U.S. Beneficial Ownership Information Registry Now Accepting Reports
In adherence to the bipartisan Corporate Transparency Act of 2021 aimed at combatting illicit finance, companies operating in the United States are mandated to report beneficial ownership information. Existing companies have a one-year window to file, while new companies must comply within 90 days of creation or registration. The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has commenced the acceptance of these reports, seeking details about the individuals ultimately in control or ownership of these entities. (Source: United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov)
When do I need to report my company’s beneficial ownership information to FinCEN?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
How will companies become aware of the BOI reporting requirements?
Download: BOI Small Compliance Guide v1.1 (fincen.gov) | Source: Beneficial Ownership Information Reporting | FinCEN.gov
FinCEN has initiated an extensive outreach and education drive to familiarize reporting companies with the new requirements. This multifaceted campaign encompasses virtual and in-person outreach events, diverse guidance materials in multiple languages and formats, including multimedia resources and the Small Entity Compliance Guide (link above to download). Additionally, it integrates newer communication platforms such as social media to enhance accessibility. Collaborating with federal and state governmental offices, small business associations, trade groups, and various interest organizations is also part of FinCEN's strategy.
For ongoing support and updates concerning Beneficial Ownership Information (BOI) reporting requirements, FinCEN will regularly furnish guidance, information, and updates on its dedicated BOI webpage, www.fincen.gov/boi. Subscribing to email updates from FinCEN ensures receiving the latest information directly regarding BOI reporting obligations.
How will I report my company’s beneficial ownership information?
Report using this link: BOI E-FILING (fincen.gov) | Source: Beneficial Ownership Information Reporting | FinCEN.gov
Should your company be obligated to report its beneficial ownership information to FinCEN, the electronic submission will be conducted securely through a dedicated filing system accessible on FinCEN's website BOI E-FILING (fincen.gov).
Resources from Financial Crimes Enforcement Network (FinCEN) website:
Introduction to Beneficial Ownership Reporting:
BOI Informational Brochure (fincen.gov) - Download and Read
Introductory Video:
Informational Video:
Frequently Asked Questions (FAQs):
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