Beginning in 2024, many companies in the United States will have to file reports about their beneficial owners with the Financial Crimes Enforcement Network of the US Treasury (FinCEN) in order to comply with the Beneficial Ownership Information Reporting Rule (BOI Rule), promulgated pursuant to the Corporate Transparency Act of 2021. Exemptions from the reporting requirement are described here in English, and here in eleven other languages. FinCEN has published Frequently Asked Questions to answer basic questions about the BOI Rule.
On November 7, 2023, FinCEN issued a final rule that provides guidance on the use of an entity’s FinCEN identifier instead of information about the entity’s individual beneficial owners. This option allows companies to simplify the reporting process by enabling direct reporting by intermediaries in certain circumstances.
Companies created before January 1, 2024 will have one year to report. Companies created subsequent to January 1, 2024 must report within thirty days, and provide updates within thirty days of their occurrence. Reporting will be done electronically through FinCEN’s website, but cannot be done prior to January 1, 2024.