Earlier this year, the US Congress passed the Corporate Transparency Act (CTA). The CTA will require thousands of privately held US and non-US entities to report beneficial ownership.
On Jan. 1, 2024, the first final rule ("BOI Rule") implementing the Corporate Transparency Act ("CTA") will take effect requiring certain legal entities formed or registered to do business in the US.
A vast number of private businesses will face new requirements on how – and whether – they report their beneficial ownership interests to the U.S. government, effective at the start of.