What is the BOIR / Corporate Transparency Act?

US law requiring most companies to disclose beneficial owners (25%+ owners or substantial controllers) to FinCEN. Effective January 2024. Designed to combat money laundering.

What's the penalty for missing BOIR?

Civil: $500 per day late, up to $10,000. Criminal: up to $10,000 fine and 2 years prison for wilful violation. Take this seriously.

Do foreign-owned LLCs file BOIR?

Yes — any US-formed entity (regardless of owner nationality) files BOIR unless exempted. Foreign owners' information goes into the filing.

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How-to guide

How to File BOIR Beneficial Ownership Report

Step-by-step guide to filing the Beneficial Ownership Information Report (BOIR) under the US Corporate Transparency Act (CTA). Mandatory for most US companies. $500/day penalty for non-compliance.

Steps

The process.

How to file boir beneficial ownership report.

Step 01 / 08

Determine if BOIR applies

Required for most US corporations and LLCs (small businesses). Exemptions: large operating companies (20+ US employees + $5M revenue), regulated entities, public companies.

Step 02 / 08

Identify beneficial owners

Individuals who (a) own ≥25% of company OR (b) exercise substantial control. List all such individuals.

Step 03 / 08

Gather information

For each beneficial owner: full legal name, date of birth, current residential address, ID document (passport or driving licence) with photo.

Step 04 / 08

Identify company applicants

For entities formed after 1 Jan 2024: the person who filed (or directed the filing of) the formation documents.

Step 05 / 08

Create FinCEN BOI E-Filing account

Visit boiefiling.fincen.gov. Create login.

Step 06 / 08

Fill out BOIR form

Online form. Upload ID documents (PDF/JPG, < 4MB each).

Step 07 / 08

Submit and save confirmation

Submission generates a BOIR ID and PDF confirmation. Save securely.

Step 08 / 08

Update within 30 days of changes

Any change in beneficial owner info (address, name, ID) must be updated within 30 days. Repeat filing.

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