Companies created or registered before January 1, 2024, will have until January 1, 2025 to file its initial BOI report.

Companies created or registered on or between January 1, 2024 and December 31, 2024, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.

Companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports.

Companies which have changed any required information about the company or its beneficial owners in a BOI report that was previously filed must file an updated BOI report no later than 30 calendar days after the change.

What is a BIO (Beneficial Ownership Information) Report?

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. In 2021, Congress passed a law requiring businesses to report beneficial ownership information as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. This reporting is required under the Corporate Transparency Act (CTA) for most businesses. To see if you qualify for an exception, you may click here. For more frequently asked questions and recently updates about BOI Reports, you may visit the Financial Crimes Enforcement Network page by clicking here.

About BIO Report: ​​

  • Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
  • In 2021, Congress passed a law (Corporate Transparency Act or CTA) requiring businesses to report beneficial ownership information.

Deadlines

  • Businesses are required by law to file a BOI report by the appropriate deadlines.
  • Companies created or registered before January 1, 2024, will have until January 1, 2025 to file its initial BOI report.
  • Companies created or registered on or between January 1, 2024 and December 31, 2024, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.
  • Companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports.
  • CHANGES: If there is any change to the required information about the company or its beneficial owners in a BOI report that was filed, the company must file an updated BOI report no later than 30 calendar days after the change. (this sentence should be highlighted in yellow, Jira does not allow us to highlight)

Penalties: ​​

  • According to the Corporate Transparency Act (CTA), nonexempt companies that fail to file their Beneficial Ownership Information (BOI) reports on time may face civil and criminal penalties.
  • Civil penalties, as of April 22, 2024, for each day of violation is $591, adjusted annually for inflation.
  • For willful violations, the maximum civil penalty is $10,000.
  • Criminal penalties may include imprisonment for up to two years and/or a fine of up to $10,000.

* This information is subject to change. To see the latest information you may visit the Financial Crimes Enforcement Network page by clicking here.