No, the BOI (Beneficial Ownership Information) report is not an annual filing. Under the Corporate Transparency Act, most U.S. companies only need to file this report once, unless there are changes that require an update.
This report is submitted to the Financial Crimes Enforcement Network (FinCEN) and is meant to increase transparency and prevent financial crimes.
When Do You Need to Update a BOI Filing?
While it is not annual, you must update your BOI filing within 30 days if there are:
- Changes in beneficial ownership
- Updates to the owner’s legal name or address
- New business structure or control changes
- Corrections to previously filed information
Do You Ever File Again?
Unless there’s a change, you don’t need to file annually. However, if your information changes, you’re legally obligated to file an updated BOI report with FinCEN.
Who Needs to File the BOI?
You must file if your business is a:
- Corporation
- LLC
- Similar entity created by filing with a Secretary of State (unless exempt)
Final Thoughts
So, if you’re wondering “is the BOI an annual filing?”—the answer is no. It’s a one-time requirement, with updates as needed. To avoid penalties, make sure to file accurately and update promptly if anything changes.
