly with clear instructions.
o Automation Features: Moderate automation features.
o Security: Strong security protocols.
o User Reviews: Positive feedback for ease of use.
o Scalability: Suitable for medium-sized businesses.
Please note that our recommendations are based on the criteria identified above. Each business is responsible for researching and identifying the best platform for their specific needs.
