The Corporate Transparency Act (CTA) is a U.S. federal law enacted in January 2021 as part of the Anti-Money Laundering Act of 2020. Its primary goal is to combat money laundering, terrorism financing, and other illicit financial activities by increasing transparency around the ownership of companies.

Beneficial Ownership Reporting:

  • The CTA requires certain U.S. companies to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial owners are individuals who directly or indirectly own or control 25% or more of the company or who exercise substantial control over the company.
  • The information that must be reported includes the beneficial owner’s name, date of birth, address, and a unique identifying number from an acceptable identification document (such as a passport or driver's license).

Who Must Report:

  • Most small U.S. businesses, including corporations, limited liability companies (LLCs), and other similar entities, are required to report beneficial ownership information.
  • U.S. business include the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the United States Virgin Islands, and any other commonwealth, territory, or possession of the United States.
  • Certain entities are exempt from reporting, including large operating companies, publicly traded companies, regulated entities like banks, and certain inactive entities.

Reports contain information about the entity itself and two categories of individuals:

  • Beneficial owners
  • Company applicants

Non (timely) compliance can result in :

  • Civil penalties of up to $500 for each day the violation continues
  • Criminal penalties of up to $10,000 and possible imprisonment of up to 2 years for each violation

Florida Compliance Filer is an online service provider that assists companies in filing their Beneficial Ownership information directly to the Financial Crime Enforcement Agency. Our system guides you through the various steps and helps you to determine if a filing exemption applies to your company.

How does it work?

Step 1

Provide us with some details

Provide us with:

  • Name
  • Company name
  • Company address
  • Email address
  • Type of Filing

so we can send you a link to our secure system.

Step 2

Do the exemption checker
  • Check if your company falls under any of the exemptions
  • If you are exempt, you do not pay.
  • If you are not exempt, pay the $150 filing fee and access our secure filing system

Step 3

Setup your secure login

The secure login will provide you access to the system and allow you to:

  • File your report using our step by step guide
  • Download a time stamped transcript of your filed report
  • Make changes or updates to your beneficial ownership information for 12 months for free

Pricing

Initial filing fee : $150 per company.

This includes a 12 month subscription to our system, allowing you to file any updates or corrections for free. After 12 months,the subscription fee is $50 per year per company.

Start Filing

Florida Compliance Filer is a product of Soxia LLC – Your partner in tax and accounting services.

Client Testimonials

Greatsystem and very easy to use. We have overseas beneficial owners. With a simple click, I managed to sent them a secure link to upload their information. Simply upload your photo and the system does the rest.

We have two regulated companies. The system helped us determine whether we could rely on any of the exemptions. With one we could (so nо fees!). For the other we had to file our beneficial ownership information. With the help of National Compliance Filer that was super easy.