Hello everyone, I’m Canadian, and a few months ago, I incorporated a company through Swyft Filings (unfortunately, it was a horrible experience).
I’ve heard about the new filing requirements, particularly the BOI reporting for transparency. Could someone please explain what exactly I need to do from my side? I’m quite young and inexperienced in this matter, so I would truly appreciate some guidance.
Additionally, I should mention that the business has not generated any revenue and has no financial activity to report.
A Canadian who opened a US corporation with no business activity should file IRS Form 1120, marking it as “Initial Return” with “No Income” if applicable. Additionally, submit state annual reports and other required documents. Consulting a tax professional or accountant familiar with cross-border regulations ensures compliance with both US and Canadian tax laws and filing requirements.
When I incorporated my first business, I faced similar challenges and confusion about filing requirements, especially as a young entrepreneur. In Canada, with the new Beneficial Ownership Information (BOI) reporting requirements, you need to disclose detailed information about the individuals who own or control the company to ensure transparency and combat money laundering. Despite your business not generating revenue or financial activity, you still need to comply. This involves submitting information about the beneficial owners, including their names, addresses, dates of birth, and details of ownership or control. It’s essential to stay updated with the specific guidelines from Corporations Canada and ensure you meet all deadlines. Consulting with a legal or financial advisor can also provide clarity and ensure you’re fully compliant with the new regulations.
As a young Canadian entrepreneur who recently had a tough experience incorporating my company through Swyft Filings, I’m now navigating new filing requirements like BOI reporting for transparency. To comply, I need to report the Beneficial Ownership Information (BOI) of my company to ensure transparency about who controls it. This involves submitting details like names, addresses, and identification numbers of individuals with significant control over the company. Despite not generating revenue or having financial activity, I still need to complete this reporting to stay compliant with regulations. Guidance from a professional or a thorough review of official guidelines can help me ensure I fulfill these obligations correctly.