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FinCEN BOI Reporting Service

                    What is FinCEN BOI (Beneficial Ownership Information)?
  Beneficial ownership information (BOI) refers to identifying information about the individuals who directly, or indirectly own or control a company.


  In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as 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.


  Essentially, all business entity filing information previously reported to your state to register
your business will need to be reported and maintained at a federal level through FinCEN.

                         When do I need to file by?

  • ​​If your company existed before January 1, 2024, it must file its initial beneficial ownership

information report by January 1, 2025.

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  • If your company was created or registered on or after January 1, 2024, and before January 1,

2025, then it must file its initial beneficial ownership information report within 90 calendar
days after receiving actual or public notice that its creation or registration is effective.

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What information do I need to report?

A reporting company will have to report:

  1.  Its legal name;

  2.  Any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names;

  3.  The current street address of its principal place of business if that address is in the United States (for example, a U.S. reporting company’s headquarters), or, for reporting companies whose principal place of business is outside the United States, the current address from which the company conducts business in the United States (for example, a foreign reporting company’s U.S. headquarters);

  4.  Its jurisdiction of formation or registration; and

  5.  Its Taxpayer Identification Number (or, if a foreign reporting company has not been issued a TIN, a tax identification number issued by a foreign jurisdiction and the name of the jurisdiction).

 

A reporting individual will have to report:

  1.  The individual’s name;

  2.  Date of birth;

  3.  Residential address; and

  4.  An identifying number from an acceptable identification document such as a passport or U.S. driver’s license, and the name of the issuing state or jurisdiction of identification document (for examples of acceptable identification, see Question F.5).

  5. The reporting company will also have to report an image of the identification document used to obtain the identifying number in item 4.

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