Beneficial Ownership Information (BOI) Reporting – Summary and Filing Checklist

Authority: U.S. Department of the Treasury – Financial Crimes Enforcement Network (FinCEN)
Law: Corporate Transparency Act (CTA)
Effective: January 1, 2024 (with amendments published March 21, 2025)

What is BOI reporting

Beneficial Ownership Information (BOI) reporting is a requirement under the Corporate Transparency Act (CTA).
It obligates certain companies to disclose information about individuals who own or control them—known as beneficial owners—to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

The goal is to increase corporate transparency and help prevent financial crimes such as money laundering, tax evasion, and terrorism financing.
All reported data is non-public and stored in a secure FinCEN database accessible only to authorized agencies and financial institutions performing due diligence.

How to file a BOI report

There is no paper form for BOI reporting. All filings must be completed online through FinCEN’s official portal:

https://boiefiling.fincen.gov

Companies can fill out the form online or upload a pre-filled PDF provided by FinCEN. There is no filing fee.
Once submitted, the filer receives a confirmation receipt with a reference number, which should be kept as proof of compliance.

When a BOI report must be filed

Initial BOI report
Filed once, when a company is created or registered to do business in the United States.
New entities formed on or after January 1, 2024 must file within 30 days of registration.
Foreign entities registered before March 26, 2025 must file by April 25, 2025.

Updated BOI report
Required when any previously reported information changes, such as a new owner or address.
The deadline is 30 days from the date the change occurs.

Corrected BOI report
Required when an error or omission is discovered in a prior report.
The corrected version must be filed within 30 days of discovering the issue.

There are no annual or recurring BOI reports.
Once filed, updates are needed only when information changes.
(Source: FinCEN BOI FAQs, Sections M.1–M.3)

Which companies must report

Under FinCEN’s interim final rule of March 21, 2025, U.S.-formed entities such as corporations and LLCs are exempt from BOI reporting.
Foreign-formed entities registered to operate in the U.S. must still report unless they qualify for a listed exemption.

(Reference: FinCEN News Release, March 21, 2025)

Information required in a BOI report

Company details: legal name, DBA names, principal U.S. business address, jurisdiction of formation, and tax ID (TIN or foreign equivalent).

Beneficial owner details: full legal name, date of birth, residential address, ID number and issuing jurisdiction, and a digital copy of the ID document.

Company applicant details: required only for entities created or registered on or after January 1, 2024. Includes the name of the individual who filed or directed the company formation documents.

All BOI filings are made electronically through:
https://boiefiling.fincen.gov

BOI compliance checklist

• Determine whether the company qualifies as a reporting company or is exempt.
• Gather and verify all required information before filing.
• Submit the initial report through FinCEN’s BOI portal within 30 days of formation or registration.
• Keep the FinCEN confirmation receipt and maintain internal records.
• Submit updated or corrected reports within 30 days of any change or discovery of error.
• Document any exemption status and retain ownership information for future compliance reviews.

Official FinCEN sources

FinCEN – Beneficial Ownership Information Reporting Rule
https://www.fincen.gov/boi

FinCEN – BOI Reporting FAQs (Sections M.1–M.3)
https://www.fincen.gov/boi/beneficial-ownership-information-frequently-asked-questions

FinCEN – BOI Filing Portal
https://boiefiling.fincen.gov

FinCEN News Release – March 21, 2025 (Interim Final Rule)
https://www.fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us