Once you file the Beneficial Ownership Information Report, the Corporate Transparency Act requires timely updates of BOI data whenever certain changes occur, either within your business or with individual beneficial owners.

In most instances, these updates are due within 30 days of the change.

Because the BOI definition of "beneficial owner" is quite broad (see "Who is considered a beneficial owner?" on our FAQs page), even modest-size companies can have numerous beneficial owners, several with no financial stake in the company at all..

Given the wide range of changes which must be reported, companies with an array of beneficial owners may require several BOI updates each year.

To comply, companies will need some mechanism for tracking reportable changes and assuring that proper updates occur on time. What a nagging chore for someone to monitor!

Compliance BOI's Update Management Service to the Rescue!!

Compliance BOI™ assumes the lion's share of this task with its automated Update Management Service (UMS). UMS is an optional module within our SafeFile System™. Twice each quarter UMS notifies you and your known beneficial owners of update requirements, captures a record of all recent changes necessitating an update, formats the data with our Smart Screen Technology, and submits the updated report.

And it does this without requiring you to task someone to track and monitor these changes or to remember to file updates on schedule.

Our Update Management Service relieves you of this time-consuming burden and helps assure that your updates are timely and thorough. UMS saves you energy, time, and headaches.