How to File BOI Report in Wyoming – Ultimate Guide (2024)


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How to file a BOI Report in Wyoming: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In Wyoming, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

Wyoming, also known as The Equality State, has a population of 580,817. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in Wyoming

What is Beneficial Ownership in Wyoming?

Beneficial ownership in Wyoming entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In Wyoming, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in Wyoming but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in Wyoming.

BOI Reporting Companies (Entities) in Wyoming

Not every company, located in Wyoming, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Exempted Entities

However, it is important to note that there are certain entities in Wyoming that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under Wyoming SOS.
  • Large entities (more than 20 employees with $5M revenue)
  • Tax-exempt organizations
  • Inactive entities meeting specific criteria
  • Subsidiaries of exempt entities
  • Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment companies or investment advisers
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
  • Financial market utility
  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in Wyoming?

In Wyoming, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in Wyoming has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Wyoming

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Online BOI Report Filing in Wyoming

  • Step 1: For online filing, reporting companies in Wyoming are required to visit the FinCEN BOIR e-filing page.
  • Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • Step 3: For the fresh filing, select Initial Report and click NEXT.
  • Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Step 7: Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in Wyoming

  • Step 1: For offline filing, visit the FinCEN BOI Report filing page
  • Step 2: Download the PDF form from the ‘Prepare BOIR’ option
  • Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Step 4: Save the form on your device.
  • Step 5: Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
  • Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • Step 7: On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.
BOI offline filing

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in Wyoming and the rest of the United States. All the LLCs in Wyoming, Corporations, and other types of businesses registered under Wyoming Secretary of State will have to file the report within the given time.

  • Entities in Wyoming incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in Wyoming incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with Wyoming SOS or similar authority.
  • Entities in Wyoming incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with Wyoming SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

  • The Civil Penalty for missing the deadline in Wyoming is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in Wyoming is $10,000
  • Continuing violating rules and non-compliance in Wyoming can lead to 2 years imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in Wyoming.

BOI Reporting Required Information in Wyoming

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Wyoming. The compulsory information to be given in respect of each beneficial owner includes:

business requirement
  • Reporting Company legal name
  • Alternative or DBA Name (if any)
  • Tax Identification type
  • Country/Jurisdiction of Formation
  • Address (number, street, and apt. or suite no.)
  • Individual’s Full Legal Name
  • Date of birth
  • Current Address
  • Identifying document (Type, Number, Issuing Jurisdiction, Image)
  • Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in Wyoming aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

  • Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
  • Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
  • This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in Wyoming must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

  • Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
  • Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
  • Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in Wyoming

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

  • Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
  • Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
  • Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
  • Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

business
  • Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in Wyoming since bad actors cannot hide behind complex corporate structures.
  • Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
  • Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in Wyoming or forming a corporation in Wyoming can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in Wyoming.

State Specific Data: Wyoming

Capital and Incorporation

  • The capital of Wyoming is Cheyenne.
  • The population of Wyoming: 580,817
  • The Annual GDP of Wyoming: 48,336
  • Incorporation in Wyoming can be done through various methods including online and offline. For more details, visit Wyoming Secretary of State.
  • Incorporation Method in Wyoming (Online): there’s no online filing available.
  • Incorporation Method in Wyoming (Offline): Send the form by mail to Wyoming Secretary of State, 2020 Carey Avenue, Suite 700, Cheyenne, WY 82002

Filing Fees

  • LLC Initial Filing Fee: $100 (by mail and $102 online)
  • LLC Amendment Fees: $50
  • Annual Fee: $50+ (Up to $500)
  • DBA Filing Fee: $100
  • Incorporation Fee: $100 by mail filing
  • Registered Agent Change Fee: $0
  • Corporate Amendment Fee: $60.00

Important Offices

  • State Tax Office: Wyoming Department of Revenue
  • State Insurance Office: Wyoming Insurance Department
  • Secretary of State Address: Wyoming Secretary of State, 2020 Carey Avenue, Suite 700, Cheyenne, WY 82002
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​
  • Filing Method for DBA: two methods, by mail and in person.
  • Filing Fee for DBA: $100
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline in Wyoming, you must send the accomplished DBA filing form to the Wyoming Secretary of State, Business Division, 2020 Carey Avenue, Suite 700, Cheyenne, WY 82002-0020 or drop it off in person at the same address.

