Beneficial Ownership Information (BOI) refers to the details of individuals who own or control a company. These individuals, known as beneficial owners, have significant influence over the business's decisions and operations. BOI reporting aims to enhance transparency and prevent financial crimes by revealing the true owners of entities. Direct ownership involves individuals who directly own shares or have voting rights, while indirect ownership includes those who control the company through other means, such as contractual arrangements. This information helps authorities maintain a transparent and accountable business environment. Additionally, understanding BOI is essential for businesses to ensure they meet legal and regulatory requirements, safeguarding their operations from legal risks and fostering trust with stakeholders.

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