BOI Filing Requirements

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:

  • 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?

• You can file your BOI report electronically through FinCEN's secure online portal: https://boiefiling.fincen.gov

Here is another helpful compliance guide for reference:

https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf