Shortly after we learned about the Beneficial Ownership Information Report, we filed for our own companies. The problems that we encountered inspired us to launch Compliance BOI™ and develop the SafeFile System™ with its Smart Screen Technology.

SafeFile Is a Major Time-Saver

SafeFile addresses four notable BOI reporting challenges. The first is the amount of time required for preliminary tasks before you can begin input. These tasks include things such as:

• familiarizing yourself with the myriad of BOI rules, regulations, nuances, and exceptions
• determining which of these apply to you and which ones you can safely ignore
• gaining confidence that you understand the unique definitions which the BOI uses for critical terms
• identifying the full extent of information which you must collect in order to complete the report
• gathering that information and confirming its accuracy

These time demands are significant and add up faster than you might imagine.

We can't give back all of that time, of course. With our SafeFile System™, you still must pull together critical information. But SafeFile streamlines the process.

The SafeFile System™ allows you to zero in quickly on the exact information required for your report and the specific materials and information which you must collect to comply.

The system then simplifies the process of gathering these required items. It minimizes the time which you must devote to collecting personal information from beneficial owners, especially those in distant locations. Time-savings alone with the SafeFile System™ make it well worth the price.

SafeFile Spares You Frustration

As you input data for your report, the SafeFile System™ saves you additional time while sparing you frustration. You see, when we filed our own BOI reports, questions kept popping to mind about how to complete sections of the Report where FinCEN guidelines are vague, where the terminology is unfamiliar, or where common words are given a unique meaning.

We had to re-read BOI instructions time and again, page upon page, looking for answers for our questions. We even had to consult with an attorney for advice.

We built the SafeFile System™ to spare you this time drain and frustration. Our goal is to navigate you easily through sections of the BOI where your most frustrating questions are likely to arise. Competing products assume that you already know how to answer these questions.

Our approach is different and thoroughly user-friendly. Using online prompts and help screens, the SafeFile System™ guides you quickly to the answers that you need. Our Smart Screen Technology leads you through a thought process designed to help you resolve questions for yourself. This significantly reduces the time required for input. In addition, it may allow you to avoid needless expense for legal counsel.

SafeFile Provides Quality Control

The SafeFile System™ helps ensure that your report is accurate and complete. The same Smart Screen Technology that expedites your data entry also assures that your input is properly formatted. This eliminates a third challenge presented by the Beneficial Ownership Information Report: the need for thorough quality control.

The Treasury Department's format standards for their BOI database are very exacting. Departing from these standards at even one point can result in your entire report being rejected — sometimes with no feedback explaining the reason for the rejection.

For that reason, our Smart Screen Technology and our SafeFile System™ protocols are carefully aligned with Treasury Department standards. Compliance BOI™ assures that your input conforms with these standards before we transmit your report to FinCEN.

SafeFile Keeps You in Compliance Long Term

The fourth challenge met by the SafeFile System™ is the requirement to maintain timely updates to your initial BOI report. First-time filers can easily overlook the implications of this mandate. Yet, it imposes a perpetual drain on your time and energy. Over the long haul, this one BOI regulation places the most time-consuming demand by far on small business owners..

To be specific, once you file your initial report, you must update it within 30 days whenever certain events transpire. And these events may occur several times per year due to two factors. First, the BOI definition of "beneficial owner" is so broad that it even encompasses people who hold no financial stake in the company. As a result, even modest-sized companies may have numerous beneficial owners.

Second, events which mandate an update are rather common and frequent. (See more on what changes require an update.)

Because these reportable changes are so common, monitoring them is a never-ending task, and one which easily slips off the radar screen. Consequently, the Treasury Department urges companies to establish some type of tracking system to log these events and stay abreast of timely updates.

The SafeFile System™ addresses this challenge with our Update Management Service (UMS), an optional module which simplifies the process of making these mandated updates on schedule. This helps you avoid penalties for non-compliance.

Among other benefits, UMS interacts directly with you and every beneficial owner in your company twice per quarter to keep your BOI data up-to-date. And because we provide the initiative in this process ourselves, your BOI remains current with minimal demands on your time or the time of your designated administrator.