BOI Reporting Service
The Beneficial Ownership Report (BOI) Report is a required filing for non-US companies formed outside the US and registered to do business in the US as a foreign entity. When you hire us to form your company or act as your registered agent, we can take care of this requirement for you for $25.
BOI Reporting For Business Owners
Owners of non-US formed LLCs and corporations registering to do business in the US are required to file a BOI report. The BOI Report requires these business owners to disclose identifying information (names, addresses, birthdays, and photo IDs) for non-US citizen beneficial owners who control and benefit from your business to the federal government.
The Corporate Transparency Act
BOI Reporting is a direct result of the passage of the Corporate Transparency Act (CTA), which went into effect at the start of 2024. The CTA is an attempt to combat money laundering and other illicit financial maneuvering by providing law enforcement with a path to finding out who owns and controls a business foreign registered in the US.
Prior to the CTA, state statutes defined what kind of information a business had to tell the government about who owned it. So in Wyoming, for example—a state known for strong privacy protections for business owners—an LLC’s owners could maintain complete anonymity by hiring a registered agent. The result was that not even law enforcement could find out who owned a Wyoming LLC, and scammers and other bad actors were easily able to evade accountability. The Corporate Transparency Act changed this, requiring non-US formed businesses to disclose identifying information about who owns and controls their business to the U.S. Department of the Treasury.
Who Can See My BOI Report?
The information you submit on your BOI Report will be stored in FinCEN’s internal database. This is not a public database—access is pretty tightly controlled. Only certain federal, state, local and tribal law enforcement agencies will be able to request beneficial ownership information.
Who Has to File a BOI Report?
The CTA calls companies that need to file a BOI Report “reporting companies.”
A reporting company is a business registered outside of the United States then registered as a US foreign entity transacting business within the US. This means all other business formed outside the US that filed paperwork with the local Secretary of State or equivalent agency to form or register an entity.
Basically, these companies need to file a BOI Report unless they qualify for an exemption.
BOI Reporting Company Exemptions
As of March 26, 2025, any companies formed outside of the US, then registered to do business in the US, are still held to the BOI Report requirements except:
- 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
As a note, foreign pooled investment vehicles are no longer exempt and must report one individual that has the greatest authority.
BOI Reporting Civil Penalties
FinCEN will be collecting fines on non-US based reporting companies that may reflect their previous penalties of $591 per day up to $10,000 for failure to file.
How to File the Beneficial Ownership Information Report
Here’s how to file your BOI Report in three steps:
1
Collect the required information on your company.
2
Collect the required information on your beneficial owners and company applicants.
3
File your BOI Report online or hire us.
It sounds simple, but you’ll need to know what kind of information to gather and who counts as a beneficial owner and company applicant.
What information is required on my company for the BOI Report?
For the BOI Report, you’ll need to provide the following information on your entity:
- Any trade names or DBAs
- Business address where you operate in the US
- Jurisdiction or state where you first formed your company
- Taxpayer Identification Number (TIN) or EIN/FEIN
What information is required for each beneficial owner and company applicant?
For the BOI Report, you’ll need to gather the following information on your company applicants and beneficial owners:
- Full legal name
- Date of birth
- Complete current U.S. residential street address or business street address
- ID number from a passport, U.S. drivers’ license/ID, or tribal ID
- Photo or copy of the ID
Who Counts as a Beneficial Owner?
The definition of beneficial ownership has two prongs: ownership and control. A beneficial owner (in regards to BOI Reporting) is someone who:
- Owns at least 25% of your business, or
- Exercises control over your business.
The two-pronged definition exists to close a loophole. For example, an LLC could have 5 owners—four who each own 10% and one who owns 60%. Without factoring in control, the LLC would only have to list the owner who owned 60% as an owner, even if the other members held decision-making power within the LLC. Thanks to the control prong, all of the members in this scenario would be considered beneficial owners.
Who Counts as a Company Applicant?
Your company applicant is just whoever submitted your registration paperwork to the state. Most states call this an “incorporator.” Your company applicant can be someone within your company, but it doesn’t have to be—for example, if we form your LLC, we’ll be your company applicant.
Not all reporting companies need to report information about company applicants. Check FinCEN’s Small Entity Compliance Guide for more details.
How do I file the BOIR?
Once you have all this information gathered, you can file the BOI Report online through FinCEN’s e-filing system.
You can also hire a third party like Registered Agents Inc to handle your BOI Reporting.
BOI Reporting Deadline
As of March 26, 2025, most non-US LLCs/corporations are required to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN). The deadline for filing your BOI Report depends on when your business was registered in the US.
The deadline for existing reporting companies (defined by FinCEN as non-US companies registered within the US) to file the BOI Report is April 20, 2025. New businesses will have 30 days from their registration to file. 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 Our BOI Reporting Service Works
We can file your BOI Report for you. Here’s how it works.
1
Hire us to act as your registered agent or form your business.
2
Add on BOI Reporting Service for $25.
3
That’s it! We’ll make sure your BOI Report is filed accurately and quickly, so you don’t run afoul of federal law.
Paperwork, reminders, and notices—oh my!
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