A recent filing by an Amprius Technologies officer highlighted a routine event for US public companies: the SEC Form 4, which reports changes in insider ownership of securities. While this specific document applies to publicly traded entities, the term "beneficial ownership" should now be a critical focus for any cross-border incorporation guide for Asian founders establishing a private company in the United States. The reason is the Corporate Transparency Act (CTA), a landmark U.S. regulation whose scope was sharply narrowed by FinCEN's March 2025 interim final rule: it now imposes reporting requirements only on foreign-formed companies registered to do business in the United States, while US-formed entities are exempt.

Understanding the Corporate Transparency Act (CTA)

Under FinCEN's March 2025 interim final rule, the CTA now requires only companies formed under foreign law that are registered to do business in the US to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department; US-formed companies and US persons are exempt. This is not a tax filing; it is a federal disclosure designed to combat financial crimes. The purpose is to create a federal database of the individuals who ultimately own or control foreign companies operating in the US.

A "reporting company" is now limited to entities formed in a foreign jurisdiction that have registered to do business in a US state by filing with a state office, such as the Delaware Secretary of State. The Delaware C-Corp favored by venture capitalists and foreign founders is a US-formed entity and files nothing. For founders in the US-China-Hong Kong-Singapore corridor, the question is instead whether any foreign-formed entity in the group—such as a Singapore Pte Ltd or Hong Kong Ltd—is registered to do business in the US and must therefore comply.

Defining "Beneficial Owner" for US Reporting

The CTA’s definition of a beneficial owner is broad and requires careful analysis. An individual is considered a beneficial owner if they meet either of the following criteria:

  • Ownership Test: The individual directly or indirectly exercises substantial control over the company, or owns or controls at least 25 percent of the company's ownership interests.
  • Control Test: The individual serves as a senior officer (e.g., President, CFO, General Counsel), or makes important decisions for the company, such as appointing board members, approving budgets, or determining the entity's direction.

This has direct implications for typical holding company structures. For example, if a founder's Singapore Pte Ltd or Hong Kong Ltd owns 100% of the US C-Corp, the US C-Corp itself is exempt from BOI reporting as a US-formed entity. However, if the Singapore or Hong Kong entity is itself registered to do business in a US state, it is a reporting company and must look through to the natural persons behind it—although beneficial owners who are US persons are excluded from the report.

Practical Steps for US Entity Formation

Failing to file a BOI report or filing inaccurate information can lead to severe penalties, including civil fines of up to $500 per day (inflation-adjusted to about $591 per day as of 2024) and potential criminal liability, with criminal fines of up to $10,000 for willful violations. For first-time structurers, integrating BOI compliance into the entity formation process is non-negotiable. Here are the critical next steps:

First, determine which entities in your structure actually have a filing obligation as part of your Delaware C-Corp setup for foreign founders: the US-formed C-Corp is exempt, but a foreign-formed holding company registered to do business in a US state must file. For any such reporting company, conduct a thorough beneficial owner analysis—do not assume this is just the primary founder. Identify any individual who will have a senior officer title or who will hold more than 25% of the equity directly or through another entity. This includes silent partners or family members involved in the business.

Next, gather the specific required information for each beneficial owner. FinCEN requires the individual's full legal name, date of birth, residential address, and a unique identifying number from a non-expired government-issued document, such as a foreign passport or driver's license. For non-US persons, a passport number from their country of citizenship is typically used. An ITIN or SSN is not required for this specific filing.

Finally, be acutely aware of the filing deadlines. US-formed companies have no BOI filing to make. Under FinCEN's current guidance, foreign-formed companies already registered to do business in the US had until April 25, 2025 to file, and a foreign company that newly registers must file its initial BOI report within 30 days of registration. Furthermore, any change to a beneficial owner's information (e.g., a change of address or passport number) must be updated within 30 days.

