As of January 1, 2024, businesses must report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement applies to all businesses. If your business is a domestic company created before January 1, 2024, or a foreign company registered before that date, you won’t need to report company applicants but must file your initial report by December 31. However, businesses created or registered on or after January
1, 2024, must report within 30 days of formation.
A beneficial owner is anyone who controls at least 25% of the company or has substantial control. A company applicant is the person who files or directs the filing of the company’s formation documents, and reporting applicants is only required for companies created after January 1, 2024.
Your company will need to report its legal name, trade names, U.S. business address, jurisdiction of formation, and Taxpayer Identification Number (TIN). If any changes occur to your business or its beneficial owners, you must update your report within 30 days, though updates aren’t needed for company applicants.
Some exemptions exist. Be cautious of reporting scams and make sure you only report via FinCEN’s official website.
