What information to be reported in beneficial owner if the reporting company is owned by another company?

If the reporting company is owned by another company, the ownership information of the parent company must still be traced to individual beneficial owners who meet the criteria established by FinCEN. The following steps outline how to report:

1. Identify Beneficial Owners:
   • Determine the individuals who directly or indirectly own or control 25% or more of the reporting company through the parent company.
   • Include individuals with substantial control, such as executives, directors, or those making significant decisions for the reporting company.
2. Report Individual Details:
   For each beneficial owner, provide:
   • Full name
   • Date of birth
   • Current residential address
   • Identification details (such as a passport or driver’s license number)
   • A scanned copy of the identification document

It’s essential to provide accurate and complete information to avoid non-compliance. For assistance with filling out Beneficial Ownership Information (BOI) reports, TaxZerone provides guided instructions and expert support.