Beneficial Ownership Information Report for Businesses

New Compliance Requirement

The Beneficial Ownership Information Report (BOIR) is a compliance requirement that requires businesses to disclose ownership information with the Financial Crimes Enforcement Network (FinCEN). The BOIR is part of the Corporate Transparency Act (CTA), which was passed by Congress in 2021 and became effective on January 1, 2024. The BOIR’s purpose is to increase transparency around business ownership and make it harder for criminals to hide behind anonymous shell companies. This can help authorities identify potential threats and ensure that US businesses aren’t unknowingly supporting hostile actors.

FinCEN launched the BOI E-Filing website for reporting beneficial ownership information (https://boiefiling.fincen.gov) on January 1, 2024.

• A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
• A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
• A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.

Companies only need to file a BOI report once, unless they need to update or correct information.

BOI FAQs https://www.fincen.gov/boi-faqs

BOI E-Filing https://boiefiling.fincen.gov/