April 7, 2025
Overview:
- Any entity formed in a foreign country that is registered to do business in the US needs to file their Beneficial Ownership Information (BOI) report. Any owners of the entity who are not US persons will need to report as beneficial owners.
- Please send any questions to our team at [email protected]
Regulation changes:
On March 2, 2025, the U.S. Treasury announced it would not enforce penalties or fines related to Beneficial Ownership Information (BOI) reporting rules for U.S. citizens, domestic reporting companies, and their beneficial owners under current and forthcoming rule changes.
On March 26, 2025, FinCEN issued an interim final rule redefining “reporting company” to include only foreign entities registered to do business in the US. All domestic entities and US persons are now exempt from BOI reporting requirements
Details:
As of now, only “reporting companies” and their non-US persons beneficial owners are required to report Beneficial Ownership Information (BOI).
Updated Reporting Companies:
- Entities formed under foreign laws and registered to do business in U.S. jurisdictions
- Foreign companies required to report no longer need to include BOI for US. persons who are beneficial owners
- Domestic entities and US citizens/residents are explicitly exempt from BOI reporting requirements.
Revised deadlines for reporting companies:
- Entities registered before March 26, 2025, must file BOI reports by April 25, 2025
- Entities registered on or after March 26, 2025, have 30 days from registration to file
