Author Ownership Information Details: A Comprehensive Guide
Foreign entities registered to do business in the United States have until April 25, 2025, to comply with the Beneficial Ownership Information (BOI) reporting requirement. This deadline applies only to foreign entities and not to U.S.-based companies, which were exempted from the BOI reporting starting March 26, 2025 [1][2].
If a foreign entity became a reporting company prior to March 26, 2025, the initial BOI report was due no later than April 25, 2025 [1][2][5]. For those that became reporting companies on or after March 26, 2025, the initial report is due within 30 calendar days after being notified that their registration is effective [1].
BOI reports must be filed directly through the FinCEN BOI website and cannot be filed through tax preparation software like Drake Tax [1]. The report consists of 4 pages and 51 questions, with the last question requesting an identifying document. No attorney or certified accountant is necessary to file a BOI report [1].
Foreign entities can sign up for FinCEN updates via email or text to track changes [1]. For more detailed information, foreign entities are encouraged to refer to FinCEN's FAQ section to confirm their specific situation regarding BOI reporting [1].
It's essential to note that violating BOI reporting requirements could result in up to two years of federal prison and a $10,000 fine. The Corporate Transparency Act, passed on January 1, 2021, made beneficial ownership information reporting a requirement by law [1].
To help foreign entities navigate the BOI reporting process, a 5-minute video is available to guide them through the process step by step [1]. The report is free of charge, and there is no filing fee for BOI reports [1].
Ignoring the BOI reporting rules could lead to penalties of $500 per day (currently $591) [1]. Therefore, it is crucial for foreign entities registered to do business in the United States to comply with the BOI reporting deadline of April 25, 2025 [1].
[1] https://www.fincen.gov/boi-faqs#foreign-entities-must-file-boi-reports
A foreign entity that becomes a reporting company prior to March 26, 2025, needs to submit their initial BOI report by April 25, 2025. For those foreign entities that become reporting companies on or after March 26, 2025, the initial report is due within 30 calendar days after being notified that their registration is effective. These reports must be filed directly through the FinCEN BOI website and do not require an attorney or certified accountant.
