A newly approved Bill could significantly increase disclosure requirements for Israelis invested in or operating business in the U.S. The Corporate Transparency Act of 2019 would require that the identities (including addresses and passport information) of the “beneficial owners” of US LLC’s or corporations be reported. Updated information would need to provided annually. While similar requirements are the norm in the E.U., it has until now been possible for many people to establish or invest in a U.S. entity while keeping their identity hidden. The bill, if enacted in law, would apply immediately to newly formed entities, with existing companies having two years to comply.
Click here to read the full GT alert prepared by Carl A. Fornaris (Shareholder), Marina Olman-Pal (Of Counsel), and Anthony J. Fernandez (Associate) of GT’s Miami office.
^ Attorneys in the Tel Aviv office do not practice Israeli law.