The Corporate Transparency Act has changed how ownership details are reported in the United States. Businesses must now understand when BOI filing applies and how to file it safely and correctly.
At Ebizfiling, we guide companies through secure and compliant BOI filing under the Corporate Transparency Act. This guide explains the filing process, exemptions, risks, and how to avoid common mistakes.
The Corporate Transparency Act is a US federal law introduced to prevent the misuse of companies for illegal activities. It requires certain entities to report their beneficial ownership details to the Financial Crimes Enforcement Network.
As clarified in FinCEN guidance, this data helps authorities track money laundering and fraud, while remaining confidential and not part of public records.
BOI filing refers to the process of submitting Beneficial Ownership Information to FinCEN. It includes details of individuals who own or control a company and must be filed only through the official FinCEN BOI E-Filing System.
BOI Filing Applicability Snapshot
|
Entity Type |
BOI Filing Required |
|
US domestic companies |
Mostly exempt |
|
Foreign companies in US |
Yes |
|
Banks and listed firms |
Exempt |
|
Regulated entities |
Exempt |
BOI filing includes sensitive personal data. Incorrect or insecure filing can expose owners to identity misuse. FinCEN confirms that only its portal provides government-level data protection.
This is why Ebizfiling always stresses official and secure filing routes.
Filing BOI is a structured process. Each step needs accuracy and verification.
BOI Filing Steps:
As per FinCEN instructions, there is no filing fee involved.
Beneficial owners are individuals with control or ownership. This includes decision makers even without equity. As explained by FinCEN, ownership alone does not define control.
Our team helps determine reportable individuals accurately.
FinCEN has clearly warned businesses about phishing and fake BOI filing requests. No email, call, or message will ever ask for payment to complete BOI filing. Any communication demanding fees or threatening penalties upfront is fraudulent and should be ignored.
Ebizfiling always advises clients to rely only on official FinCEN sources. Simultaneously, entities that are required to file must comply correctly. FinCEN can impose civil and criminal penalties for willful non filing or false reporting. These penalties apply only to companies covered under the Corporate Transparency Act.
This is why verifying exemption status before filing is an important compliance step.
The Corporate Transparency Act has reshaped ownership reporting rules. While many US companies are exempt, foreign entities still face BOI filing obligations. Secure BOI filing through the official FinCEN portal is essential.
Ebizfiling helps businesses stay compliant under the Corporate Transparency Act with confidence. Please get in touch with us. We would be happy to assist you.
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Understanding FinCEN BOI Corporate Transparency Act
The Corporate Transparency Act aims to increase transparency in company ownership. It helps authorities prevent misuse of corporate structures for illegal activities.
No. As of March 2025, most US domestic companies are exempt. Foreign companies operating in the US usually still need BOI filing.
BOI filing must be done only through the official FinCEN BOI E-Filing System. No other platform is authorized.
No. FinCEN does not charge any fee for BOI filing. Any request for payment is a scam.
Details include full name, date of birth, residential address, and a valid government-issued ID number.
Yes. Incorrect or false BOI filing can lead to penalties for entities that are required to report under the Corporate Transparency Act.
Yes. FinCEN may require uploading images of identity documents for verification purposes.
Ebizfiling checks applicability, verifies exemptions, reviews ownership data, and guides secure filing through FinCEN.
No. BOI data submitted to FinCEN is confidential and not available in public records.
Yes. Exemption rules can change, and professional review helps avoid unnecessary or incorrect filings.
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