InsightsBusiness Compliance

Key Information on BOI Reporting Requirements

January 9, 20246 min readBusiness Compliance

Effective January 1, 2024, all U.S. and foreign companies must comply with new Beneficial Ownership Information (BOI) reporting requirements. Here's what you need to know.

Effective January 1, 2024, all U.S. and foreign companies formed in or registered with any of the 50 states must comply with new Beneficial Ownership Information (BOI) reporting requirements set forth by the Financial Crimes Enforcement Network (FinCEN). This includes providing detailed information about their beneficial owners to FinCEN.

Who Must Report?

The new rule applies broadly to:

Corporations, LLCs, and other entities created by filing documents with a state secretary of state or similar office
Foreign companies registered to do business in the United States

Some entities are exempt, including large operating companies (with more than 20 employees and $5 million in annual revenue), publicly traded companies, regulated financial institutions, and certain nonprofits.

What Information Is Required?

For each beneficial owner (anyone who owns 25% or more, or exercises substantial control over the company), you must report:

Full legal name
Date of birth
Residential address
Unique identifying number from a government-issued ID (driver's license, passport)
Image of the identifying document

Deadlines

Companies formed before January 1, 2024: Must file by January 1, 2025
Companies formed in 2024: Must file within 90 days of formation
Companies formed after January 1, 2025: Must file within 30 days of formation