BOI – Beneficial Ownership Information Reporting

As part of the Corporate Transparency Act passed by Congress in 2021, FinCEN (Financial Crimes Enforcement Network), a bureau within the U.S. Department of Treasury, on 1 January 2024, launched the website https://fincen.gov/boi. for U.S. businesses to report who individuals who directly or indirectly own or control a company. FinCEN has created a Frequently Asked Questions (FAQs) page (https://fincen.gov/boi-faqs) providing more information on the requirement and which entities need to report. FinCEN has also published a Small Entity Compliance Guide (https://www.fincen.gov/boi/small-entity-compliance-guide) that provides more information to help small business and an informational brochure (https://fincen.gov/sites/default/files/shared/BOI-Informational-Brochure-April-2024.pdf).

The BOI report requires the following information of the owner(s):

  • Full legal name
  • Date of birth
  • Current address
  • A unique ID number and the issuing jurisdiction, i.e. driver’s license number
  • A photo of the ID document, i.e. driver’s license

Owners can go to https://boiefiling.fincen.gov/ to file their own report. Be sure to have a scanned copy of your ID document ready for uploading. The FinCEN BOI filing system will provide you with a confirmation of receipt once the filing of the report is completed.

Companies required to report are called reporting companies. Your company may be a reporting company if your company is1:

  • A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or a Native American tribe; or
  • A foreign company that was registered to do business in any U.S. state or a Native American tribe by such a filing.

Initially, companies created or registered prior to January 1, 2024, had a deadline of January 1, 2025 to file the initial BOI report while any company created or registered in 2024 had 90 calendar days to file the report.

As of date of this post, a hold has been placed on the requirement. On Dec. 26, 2024, the 5th Circuit Court reversed an earlier stay, reinstating a preliminary injunction that prevents the FinCEN from enforcing the BOI filing requirements.

You can sign up to receive immediate email updates on Beneficial Ownership Information (BOI) reporting at https://service.govdelivery.com/accounts/USFINCEN/subscriber/new.

Beneficial owners can still voluntarily report their information and file their initial BOI report.

  1. https://fincen.gov/sites/default/files/shared/BOI-Informational-Brochure-April-2024.pdf ↩︎
Scroll to Top