Beneficial Ownership Information
Beginning on January 1, 2024, many companies in the United States will be required to report information about their beneficial owners- the individuals who directly or indirectly control or own 25% or more of the reporting company. This information will be housed in a centralized, secure nonpublic federal government database to be administered by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.
Reporting companies will be expected to provide the following to FinCEN:
- Information on the Reporting Company itself.
- Identify the individual(s), known as Beneficial Owners, who directly or indirectly control or own the Reporting Company (25% or more ownership).
- Identify the individual who is the Company Applicant. (for entities formed on or after January 1, 2024)
The deadlines for companies to file their initial Beneficial Ownership Information Report (BOIR) to FinCEN are:
- A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOIR.
- A reporting company created or registered to do business on or after January 1, 2024, will have 30 days once the company receives actual notice that its creation or registration is effective to file its initial BOIR.
For more detailed information and resources regarding this rule, please visit the links below:
FinCEN’s Beneficial Ownership Information Webpage: https://www.fincen.gov/boi
Small Entity Compliance Guide (additional translations posted): https://www.fincen.gov/boi/small-entity-compliance-guide