By staying compliant with the BOI reporting requirements and leveraging the resources available in Wyoming, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a boi report in Wyoming?
To file a boi report in Wyoming, you can submit a written complaint to the Wyoming Board of Inspectors directly.
Is there a specific form I need to use to file a boi report in Wyoming?
There is no specific form required to file a boi report in Wyoming. You can simply write a detailed letter or email outlining your complaint.
Can I file a boi report anonymously in Wyoming?
Yes, you can file a boi report anonymously in Wyoming. However, providing your contact information may help in the investigation process.
What information should I include in my boi report in Wyoming?
You should include detailed information about the incident, the individuals involved, and any documentation or evidence you have to support your claim.
How long does it take to process a boi report in Wyoming?
The time it takes to process a boi report in Wyoming can vary depending on the complexity of the case. It is best to follow up with the Wyoming Board of Inspectors for updates on your report.
What is the role of the Wyoming Board of Inspectors in investigating boi reports?
The Wyoming Board of Inspectors investigates complaints against insurance providers and professionals to ensure compliance with state laws and regulations.
Are there any fees associated with filing a boi report in Wyoming?
There are no fees required to file a boi report in Wyoming. The process is free for individuals who wish to report violations or misconduct.
Can I file a boi report online in Wyoming?
Currently, the Wyoming Board of Inspectors does not offer an online platform for filing boi reports. Reports must be submitted in writing through mail or email.
Is there a statute of limitations for filing a boi report in Wyoming?
There is no set statute of limitations for filing a boi report in Wyoming. However, it is recommended to file a report as soon as possible after discovering the issue.
How will I know if my boi report in Wyoming has been received?
The Wyoming Board of Inspectors will typically send a confirmation letter or email once they have received your boi report. Keep a record of your submission for reference.
Can I request confidentiality for my identity when filing a boi report in Wyoming?
Yes, you can request confidentiality for your identity when filing a boi report in Wyoming. The Board will do their best to protect your privacy during the investigation.
What happens after I file a boi report in Wyoming?
After filing a boi report in Wyoming, the Board of Inspectors will review the complaint, conduct an investigation, and determine the appropriate actions or penalties if violations are found.
Are there any resources available to help me file a boi report in Wyoming?
Yes, the Wyoming Board of Inspectors has information on their website that can help you understand the process of filing a boi report and the steps involved.
How do I follow up on a boi report filed in Wyoming?
To follow up on a boi report filed in Wyoming, you can contact the Wyoming Board of Inspectors directly and inquire about the status of your report.
Can I amend my boi report in Wyoming after it has been filed?
If you have new information or evidence related to your original report, you can submit an amended version to the Wyoming Board of Inspectors for consideration.
What type of complaints does the Wyoming Board of Inspectors investigate?
The Wyoming Board of Inspectors investigates complaints related to insurance fraud, unethical practices, and violations of state insurance laws and regulations.
Can I seek legal advice before filing a boi report in Wyoming?
Yes, you can seek legal advice before filing a boi report in Wyoming to ensure that your rights are protected and that you are following the proper procedures.
Is there a deadline for filing a boi report in Wyoming after an incident occurs?
While there is no strict deadline for filing a boi report in Wyoming, it is recommended to do so as soon as possible after an incident to ensure a thorough investigation.
Can I file a boi report in Wyoming on behalf of someone else?
Yes, you can file a boi report in Wyoming on behalf of someone else if you have their permission and the necessary details to report the complaint accurately.
What protections are in place for whistleblowers who file boi reports in Wyoming?
Whistleblowers who file boi reports in Wyoming are protected from retaliation under state laws and regulations. The Board of Inspectors takes confidentiality and privacy seriously.
Are there online resources available to help me understand the process of filing a boi report in Wyoming?
Yes, the Wyoming Board of Inspectors website provides information and resources to help individuals understand the process of filing a boi report and what to expect during the investigation.
Can I file a boi report in Wyoming for a complaint that occurred outside of the state?
The Wyoming Board of Inspectors typically investigates complaints related to incidents that occurred within the state. You may want to check with the board on their specific jurisdiction.
How confidential is the information I provide when filing a boi report in Wyoming?
The information you provide when filing a boi report in Wyoming is treated as confidential by the Board of Inspectors. Your privacy and identity are protected during the investigation process.
Can I file a boi report in Wyoming if I am not a resident of the state?
Yes, you can file a boi report in Wyoming even if you are not a resident of the state. The Board of Inspectors will investigate reports from both residents and non-residents.
