What is a BOI Report

A beneficial owner is defined as any individual who:

• Directly or indirectly owns 25% or more of a company, or

• Exercises substantial control over the company’s operations.

Businesses are required to report identifying information about each beneficial owner, including:

• Full legal name

• Date of birth

• Residential address

• A unique identifying number from a government-issued document (e.g., driver’s license or passport)

 The BOIR must be filed by corporations, LLCs, and other similar entities registered in the U.S. Entities registered before January 1st, 2024, must submit their BOIR by January 1st, 2025. Entities registered on or after this date must file their BOIR within 30 days of registration. Certain entities, such as publicly traded companies and large operating companies, are exempt from this requirement. 

• Required by the Financial Crimes Enforcement Network (FinCEN)
• All Beneficial Owners with 25% or more controlling ownership in a company
• Applies to all U.S. businesses (sole proprietorships without an EIN are exempt)
• Deadline for filing your BOIR submission is December 31st, 2024
  

• Full legal name of applicant(s) & beneficial owner(s)
• Date of birth of applicant(s) & beneficial owner(s)
• Current business address & residential address of beneficial owner(s)
• Copy of government issued ID (e.g., passport or driver’s license number)
• SSN/EIN/ITIN of beneficial owner(s)

 The deadline for filing the Beneficial Ownership Information Report (BOIR) is December 31st, 2024. This deadline applies to any businesses that was registered before January 1st, 2024. All business registered after January 1st, 2024 must file their BOIR within 30 days of company registration. 

 A person who wilfully fails to comply with BOI reporting may be subject to civil penalties of $592 per day (adjusted for inflation it is now $591 per day) and criminal penalties including a $10,000 fine and/or up to two years of imprisonment.