YZ CPA Advisory View

For Singapore, Hong Kong, and China-outbound founders, FinCEN's March 2025 interim final rule reframes the compliance equation for a US launch. A US-formed entity carries no BOI filing, but any foreign-formed company registered to do business in the US faces continuous, detailed disclosure of the individuals behind the structure. Integrating BOI planning into the initial cross-border corporate structuring for SG and HK founders is no longer optional—it's a mission-critical first step to ensure legal compliance and operational stability from day one.

Structuring for Compliance and Future Growth

While the BOI report is a standalone compliance requirement, it intersects with broader strategic decisions. A well-designed holding structure is essential not only for tax efficiency through international tax planning and US-China treaty optimization but now also for simplifying beneficial ownership reporting. A clean, transparent ownership chain makes it far easier to identify and report beneficial owners accurately, reducing the risk of errors and penalties. As the group grows, brings on new investors, or prepares senior leadership, each of these events will trigger an update to the BOI report of any foreign-formed reporting company in the structure, making continuous diligence a core operational requirement.

To discuss how these developments affect your cross-border operations, schedule a consultation with YZ CPA Advisory or explore our international tax planning and US-China treaty optimization service.

中文摘要

根据 FinCEN 2025 年 3 月的临时最终规则，美国《企业透明法》（CTA）的“实益所有权信息”（BOI）申报义务仅适用于在美国注册开展业务的外国成立公司，美国境内成立的实体已获豁免。对于从新加坡、香港或中国赴美设立公司的创业者而言，理解现行规则至关重要：负有申报义务的外国实体须披露最终控制人或拥有25%以上股权的个人身份信息，否则将面临罚款。

Amprius Technologies 一位高管最近的申报文件，突显了美国上市公司的一项常规事件：SEC Form 4，该表格用于报告公司内部人员证券所有权的变化。尽管此特定文件适用于上市公司，但“实益所有权”这一术语，现在应成为任何亚洲创始人的跨境公司设立指南中的一项关键焦点，尤其是当他们在美国设立私营公司时。其原因在于《企业透明法》（Corporate Transparency Act, CTA），这是一项具有里程碑意义的美国法规，但其适用范围已被 FinCEN 2025 年 3 月的临时最终规则大幅收窄：目前仅要求在美国注册开展业务的外国成立公司申报，美国境内成立的实体已获豁免。

理解《企业透明法》（CTA）

根据 FinCEN 2025 年 3 月的临时最终规则，《企业透明法》目前仅要求依外国法律成立、且在美国注册开展业务的公司，向隶属于美国财政部的金融犯罪执法网络（Financial Crimes Enforcement Network, FinCEN）提交实益所有权信息（Beneficial Ownership Information, BOI）报告；美国境内成立的公司及美国人已获豁免。这并非税务申报，而是一项旨在打击金融犯罪的联邦披露。其目的是建立一个联邦数据库，记录在美国运营的外国公司的最终所有者或控制者。

“申报公司”现仅限于依外国司法管辖区法律成立、并通过向州政府部门（如特拉华州州务卿）注册而在美国开展业务的实体。受风险投资人和外国创始人青睐的 Delaware C-Corp 属于美国境内成立的实体，无需任何申报。对于活跃于中美港新走廊的创始人而言，真正的问题是集团中是否有外国成立的实体（例如 Singapore Pte Ltd 或 Hong Kong Ltd）在美国注册开展业务，从而须遵守该规定。

定义美国申报中的“实益所有人”

CTA 对实益所有人的定义非常宽泛，需要仔细分析。如果个人符合以下任一标准，即被视为实益所有人：

  • 所有权测试：个人直接或间接对公司行使重大控制权，或拥有或控制公司至少25%的所有权权益。
  • 控制权测试：个人担任公司高级管理人员（如 President、CFO、General Counsel），或为公司做出重大决策，例如任命董事会成员、批准预算或决定实体的发展方向。

