Beneficial Ownership Information Report
What is a Beneficial Ownership Information Report?
A Beneficial Ownership Information (BOI) report is a federal filing that is collected by the Financial Crimes Enforcement Network (FinCEN). BOI reports are part of the Corporate Transparency Act (CTA), created in an effort to reduce money laundering, fraud, and other financial crimes in the US.
These reports disclose information on your reporting company, your beneficial owner(s), and your company applicant(s) (more on these terms below). Unlike state filings, the information contained in a BOI report does not become public record.
What types of businesses are required to file a BOI report?
Reporting companies are businesses formed outside the US and owned by non-US citizens that are registered to do business inside the US.
For example, a company formed in France owned by citizens of France and Spain would need to file, but a company formed in France and owned by US citizens would not. A company formed in the US by French citizens would also not need to file. All companies formed in the US by US citizens are exempt.
Who is a beneficial owner?
A beneficial owner is any person who has significant influence over your business, directly or indirectly. This can be defined in two ways:
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- Someone who has substantial control over company operations and decisions (such as a corporate officer)
- Anyone who owns 25% or more of your company
Who is a company applicant?
Your BOI report may contain information on up to two company applicants. A company applicant is the person who files your formation paperwork or who is responsible for directing that paperwork to be filed.
What information is required on a BOI report?
Reporting Company Information:
- Legal company name
- DBAs or trade names
- Jurisdiction of formation
- Tax ID (EIN or TIN)
Beneficial Owner and Company Applicant Information:
- Full name
- Residential address
- Birth date
- Copy of Photo ID (i.e., passport or driver’s license)
There are a few exceptions to beneficial owner reporting. For example, if a beneficial owner is a minor, then information for the minor’s parent or guardian can be provided instead.
When are BOI reports due?
Reporting companies must file within 30 days for registering to do business in the US.
If your business registered to do business in the US before March 26, 2025, you have until April 25, 2025 to file.
Deadlines may change, but we’ll keep our pages up to date as court rulings play out, so you’re not left out of the know about this important business filing.
How do I file my BOI report, and how much does it cost?
You can file your BOI report online through FinCEN at no cost.
Streamline with BOI Report Filing Service
Registering to do business in Georgia an as international company? We offer BOI Report filing service for just $25. Our Georgia filing professionals will make sure that your report is filed on time and contains all the right information so you can get on with running your business.
Additional Questions
What types of businesses are exempt from BOI report filing?
Exemptions include:
- Companies originally formed within the United States or US tribal territory
- United States citizens who own foreign businesses registered outside the US
- Foreign business entities controlled entirely by United States citizens or permanent US residents
- Foreign pooled investment vehicles are no longer exempt and must report one individual that has the greatest authority
Do BOI reports need to be renewed?
No. BOI reports don’t need to be renewed. However, if your address or beneficial ownership information changes, you must submit an updated report within 30 days of those changes.
Is BOI report data publicly available?
No. Unlike the information you put on state filings, BOI report data doesn’t go on the public record. BOI report data is only accessible to US law enforcement, government agencies, or banks that have given authorization.
Are there any penalties for not filing my BOI report?
FinCEN will be collecting fines on non-US based reporting companies. FinCEN may collect up to $591 per day up to $10,000 for failure to file. These fines may reflect previous penalties.
What is a FinCEN identifier?
Individuals and companies can apply to get a FinCEN identifier, which can be used in place of reporting company, beneficial owner, or company applicant information on your BOI report. This can streamline the BOI report process. Contact FinCEN to obtain an identifier.