Beneficial Ownership Information (BOI) Reporting
What is BOI Reporting?
It's a new regulation in the United States that requires certain companies to report information about the individuals who ultimately own or control them, known as beneficial owners.
This information is stored in a secure database managed by the Financial Crimes Enforcement Network (FinCEN).
The aim is to combat financial crime and increase transparency in the corporate world.
Who needs to report?
Most companies formed or registered to do business in the US.
There are some exceptions, like publicly traded companies and certain financial institutions.
You can check FinCEN's website for a detailed list of exemptions. https://www.fincen.gov/sites/default/files/shared/BOI_FAQs_Q%26A_12.1.23.pdf
What information needs to be reported?
For each beneficial owner, you need to provide:
Date of birth
Identifying information from a government-issued ID
You also need to report the beneficial ownership percentage and the source of funds used to acquire ownership.
When do I need to report?
Companies formed or registered in 2024 have 90 days from the date of formation or registration to file their initial BOI report.
Companies formed before 2024 have until January 1, 2025, to file their initial report.
You also need to update your report within 30 days of any changes to the beneficial ownership information.
Where do I report?
You can file your BOI report electronically through FinCEN's secure online portal: https://boiefiling.fincen.gov