New Corporate Governance Reporting Requirements

In 2024, a new reporting requirement went into effect through the Corporate Transparency Act. All domestic and foreign entities, including corporations and limited liability companies (LLCs) that have filed formation or registration documents with any U.S. state, are required to report Beneficial Ownership Information (BOI), unless specifically exempted. While your business may not be physically operating in the U.S., it may still need to fulfill this reporting requirement.

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Between COVID and a new U.S. President, the immigration landscape between the U.S. and Canada has experienced both victories and challenges. Some of the major changes and roadblocks that have occurred over the past three months include:

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For many companies, reasons to make the move to the U.S. side are obvious: they’re looking for the desirable “Made in the USA” stamp of approval, lower utility costs, or looking to fill a contract requirement. But there’s another, more specific issue that often gets overlooked: the costs of border crossing.

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Canadian-headquartered Pride Pak processes fresh vegetables, making ready-made salads in a bag and chopped vegetables. The company also sources raw vegetables from both the US and Canada. Pride Pak was started in 1984 and has their main office in Mississauga with another facility in New Foundland.  They currently employ over 200 people and sell to grocery retailers and into the restaurant industry.

 Tags: canadian business cross border business international business