Beneficial Ownership Information (BOI)

Non-exempt companies must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Filing is secure and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

Companies required to report are called reporting companies.

Reporting companies may need to obtain information from their beneficial owners and report that information to FinCEN.

Your company may be a reporting company if it is a foreign company registered to do business in any U.S. state or Indian tribe by such a filing.

On March 21, 2025, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a significant revision to the Corporate Transparency Act. Beneficial ownership information (BOI) reporting will no longer be required of U.S. companies or U.S. individuals. The program has been modified to require BOI reporting only by foreign entities that have filed documents with a Secretary of State or similar office. All U.S. companies and U.S. individuals are now exempt from filing and they will not incur any fines or penalties regarding BOI compliance. Foreign-owned reporting companies must file BOI reports within 30 days following the publication (March 26, 2025) of the interim final rule, April 25, 2025.

Learn more with FinCEN’s Small Entity Compliance Guide.

Companies that have more than one entity may benefit from REDW expertise in navigating these new reporting requirements.

The new BOI reporting form is now available for review and data entry. Businesses are encouraged to seek trusted guidance before filing.

Businesses will be able to obtain a FinCEN Identifier number that can be used to file their initial BOI and to provide updates or corrections regarding the ownership or dissolution of the business. Alternatively, the number can be obtained with the filing of the first report. While it is not currently required, an identifier can also facilitate submission of BOI reports by more than one individual.

The new FinCEN BOI reports require the collection and submission of information specific to everyone included in the report, including:

• The individual’s name
• Date of birth
• Residential address
• An identifying number such as one from a passport or U.S. driver’s license
• An image of the identification document

While ownership interest is simple to define, beneficial owners also include those who exercise substantial control over the company. The substantial control threshold is met by those who meet any of four criteria:

1. A senior officer
2. Has authority to appoint or remove certain officers or a majority of the directors of the reporting company
3. An important decision-maker—someone who directs, determines, or has substantial influence over important decisions, e.g., the business, finances, or structure of the entity.
4. Any other form of substantial control over the company

It’s important to note that parent companies may not file a single BOI on behalf of a group of companies.

Reporting companies can report beneficial ownership information electronically through FinCEN’s website for free, though companies that have more than one entity may benefit from REDW expertise in navigating these new reporting requirements.

Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

FinCEN began accepting reports on January 1, 2024.

The Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) website provides the latest updates on regulatory changes. As BOI filing remains fluid, we believe it’s wise for businesses to be prepared, should the legal landscape shift and compliance become necessary. We will help you navigate these uncertainties with confidence and readiness. Start BOI preparation today! 

FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.

These fraudulent scams may include:

• Correspondence requesting payment. There is NO fee to file BOI directly with FinCEN. FinCEN does NOT send correspondence requesting payment to file BOI. Do not send money in response to any mailing that claims to be from FinCEN or another government agency.
• Correspondence that asks the recipient to click on a URL or to scan a QR code. Those emails or letters are fraudulent. Do not click any suspicious links or attachments or scan any QR codes in emails, on websites, or in any unsolicited mailings.
• Correspondence that references a “Form 4022,” or an “Important Compliance Notice.” This correspondence is fraudulent. FinCEN does not have a “Form 4022.” Do not send BOI to anyone by completing these forms.
• Correspondence or other documents referencing a “US Business Regulations Dept.” This correspondence is fraudulent; there is no government entity by this name.

Information about FinCEN’s beneficial ownership information reporting requirements is available at https://www.fincen.gov/boi — This webpage includes a Small Entity Compliance Guide and responses to Frequently Asked Questions (FAQs) that can assist with your reporting questions.

You may also submit questions to FinCEN at https://www.fincen.gov/contact

Additional information on the Corporate Transparency Act can be found here: https://www.fincen.gov/boi/

Additional information on current customer due diligence requirements can be found here: https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule.

File your report with the BOI E-Filing System