Important news for new and existing companies
Beginning January 1, 2024, the U.S. Department of Treasury will require new and existing businesses to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. The new Beneficial Ownership Information (BOI) rule is part of the U.S. government's efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Below is a helpful guide to help small businesses comply with this reporting requirement.
ALERT: Criminals have already made fraudulent attempts to solicit information from individuals and entities who may be subject to this new rule. The fraudulent correspondence may be titled "Important Compliance Notice" and may ask you to click on a URL or to scan a QR code. These emails, letters, texts or phone calls are fraudulent. FinCEN, a bureau of the U.S. Department of the Treasury, who is overseeing BOI, does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.
Who has to report Beneficial Ownership Information?
Your company may need to report information about your beneficial owners to the U.S. Department of the Treasury Financial Crimes Enforcement Network bureau (FinCEN) if your company is:
- 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 Indian tribe; or
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
Review FinCEN’s Small Entity Compliance Guide which provides information to help small business comply with this reporting requirement.
Small Entity Compliance Guide (English)
Small Entity Compliance Guide (Spanish)
Small Entity Compliance Guide (Additional Languages)
Who does not have to report?
Some types of entities are exempt from the beneficial ownership information reporting requirements. FinCEN lists 23, including publicly traded companies, nonprofits and certain large operating companies. To determine if your company may qualify for an exemption, review Chapter 2.1 of the Small Entity Compliance Guide.
How do I report Beneficial Ownership Information?
If you are required to report information on beneficial ownership, you will have to submit your information electronically through FinCEN’s website: https://www.fincen.gov/boi. Please note FinCEN cannot accept BOI reports before January 1, 2024.
When do I have to report Beneficial Ownership Information?
Beneficial ownership reporting is required for new and existing businesses beginning January 1, 2024.
- Existing Businesses
If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report information on beneficial ownership.
- New Businesses
If your company is created or registered on or after January 1, 2024, you must report beneficial ownership information within 90 days of notice of creation or registration.
- All Businesses
Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
FinCEN cannot accept reports before January 1, 2024.
How do I learn more?
Here are helpful links from FinCEN’s official website.
Frequently Asked Questions
Informational introductory videos
Beneficial Ownership Information Reporting Filing Dates
Beneficial Ownership Information Reporting Key Questions
Small Entity Compliance Guide
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This article is intended for information purposes only, provided by the U.S. Department of Treasury Financial Crimes Enforcement Network. The information provided does not constitute professional or legal advice. For information regarding your company specifically, consult FinCEN, your attorney or a qualified legal representative.