Beneficial Ownership Information Report
A Beneficial Ownership Information (BOI) report is a business filing required by the Corporate Transparency Act (CTA). As of March 26, 2025, the BOI is required for non-US companies formed outside the US and registered to do business in the US as a foreign entity. These businesses must report ownership information (such as names, addresses, tax ID and photo ID) to the Financial Crimes Enforcement Network (FinCEN).
The deadline for existing non-US foreign businesses to file the BOI Report is April 25, 2025. Businesses formed after March 26th, 2025 have 30 days from their US registration date to file their reports. FinCEN will be collecting fines on non-US based reporting companies that may reflect their previous penalties of $591 per day up to $10,000 for failure to file.
In this guide, we’ll go over everything you need to know to file your BOI report correctly and on time.
The Texan Guide to Filing A BOI Report
Filing the report itself isn’t difficult, but knowing what to include can be. Here’s what you’ll need to do:
1.
Gather Company Information
You’ll need to provide the following pieces of information for your company, as well as your company’s beneficial owner(s) and company applicant(s).
| Beneficial Owner / Company Applicant | Company Information |
|---|---|
| Full legal name | Full legal name (including any DBA names) |
| Residential address | Principal address |
| Date of birth | Jurisdiction of formation |
| Valid photo ID | Tax ID (EIN, SSN, or ITIN) |
What is a beneficial owner?
A beneficial owner is anyone who has financial control (at least 25%) or significant influence over how your company is run. For corporations this might include directors and board members, and for LLCs this might include members and/or managers.
What is a company applicant?
This is the person responsible for forming your company, whether they filed formation papers themselves or directed someone else to do it. If this is the same person, you can include information for one company applicant. But if these are different people, you must provide information for two company applicants.
2.
Visit the FinCEN website
Your BOI report must be filed online with the Financial Crimes Enforcement Network.
FinCEN: Beneficial Ownership Information Reporting
Will the information in my BOI report be public online?
No. The information you provide will NOT be released to the public.
3.
Complete the Filing
After your BOI report is filed, you’ll receive a confirmation of receipt via email.
When is my BOI report due?
The due date for your BOI report depends on when your company was formed:
- Before March 26, 2025: You have until April 25, 2025.
- After March 26, 2025: You have 30 days.
The BOI Report requirement is currently under review by both FinCEN and Congress. FinCEN will not be collecting any fines or penalties while the BOI Report is still under review. We will continue to update as new developments occur. (Last updated 3/28/2025)
FAQ: BOI Report for Texas Companies
The Corporate Transparency Act was passed in 2021 in order to crackdown on financial crimes. As part of the CTA, the federal government—through an agency called FinCEN—collects ownership information for the vast majority of companies registered at the state level. This is meant to make it more difficult for bad actors to conceal illicit business practices.
US citizens and businesses originally formed in the US or its territories do not need to file a BOI Report. However, businesses formed in other countries and then registered to do business in the US are required to file if their beneficial owners are non-US citizens. US citizens who are beneficial owners of international companies do not need to file.
There are 23 types of entities that are exempt from filing a BOI report (see BOI Small Entity Compliance Guide, p. 4). However, in order to be categorized as exempt, a company must already have transparent filing practices. This means exempt entities are probably in a highly regulated industry (like finance), or are publicly traded corporations that already report ownership information.
Other exceptions include:
- Domestic companies (even if started by non-US citizens)
- US citizens
- Companies originally formed in the US
- Foreign investment pools owned entirely by US citizens
No, this is a one-time filing. However, if any of the information you included in your report changes, you’ll have to file an updated BOI report within 30 days of when that change was made. For example, you’ll probably have to file an updated BOI report if your LLC gains a new member, your corporation changes its principal address, or someone with at least 25% ownership interest in your company changes their legal name. These changes can be made online through FinCEN.