BOI report filing refers to the mandatory submission of Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement was introduced under the Corporate Transparency Act (CTA) to combat money laundering, fraud, and other illicit activities by increasing transparency in U.S. business ownership.
Who Needs to File a BOI Report?
Most U.S.-based companies, including:
- LLCs
- Corporations
- Other entities created by filing with a state office
Entities formed before January 1, 2024, must file by January 1, 2025.
New entities formed on or after January 1, 2024, have 90 days from formation to file.
What Information Is Required?
Companies must report:
- Legal name and trade names
- Business address
- Formation jurisdiction
- Taxpayer Identification Number (TIN or EIN)
Additionally, you must report information about beneficial owners:
- Full name
- Date of birth
- Residential address
- A valid ID (e.g., passport or driver’s license)
Is There a Fee?
BOI filing is free when submitted directly through FinCEN’s secure portal. However, third-party services may charge a fee for filing assistance.
Final Thoughts
What is BOI report filing? It’s a federal obligation for many U.S. businesses to report who really owns or controls the company. Timely and accurate filing helps avoid heavy penalties and ensures regulatory compliance.
