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BOI Filing Requirements

Updated: 2 days ago

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?

What information needs to be reported?

  • For each beneficial owner, you need to provide:

    • Name

    • Date of birth

    • Address

    • 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?

Here is another helpful compliance guide for reference:

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