这对典型的控股公司结构有直接影响。例如，如果创始人设立的 Singapore Pte Ltd 或 Hong Kong Ltd 100% 持有 US C-Corp，则该 US C-Corp 作为美国境内成立的实体已豁免 BOI 申报。但如果该新加坡或香港实体自身在美国某州注册开展业务，则其构成申报公司，必须穿透识别其背后的自然人——不过属于美国人的实益所有人无需列入报告。

设立美国实体的实操步骤

未能提交 BOI 报告或提交不准确信息，可能导致严厉的处罚，包括法定每天最高 $500 的民事罚款（经通胀调整，2024 年约为每天 $591）和潜在的刑事责任（刑事罚金最高可达 $10,000）。对于初次进行架构搭建的创始人而言，将 BOI 合规性纳入实体设立流程是至关重要的。以下是关键的后续步骤：

首先，在您的为外国创始人设立 Delaware C-Corp 的流程中，先确定架构中哪些实体真正负有申报义务：美国境内成立的 C-Corp 已获豁免，而在美国某州注册开展业务的外国成立控股公司则须申报。对任何此类申报公司，应进行彻底的实益所有人分析——不要想当然地认为这仅指主要创始人。任何将担任高级管理人员职位，或直接或通过另一实体持有超过25%股权的个人，都应被识别。这包括参与业务的隐名合伙人或家庭成员。

接下来，为每位实益所有人收集所需的特定信息。FinCEN 要求提供个人的全名、出生日期、居住地址，以及来自非过期政府签发文件的唯一识别号码（如外国护照或驾照）。对于非美国人士，通常使用其国籍国的护照号码。此项特定申报无需提供 ITIN 或 SSN。

最后，务必密切关注申报截止日期。美国境内成立的公司无需提交 BOI 报告。根据 FinCEN 现行公告，已在美国注册开展业务的外国成立公司的申报截止日期为 2025 年 4 月 25 日；新注册的外国公司则须在注册后 30 天内提交其初始 BOI 报告。此外，任何对实益所有人信息的变更（如地址或护照号码变更），都必须在30天内进行更新。

YZ CPA 顾问观点

对于来自新加坡、香港及中国的出海创始人而言，FinCEN 2025 年 3 月的临时最终规则重塑了在美国启动的合规要求。美国境内成立的实体无需 BOI 申报，但任何在美国注册开展业务的外国成立公司，均须持续、详细地披露架构背后的个人信息。在最初的为新加坡和香港创始人提供跨境公司架构服务中纳入 BOI 规划，已不再是可选项——这是确保从第一天起就实现法律合规和运营稳定的首个关键步骤。

为合规与未来发展进行架构设计

虽然 BOI 报告是一项独立的合规要求，但它与更广泛的战略决策相互关联。一个精心设计的控股结构，对于通过国际税务规划及中美税收协定优化实现税务效率至关重要，如今也同样有助于简化实益所有权申报。一个清晰、透明的所有权链，使得准确识别和申报实益所有人的工作变得容易得多，从而降低错误和受罚的风险。随着集团的发展、引入新投资者或准备高级管理层团队，这些事件中的每一项都将触发架构中外国成立申报公司 BOI 报告的更新，使持续尽职调查成为一项核心运营要求。

如需讨论这些进展如何影响您的跨境运营，请预约咨询 YZ CPA 顾问服务，或了解我们的国际税务规划及中美税收协定优化服务。

中文摘要

根据 FinCEN 2025 年 3 月的临时最终规则，美国《企业透明法》（CTA）的“实益所有权信息”（BOI）申报义务仅适用于在美国注册开展业务的外国成立公司，美国境内成立的实体已获豁免。对于从新加坡、香港或中国赴美设立公司的创业者而言，理解现行规则至关重要：负有申报义务的外国实体须披露最终控制人或拥有25%以上股权的个人身份信息，否则将面临罚款。

Reference: Background from Moomoo. This is original YZ CPA Advisory analysis.