Compliance Updates

February 19, 2025 

Dear Valued ACE Global Clients/Partners,
 

Based on a decision by the U.S. District Court on February 18, 2024, Beneficial Ownership Information Reporting (BOIR) Requirements are Back in Effect, with a new deadline of March 21, 2025. 

The Department of the Treasury recognizes that reporting companies may need additional time to comply with these reporting obligations.  

• For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025.  FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided. 
• Reporting companies that were previously given a reporting deadline later than March 21, 2025, must file their initial BOI report by that later deadline.  For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.    

If you have any questions, or would like our assistance with the filing, please reach out to compliance@aceglobalbiz.com and we will be happy to help you!  

Warmly,  

Kristen Koziak   

Compliance Officer 

ACE Global Business Services LLC 

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From Connect the Global Dots with ACE, our May Newsletter

Changes to UK Company Law

The Economic Crime and Corporate Transparency Act   

In the UK, The Economic Crime and Corporate Transparency Act became law in 2023 and will roll out in phases. The Act requires all companies to confirm that the company is formed for a lawful purpose when they incorporate, and to confirm the intended future activities will be lawful on their annual confirmation statement. 

Beginning 4th March 2024 all companies must provide a registered email address, which can be done in a confirmation statement. Multiple confirmation statements can be filed per year, and should be filed whenever a company’s key personnel, structure or activities change; this is different from an annual report.  

This registered email address should be checked frequently, and can be linked to a corporate agent, an accountant, attorney or director. It is important to treat the email address like you would any agent for service of process. It should be closely monitored by a responsible professional who will act quickly in the best interest of the business.   

Additionally, it is no longer legal to use a P.O. Box as a registered office.  

Please also be aware that Companies House fees are going up, please refer to the Companies House website.  

Our UK agents provide these services, please reach out and let us know how we can help you, please contact Compliance@ACEGlobalBiz.com.  

We are happy to answer any questions you may have! 

FinCEN News

**IMPORTANT NOTICE**

On January 1, 2024, a new federal reporting requirement went into effect which requires all US businesses and corporate entities to file a Beneficial Ownership Information Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).  Reporting Companies will need to report information about their beneficial owners—the individuals who ultimately own or control the company. Please click the below links for more information. 

• Small Business Compliance Guide: Small      Entity Compliance Guide | FinCEN.gov
• Frequently Asked Questions: https://www.fincen.gov/boi-faqs 
• FinCEN’s BOI Webpage: https://www.fincen.gov/boi