Introduction
To comply with the US Corporate Transparency Act (CTA), GEMS supports electronically filing Beneficial Ownership Information Reports (BOIRs) with FinCEN through an optional licensed module. To inquire about purchasing this module, please contact your GEMS Account Representative at Computershare.
How to E-File BOIRs
To e-file a BOIR, follow the steps below.
Before filing BOIRs, ensure that the relevant entities have been marked as reporting companies, and that FinCEN IDs, Beneficial Owners, and Company Applicants have been entered for the reporting companies. To learn more about entering this information, see the articles found here.
Once all of the necessary data has been added to the filing entities in GEMS, navigate to the Home Hub and click Find a Report.
Type "BOIR" into the search bar and press Enter.
Four BOIRs are available for filing:
Initial Report - Click this report when filing a BOIR for the first time for a reporting company.
Correct Prior Report - File this report when needing to correct a mistake on a previous report.
Update Prior Report - Use this report when a reporting company's (whose Initial Report has been filed earlier) CTA-related information has changed.
Newly Exempt Report - Click this report when a company (whose Initial Report has been filed earlier) has become exempt from CTA-reporting requirements.
After clicking the name of the relevant report, a Report Wizard is launched. Click Next.
On Step 2 of the Wizard, Select Business Entity, tick the checkboxes next to the company or companies for which the BOIR is being filed, then click Select Checked. The selected entity or entities will appear in the Selected Business Entity panel. Once all of the relevant entities are present in the Selected Business Entity panel, click Next.
On Step 3 of the Wizard, Finish, click the Finish button to generate the BOIR forms.
A new browser window will open. The forms for each company designated in Step 6 can be selected from the Document Description dropdown at the top of the page.
Follow steps 9 and 10 below to review each form listed in the Document Description dropdown.
Review the data present in each of the sections listed on the left side of the page. To make any changes, click the Edit button available underneath the data, or, if viewing the Company Applicant(s) or Beneficial Owner(s) pages, the Edit, Delete, or New icons available on the righthand side of the page.
Click Validate to open the Validation window and have GEMS check the data for any errors. If any errors are returned, correct the data using the buttons highlighted in Step 9, then click Validate again. Repeat the process until the Validation window displays "Validation Successful."
Repeat steps 9 and 10 for each form in the Document Description dropdown. Click Submit All if submitting BOIRs for multiple companies or Submit for only one company.
The filing form for each entity is stored as a Document and can be accessed from each filing entity's Documents Screen, where its status can also be viewed as it is processed by FinCEN.
