Wolters Kluwer experts provide insights on Beneficial Ownership reporting requirements for large operating companies
Eligibility considerations for larger institutional reporting are clarified to drive deeper market understanding
Wolters Kluwer has published a white paper and created a podcast clarifying the circumstances for which organizations are exempt from the new BOI reporting requirements under the large operating companies category and what this means for their subsidiaries.
“Determining whether an organization is exempt from the reporting requirements begins with three major factors; however, if subsidiaries are involved, the eligibility calculation takes on added complexity,” says Wolfe.
A large operating company, she explains, must 1) employ more than 20 full-time employees in
“Entities that qualify for the large operating company exemption do not need to apply for that status nor do they have to file a BOI report,” Wolfe notes. “There is an exemption for subsidiaries of certain exempt entities—including for subsidiaries of large operating companies—where the subsidiary qualifies for an exemption if their ownership interests are controlled or wholly owned, directly or indirectly, by a large operating company.”
Per FinCEN, a subsidiary’s ownership interests must be 100 percent owned or controlled by an exempt entity to meet the exemption: “If an exempt entity controls some but not all of the ownership interests of the subsidiary, the subsidiary does not qualify.”
For more information on navigating the BOI reporting requirements, visit “Beneficial Ownership Information Compliance from
For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn,
For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube and Instagram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240702387910/en/
Media Contact
Associate Director,
Financial & Corporate Compliance
Wolters Kluwer
Office +1 612-246-9454
david.feider@wolterskluwer.com
Source: Wolters Kluwer