Is there a time limit for completing the investigation of a boi report in Wyoming?
The investigation time for a boi report in Wyoming can vary depending on the complexity of the case and the availability of resources. Keep in touch with the Board for updates on your report.
Can I withdraw my boi report in Wyoming after filing it?
If you wish to withdraw your boi report in Wyoming after filing it, you can submit a written request to the Board of Inspectors to cancel the investigation.
What happens if the Wyoming Board of Inspectors finds wrongdoing in my boi report?
If the Wyoming Board of Inspectors finds wrongdoing in your boi report, they may take disciplinary action against the individual or entity responsible, which could include fines, license suspension, or other penalties.
Can I appeal a decision made by the Wyoming Board of Inspectors in response to my boi report?
If you disagree with the decision made by the Wyoming Board of Inspectors in response to your boi report, you may have the option to appeal the decision through a formal process provided by the Board.
What is the deadline for filing a boi report in Wyoming?
The deadline for filing a boi report in Wyoming is within 24 hours of the incident.
What information do I need to provide when filing a boi report in Wyoming?
When filing a boi report in Wyoming, you will need to provide information such as the date, time, and location of the incident, as well as a description of what happened.
Is there a fee for filing a boi report in Wyoming?
There is no fee for filing a boi report in Wyoming.
Can I file a boi report in Wyoming online?
Yes, you can file a boi report in Wyoming online through the Wyoming Department of Workforce Services website.
Can I appeal the findings of a boi report in Wyoming?
Yes, you can appeal the findings of a boi report in Wyoming through the appropriate channels.
Are boi reports public record in Wyoming?
Boi reports are public record in Wyoming, but certain information may be redacted to protect privacy.
How can I obtain a copy of a boi report in Wyoming?
You can request a copy of a boi report in Wyoming through the Wyoming Department of Workforce Services.
Can I file a boi report for a non-work-related incident in Wyoming?
No, boi reports in Wyoming are specifically for work-related incidents.
What qualifications do I need to file a boi report in Wyoming?
You do not need any specific qualifications to file a boi report in Wyoming.
Who investigates boi reports in Wyoming?
Boi reports in Wyoming are investigated by the Wyoming Department of Workforce Services.
What penalties can be imposed for failing to file a boi report in Wyoming?
Failing to file a boi report in Wyoming can result in fines and other legal consequences.
Can I file a boi report for a suspicious activity in Wyoming?
No, boi reports in Wyoming are specifically for work-related incidents.
How can I check the status of a boi report in Wyoming?
You can check the status of a boi report in Wyoming by contacting the Wyoming Department of Workforce Services.
Are boi reports confidential in Wyoming?
Boi reports in Wyoming are generally confidential, but may be subject to disclosure under certain circumstances.
Can I file a boi report in Wyoming if I am an independent contractor?
Yes, independent contractors in Wyoming can file boi reports for work-related incidents.
What should I do if I need to file a boi report immediately in Wyoming?
If you need to file a boi report immediately in Wyoming, you should contact the Wyoming Department of Workforce Services hotline.
Are employers required to report boi incidents in Wyoming?
Yes, employers in Wyoming are required to report boi incidents to the Department of Workforce Services.
Can I file a boi report in Wyoming if I am a temporary employee?
Yes, temporary employees in Wyoming can file boi reports for work-related incidents.
Can I file a boi report in Wyoming for a medical error?
Yes, you can file a boi report in Wyoming for a medical error if it occurred in the workplace.
How long do I have to file a boi report in Wyoming after an incident?
It is recommended to file a boi report in Wyoming within 24 hours of the incident, but there is no strict deadline.
What are the consequences of filing a false boi report in Wyoming?
Filing a false boi report in Wyoming can result in legal penalties and consequences.
Can I file a boi report in Wyoming if I am a volunteer?
Yes, volunteers in Wyoming can file boi reports for work-related incidents.
Can I file a boi report in Wyoming for a near miss incident?
Yes, you can file a boi report in Wyoming for a near miss incident to prevent future accidents.

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In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in Wyoming, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Wyoming, the companies must understand the obligations to comply with the rules.

In Wyoming, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

  • Identifying beneficial owners from their control or ownership interests over the entity.
  • Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
  • Timely filing of the initial reports and updating the reports in case of changes.
  • When required, involve reputable third-party service providers to assist in the filing process.
  • Ensure compliance with relevant penalties for non –compliance.
  • Deal with practical challenges and legal issues related to BOI reporting.
  • Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.

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