Do I need to file a BOI report for my business?
Latest update
[Updated March 26, 2025] U.S.-formed entities, including former “domestic reporting companies,” and their beneficial owners are now exempt from BOI reporting to FinCEN. Most foreign companies still required to file have until April 25, 2025. See FinCEN for details.
What is a BOI report?
According to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, BOI (Beneficial Ownership Information) refers to any identifying information related to individuals who have direct or indirect control over a company. Therefore, a BOI report refers to a detailed information report that certain business owners are required to submit. The regulation does not differentiate by company size; both small and large companies that meet the criteria are equally responsible for complying with the reporting rules.
1
Is my company a 'reporting company'?
"Reporting company" refers to those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office
2
Local companies are exempt from the reporting requirements?
FinCEN exempts entities previously known as “domestic reporting companies” from BOI reporting requirements. Thus, through this interim final rule, all entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners will be exempt from the requirement to report BOI to FinCEN.
3
What information does my company need to report?
You need to provide basic information about the 'reporting company,' as well as personal information for each 'beneficial owner and company applicant.
4
Who are the 'beneficial owners' and 'company applicants' of my company?
A beneficial owner refers to an individual who owns or controls at least 25% of the company's shares or has substantial control over the company. A company applicant is the individual who directly files or is primarily responsible for filing the company's formation or registration documents.
5
When should my company submit the BOI report?
Reporting companies registered before the rule’s publication must file BOI within 30 days of that date. Those registered after have 30 days from the effective registration notice to file.
6
What are the consequences if I fail to submit the report on time?
Failure to submit the BOI report may result in a daily fine of $500, up to a maximum of $10,000, and could be punishable by up to two years in prison. Unauthorized disclosure of beneficial ownership information may incur a daily fine of $500, up to a maximum of $250,000, and could be punishable by up to five years in prison.
