FinCen Beneficial Ownership Information Reporting

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1.  Who Must File:

Domestic or foreign business entities that file organizational papers or register with a state’s Secretary of State’s office (or equivalent thereof), unless a specific exemption applies.

2. What You Need to Provide:

In addition to basic information about your company, you will need to provide information about each individual who directly or indirectly owns 25% or more of the company or who exercises substantial control.

Time Estimate: If you have all the required information on hand, the reporting process can typically be completed in about 10 minutes online. There is no fee associated with this filing.

3. When to File:

• Existing Entities (before January 1, 2024): Must file by January 1, 2025.
• New Entities (on or after January 1, 2024 before January 1, 2025): Must file within 90 days of formation.
• New Entities (on or after January 1, 2025): Must file within 30 days of formation.
• Updates: Any changes in ownership or controlling individuals must be reported within 30 days of the change.

4. Fees for Non-Compliance:

Failure to file, or filing false or incomplete information, may result in substantial fines and penalties, including potential criminal liability. Ensure you review the official FinCEN guidance for the most current penalty details.

5. Additional Resources:

For more information, including FAQs and a 5-minute demo video, please visit the official FinCEN BOI webpage: https://fincen.gov/boi