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BOI Filing Services

Streamline your Board of Investment (BOI) filing process with our expert assistance, ensuring compliance and ease every step of the way.

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How to file your BOI with FinCen

BOI Filing Services

The Corporate Transparency Act (CTA), effective January 1, 2024, mandates that certain U.S. business entities report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

We can help you file your BOI and be in compliance. 

  • What is the BOI Filing?

The Beneficial Owner Information (BOI) Report is a new filing requirement mandated under the Corporate Transparency Act (CTA). It requires small business owners and entities to disclose their ownership information to the Financial Crimes Enforcement Network (FinCEN).

  • Why is BOI Filing Important?
  • Mandatory Filing: All U.S. small businesses, LLCs, and corporations must comply.
  • Deadline: File by January 1, 2025, to avoid penalties.
  • Avoid Severe Penalties: Late or incorrect filings can lead to fines of up to $500 per day and potential criminal charges.
  • Who Must File?
  • Own a corporation, LLC, or similar entity formed in the U.S.
  • Are a foreign entity registered to do business in the U.S.
  • Have 25% or more ownership or significant control of a business.
  • Who is Exempt?

Some entities are exempt, including:

    • Publicly traded companies
    • Banks and credit unions
    • Large companies with over 20 full-time employees, $5 million in revenue, and a physical office in the U.S.
    • Certain other regulated entities
  • What are the failure to file penalties?

  1. Civil Penalties:

    • A fine of up to $590 per day for each day the violation continues.
    • This includes failing to file, filing incomplete or inaccurate information, or not updating the information as required.

  2. Criminal Penalties:

    • Willful failure to file, providing false information, or knowingly omitting required information can result in:
      • Up to $10,000 in fines, and/or
      • Up to 2 years in prison.
  • How often to file your BOI?

  • Existing Entities (formed before January 1, 2024):

    • File by January 1, 2025.

  • New Entities (formed on or after January 1, 2024):

    • File within 30 days of formation or registration.
  • Update When Necessary: File an updated report within 30 days of any changes to ownership or control.
  • Examples of Changes Requiring an Update
  • A change in beneficial ownership (e.g., a new owner acquiring 25% or more ownership).
  • A change in an individual’s control over the entity.
  • Updates to beneficial owner information, such as:
    • Name
    • Address
    • Identification document details
    • Changes in the company structure or management.
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