Beneficial Ownership Information Report
Many businesses formed outside the US and are currently owned non-US citizens have to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). What does that mean? We’ll cover everything you need to know about BOI reporting through FinCEN.
Keep reading for more, or click on one of the links below to jump to that section:
What is a BOI report?
Who needs to file a BOI report?
What are the BOI reporting requirements?
How do I file my BOI report?
What is a BOI report?
A BOI report is a requirement of the 2024 Corporate Transparency Act (CTA), which aims to bring more open reporting to the U.S. business sector in an effort to cut down on financial crimes. Each report must include the names and addresses of a company’s “beneficial owners.”
Update: The BOI Report requirement is currently under review by both FinCEN and Congress. FinCEN will not be collecting any fines or penalties while the BOI Report is still under review. We will continue to update as new developments occur.
Is beneficial ownership information publicly available?
No, BOI report responses are NOT public. BOI reports are sent to the Financial Crimes Enforcement Network (FinCEN), which maintains a private database of beneficial ownership information.
How is beneficial ownership information used by FinCEN?
BOI information is kept under strict security measures. However, if a matter of national security or intelligence comes up in relation to a particular company, officials at the federal, state, local, and/or tribal levels may be permitted access. Foreign governments may also be granted access, but only with an international agreement. Finally, financial institutions may consult BOI information as long as they have consent from the reporting company.
Who needs to file a BOI report?
Most companies that initially formed outside the US and are currently owned by non-US citizens are required to file a BOI report. This means:
- A business formed in Italy that an Italian citizen owns would need to file a BOI report. However, if a US citizen owned the same company, the company would not be required to submit a BOI report. In addition, if an Italian citizen owned a US business, then that business owner would not be required to file a report.
- All businesses formed by US citizens in the US do not have to file a BOI report.
What are the BOI reporting requirements?
| Reporting Company | Beneficial Owner(s) |
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How do I file my BOI report?
Your BOI report must be submitted online with the BOI E-Filing System. Before you file, make sure you have all relevant information ready, including copies of each beneficial owner’s photo ID. Once you’ve gathered your information, you can enter it directly into the e-filing system, or submit a PDF version—which will allow you to enter information at your own pace—using the same filing system. (You can download a PDF of the BOI report here.)
When does a BOI report need to be filed?
Reporting companies must file a BOI report within 30 days of registering to conduct business in the US.
If your business registered to do business in the US before March 26, 2025, you have until April 25, 2025 to submit a report.
Deadlines may change, but we’ll keep our pages up to date as court rulings play out, so you’re not left out of the know about this important business filing.
How much does it cost to file a BOI report?
FinCEN doesn’t charge anything for BOI report filings. But if you want to skip the hassle of doing it all on your own, we can submit your filing for you for just $25 when you hire us to form your business