New Requirements Coming into Effect for Foreign Owners & Managers of U.S. Businesses

On June 20th, 2023 the Baltic American Chamber of Commerce (BACC) organized a webinar about new requirements which coming into effect for foreign owners & managers of U.S. businesses on January 1, 2024. The overview was presented by Ted Semaya, a principal attorney with Offit Kurman.

The Corporate Transparency Act (CTA), which will come into effect on January 1, 2024, requires companies to file information about their beneficial owners with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). There are criminal and civil penalties for willfully failing to report or for reporting false or fraudulent information. The reporting obligation extends to foreign beneficial owners of Domestic and Foreign Reporting Companies. Companies with foreign owners should beware that some of the commonly reported exemptions do not apply to them or apply with special rules.

Now is the time to learn if a company you own, manage, or advise will be covered, if you will have any issues reporting the required information, and to consider the options to address such problems. It is also the time to learn how CTA clauses will begin appearing in transactions and agreements in which your company is involved and the position you should take as to them. If you have any questions, would like more information, or want a copy of the presentation materials, please contact Ted Semaya, Esq. at tsemaya@offitkurman.com or +1 (347) 589-8506.