As of January 1, 2020, formation, registration, and report filings are now required to list the name, residence, and business address of each person whose aggregate share of direct or indirect, legal or beneficial ownership governance or total distributional interest of the entity:
- 1. Exceeds 10%; or
- 2. Does not excess 10%; provided, that the person:
- a. Controls the financial or operational decisions of such entity; or
- b. Has the ability to direct the day-to-day operations of such entity.
This requirement applies to all entity types, whether foreign or domestic. If beneficial ownership information changes, an updated filing must be submitted. Failure to report this information may result in dissolution.