What Is BOI E-Filing?
BOI e-filing refers to the electronic submission of Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN). Under the Corporate Transparency Act, certain business entities must disclose key details about their beneficial owners to prevent money laundering and financial crimes.
Who Needs to File?
You must file a BOI report if your company is:
- A corporation, LLC, or similar entity created or registered in the U.S.
- Not specifically exempt under FinCEN’s list (e.g., large operating companies, banks, nonprofits)
How to Fill Out BOI E-Filing: Step-by-Step
1. Go to the FinCEN Filing Website
Access the official portal at:
https://boiefiling.fincen.gov
2. Choose the Filing Type
Select:
- Initial Report – if you’re filing for the first time
- Correction Report – to fix errors
- Updated Report – to report changes
3. Enter Entity Information
Provide:
- Legal business name
- Any DBA (Doing Business As) names
- U.S. business address
- Tax ID Number (EIN or SSN)
4. Input Beneficial Owner Details
For each beneficial owner (owns ≥25% or controls the business), you must include:
- Full legal name
- Date of birth
- Residential address
- Unique ID (e.g., driver’s license or passport)
- Upload a scanned copy of the ID
5. Add Company Applicant (if required)
Required only for entities formed on or after January 1, 2024. Provide the same details as beneficial owners.
6. Review & Certify
Check for errors. The person completing the report must certify the information is true and accurate.
7. Submit the Filing
Click submit, and you’ll receive a confirmation receipt with a tracking number.
Filing Deadlines
- Existing entities (formed before 2024): Must file by January 1, 2025
- New entities (formed in 2024): Must file within 90 calendar days of formation
- Entities formed after 2024: Must file within 30 days
Cost of BOI E-Filing
BOI filing is currently free when submitted directly through FinCEN.
Why Accuracy Matters
Providing false or incomplete information can result in:
- Civil fines: up to $500 per day
- Criminal penalties: up to $10,000 and/or imprisonment
Final Tips for BOI E-Filing
- Use official sources only
- Double-check ID documents for clarity
- Keep copies of all submitted information
- Get help from compliance professionals if needed
