Beneficial Ownership Information (BOI) reporting was introduced to increase transparency in company ownership in the United States. It requires certain businesses to disclose details of individuals who ultimately own or control them.
However, recent updates issued by the Financial Crimes Enforcement Network (FinCEN) have changed who is required to comply with BOI reporting.
This blog explains the current BOI reporting requirements, recent rule changes, and what businesses should know going forward.
Beneficial ownership information reporting requires companies to disclose details of individuals who own or control the business. This includes people who exercise significant control or own a substantial interest in the company.
The goal of this reporting is to prevent misuse of companies for illegal activities like money laundering, tax evasion, and financial fraud. These requirements were introduced under the Corporate Transparency Act and are administered by FinCEN.
On March 21, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network announced an interim final rule that significantly changed BOI reporting obligations.
Under this update, all U.S. companies and U.S. persons are exempt from beneficial ownership information reporting to FinCEN. This exemption took effect immediately after publication of the rule in the Federal Register on March 26, 2025.
After the interim final rule, the definition of a “reporting company” was revised.
Currently, only foreign entities are considered reporting companies if they:
These foreign entities must comply with the updated BOI reporting requirements.
FinCEN has applied new deadlines immediately under the interim rule.
|
Registration timing |
BOI filing deadline |
|
Registered before March 26, 2025 |
Within 30 days from March 26, 2025 |
|
Registered on or after March 26, 2025 |
Within 30 calendar days of registration approval |
Foreign reporting companies are not required to report U.S. persons as beneficial owners, and U.S. persons are not required to submit BOI for such entities.
For the most accurate and up-to-date information on BOI reporting obligations, FinCEN directs businesses to its official website: https://www.fincen.gov/boi
This page includes guidance, FAQs, and future updates related to beneficial ownership information reporting.
Apart from federal rules, New York State has introduced the New York LLC Transparency Act. This law is similar to the original Corporate Transparency Act requirements.
Under this state law:
This is a state-level obligation and applies even though federal BOI reporting is currently paused for U.S. companies.
At Ebizfiling, we help businesses understand whether they fall under current BOI reporting rules. We review whether your company qualifies as a reporting company under FinCEN’s interim rule or under state laws like the New York LLC Transparency Act.
We guide you on deadlines, exemptions, and documentation so you stay compliant without confusion. Get in touch with us if you have questions about foreign company BOI reporting or upcoming state-level requirements.
Beneficial ownership information reporting rules have changed significantly after FinCEN’s March 2025 update. While U.S. companies are currently exempt under federal law, certain foreign entities still have reporting obligations, and state laws like New York’s will introduce new requirements soon.
Staying informed and reviewing your compliance status regularly is essential to avoid future issues.
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Beneficial ownership information (BOI) reporting requires certain companies to disclose details of individuals who own or control the business. This helps authorities identify the real people behind companies and prevent misuse of corporate structures.
No. After FinCEN’s March 2025 interim rule, U.S. companies and U.S. persons are currently exempt from federal BOI reporting. Only specific foreign entities registered in the U.S. may need to file.
FinCEN revised the definition of a reporting company and removed BOI reporting obligations for U.S.-formed companies. This change took effect immediately after publication in the Federal Register.
Foreign companies formed outside the U.S. that register to do business in a U.S. state and do not qualify for an exemption must file BOI reports under the updated rules.
No. Under the interim final rule, foreign reporting companies are not required to report U.S. persons as beneficial owners, and U.S. persons do not need to submit BOI.
Foreign entities registered before March 26, 2025 must file within 30 days from that date. Entities registered after March 26, 2025 must file within 30 calendar days of registration approval.
FinCEN publishes all official BOI updates, guidance, and FAQs on its website.
No. BOI reporting is currently paused at the federal level for U.S. companies, but FinCEN may revise the rules again. Businesses should continue monitoring updates.
New York has introduced a separate state law that will require LLCs formed or registered in New York to file beneficial ownership details starting January 1, 2026.
EbizFiling helps businesses understand whether BOI reporting applies under federal or state law. We review your entity type, registration status, and deadlines, and guide you on the next steps to stay compliant.
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