BOI Report filing
The "BOI Report" refers to the Beneficial Ownership Information (BOI) Report, which is part of compliance requirements under the Corporate Transparency Act (CTA) in the United States. The CTA was enacted to combat money laundering, terrorist financing, and other illicit activities by improving transparency in corporate ownership.
Who Needs to File a BOI Report?
- Reporting Companies:
- Domestic corporations, limited liability companies (LLCs), and similar entities created by filing a document with a U.S. state or tribal authority.
- Foreign entities registered to do business in the United States.
2. Exemptions:
- Certain entities are exempt, including publicly traded companies, banks, insurance companies, investment advisers, and others. A detailed list of exemptions is provided in the CTA.
3. Beneficial Owners:
- Individuals who directly or indirectly own or control 25% or more of the ownership interests in the company.
- Individuals with significant control over the company, even if they do not own 25% of it.
How to File a BOI Report
Filing the BOI Report involves several steps:
1. Identify the Reporting Company and Beneficial Owners:
- Determine whether your entity qualifies as a reporting company.
- Identify all beneficial owners, including those with significant control and those who own 25% or more of the company.
2. Gather Required Information:
- For the Reporting Company:
- Full legal name.
- Any trade names or DBAs.
- Business address.
- State or jurisdiction of formation.
- Taxpayer Identification Number (TIN).
- For Each Beneficial Owner:
- Full legal name.
- Date of birth.
- Current residential address.
- Unique identifying number from an acceptable identification document (e.g., passport, driver’s license).
3. Complete the BOI Report Form:
- The BOI Report is expected to be filed electronically through the Financial Crimes Enforcement Network (FinCEN) portal.
- Enter the information about the reporting company and each beneficial owner.
4. Submit the BOI Report:
- Log in to the FinCEN reporting portal.
- Complete the online form with the required information.
- Review the information to ensure accuracy.
- Submit the report electronically.
5. Maintain Compliance:
- Update the BOI Report whenever there is a change in beneficial ownership or company information.
- Ensure ongoing compliance with the CTA by filing updated reports within the required timeframe.
Important Deadlines
- New entities formed after January 1, 2024, and before January 1, 2025, have 90 days from their date of creation or registration.
- Companies created before January 1, 2024, have until January 1, 2025
Penalties for Non-Compliance
- Failure to file or providing false information can result in significant penalties, including fines and, in some cases, imprisonment.
Resources and Support
- FinCEN provides guidance, forms, and FAQs on their website to assist companies in filing the BOI Report.
If you're a business owner or a responsible person in a reporting company, it's crucial to understand and comply with these requirements to avoid penalties. Consulting with a legal or compliance expert might be advisable to ensure everything is handled correctly.


