Beneficial Ownership Information Report
The Beneficial Ownership Information (BOI) report, which is required by the Corporate Transparency Act, is basically a filing that asks companies who is really in charge and benefiting from the company. Its purpose is to identify the individuals who own or control at least 25% of the company, or have a big say in how things are run. The BOI report is meant to crack down on shady stuff like money laundering, tax dodging, and funding illegal activities by giving the Financial Crimes Enforcement Network (FinCEN) identifying details about businesses’ ownership.
To clear things up, we’ve collected the best federal resources in one spot and explained the most important topics to keep your Washington business compliant.
- When do businesses have to file the BOI report?
- Which businesses are affected by the BOI report?
- What to expect to include in your company’s BOI report.
- How to file your Beneficial Owner Information report.
When do businesses have to file the BOI report?
As of March 26th, 2025, most non-US LLCs/corporations are required to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN). The deadline for filing your BOI Report depends on when your business was registered.
The deadline for existing reporting companies (defined by FinCEN as non-US companies registered within the US) to file the BOI Report is April 25, 2025. New businesses will have 30 days from their US registration date to file. We’ll keep our pages up to date as court rulings play out, so you’re not left out of the know about this important business filing.
Which businesses are affected by the BOI report?
The BOI Report is a required filing for non-US companies formed outside the US and registered to do business in the US as a foreign entity.
There are a few exceptions:
- Companies originally formed within the United States or US tribal territory
- United States citizens who own foreign businesses registered outside the US
- Foreign business entities controlled entirely by United States citizens or permanent US residents
- Foreign pooled investment vehicles are no longer exempt and must report one individual that has the greatest authority
Here’s what to expect to include in your company’s BOI report:
| Company Information* | Beneficial Owner/Company Applicant Information |
|---|---|
| Legal company name | Full name |
| Any DBAs or trade names | Residential address |
| Jurisdiction of formation | Date of birth |
| Tax ID (EIN, SSN or ITIN) | Photo ID (such as a passport or driver’s license) must include full legal name, photo, the jurisdiction it was awarded, and a unique identifying number |
Beneficial Owners are anyone who makes any executive decisions for the company, such as a CEO or board members, and/or the individuals who own at least 25% of the company.
Company Applicants are those who file documents on behalf of the company, and/or those who direct filings to be completed.
How to File Your Beneficial Owner Information Report
Reporting companies file their Beneficial Owner Information reports directly to FinCEN on the secure FinCEN website. There is no filing fee to report, and all information is held secure by FinCEN and is not made available to the general public.