File your required Beneficial Ownership Information Report!
As of January 1, 2024, small business owners must file a new report as part of the federal Corporate Transparency Act (CTA). The BOI report is now available with BusinessRocket.
What is the BOI Report?
What is the BOI Report?
Beneficial Ownership Information Report required by FINCEN
The BOI report is the new Beneficial Ownership Information report being administered by the Federal government, specifically the Financial Crimes Enforcement Network (“FinCen”) . This report is required to be filed by all existing and newly registered companies in the United States. While certain organizations may qualify for exemptions from this reporting obligation, it is important to note that even exempt entities must initiate an initial filing to formally confirm with FinCen of their exempt status.
When is the BOI Report Due?
This report has different filing requirements based on when your company was established:
Companies established AFTER January 1st, 2024
Organizations established AFTER January 1st, 2024 will have 90 days to file the reportCompanies established Before December 31st, 2023
Organizations established BEFORE December 31st, 2023 will have until the end of 2024 to file this report, thus the deadline is December 31st, 2024.What are the FinCen Penalties for failure to file the BOI report?
According to FinCen, companies may incur penalties of up to $500 per day for non-compliance with the filing requirements of this report. Timely submission of the report is crucial to prevent ongoing financial penalties imposed by the government.
Why use BusinessRocket to file a BOI report?
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Ready to get started?
Take the first step to being federally compliant
File BOI in 4 Easy Steps!
Complete a quick form about your business activity.
Your Permit application is professionally prepared by our team.
We ensure the State department processes and issues the Permit.
You receive a digitized Permit in your email.
Complete a quick form about your business activity.
Your Permit application is professionally prepared by our team.
We ensure the State department processes and issues the Permit.
You receive a digitized Permit in your email.
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What information is required to file a BOI?
You will need to provide your full legal company name, idenfitication card or driver's license, business address and all beneficial owner's information.
Who is considered a beneficial owner?
A beneficial owner is anyone that owns 25% or more of the company or is a mangeing member or director of the company. Both U.S. and foreign individuals can qualify as beneficial owners if they meet these criteria.
What if my company has multiple beneficial owners?
All qualifying beneficial owners must be reported. If ownership changes, the BOI Report must be updated within 30 days to remain compliant.
Is the BOI Report public?
No. BOI filings are not publicly available. They are stored in a secure FinCEN database accessible only to authorized government agencies for law enforcement, national security, and financial regulatory purposes.