BOI SERVICE: Beneficial Ownership Information

What is Beneficial Ownership Information?

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.

What companies will be required to report beneficial ownership information to FinCEN?

Companies required to report are called reporting companies. There are two types of reporting companies:

• Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.

• Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state.

1.- Beneficial ownership information is the data about individuals who directly or indirectly own or control a company.

2.- Companies required to report this information to FinCEN are called reporting companies.

3.- Reporting companies are of two types: Domestic (formed in the US) and Foreign (formed outside the US but registered to do business in the US).

4.- The timeline for reporting depends on when the company was created or registered: If before January 1, 2024, they have until January 1, 2025.

5.- If between January 1, 2024, and January 1, 2025, they have 90 days from the notice of creation or registration.

6.- If on or after January 1, 2025, they have 30 days from the notice of creation or registration.

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