Benefit Ownership information Report (BOIR)

Everything you need to know about reporting your Benefit Ownership information report accurately

New Federal Reporting Requirement for
Beneficial Ownership Information (BOIR)

Effective January 1, 2024, many companies in the United States must report
information about their beneficial owners—the individuals who ultimately
own or control the company—to the Financial Crimes Enforcement Network
(FinCEN), a bureau of the U.S. Department of the Treasury.
Beneficial ownership information

Reporting is not an annual requirement, unless a company needs to update
or correct information, a report only needs to be submitted once then you will want to report straightway!

Who Has to Report?
Companies required to report are called reporting companies. Reporting
companies may have to obtain information from their beneficial owners and
report that information to FinCEN.

Certainly, your company may need to report information about its beneficial
owners if it is:

1. a corporation, a limited liability company (LLC), or was
   otherwise created in the United States by filing a document
   with a secretary of state or any similar office under the law of a
   state or Indian tribe; or
2. a foreign company and was registered to do business in any U.S.
   state or Indian tribe by such a filing

Who Does Not Have to Report?
Twenty-three types of entities are exempt from beneficial ownership
information reporting requirements, including publicly traded companies,
nonprofits, and certain large operating companies.

How Do I Report?

Reporting companies report beneficial ownership information electronically
through FinCEN’s website: www.fincen.gov/boi.

Though, if you feel like you need assistance KARME is always available to assist you with filing your report accurately. Member of KARME have the convivence of having everything you need to file the report right in their secure member folder.

When Do I Report?
FinCEN began accepting reports on January 1, 2024.

• Companies created or registered prior to January 1, 2024, then
  you will have until January 1, 2025 to report BOI.
• Companies created or registered in 2024, you must report
  BOI within 90 calendar days after receiving actual or public notice
  that your company’s creation or registration is effective.
• Companies created or registered on or after January 1, 2025,
  you must file BOI within 30 calendar days after receiving actual or
  public notice that its creation or registration is effective.
• Altogether, updates or corrections to beneficial ownership information that
  you previously filed with FinCEN must be submitted no later than 30 days