What Information is Required in the Beneficial Ownership Information (BOI) Report?

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What Information is Required in the Beneficial Ownership Information (BOI) Report?
If you’re a reporting company, filing a Beneficial Ownership Information (BOI) report with FinCEN is a key regulatory requirement. The BOI report is designed to provide transparency and help combat illicit financial activities. But what exactly does a company need to include in this report? Let’s break down the essential information.
Key Information Required in a BOI Report.
⦁ Identifying Beneficial Owners:
The most critical part of the BOI report is identifying the company’s beneficial owners. A beneficial owner is any individual who:
⦁ Exercises substantial control over the company (e.g., senior officers or decision-makers).
⦁ Owns or controls at least 25% of the company’s ownership interests. Information needed for each beneficial owner includes:
⦁ Full name
⦁ Date of birth
⦁ Residential address
⦁ Unique identifying number (such as from a driver’s license or passport).

What Information is Required in the Beneficial Ownership Information (BOI) Report

⦁ In addition to the beneficial owners’ details, you’ll also need to provide essential company information. This includes:
⦁ Legal name of the company
⦁ Any trade names or DBAs
⦁ Company address
⦁ State or country of formation
⦁ Company’s Taxpayer Identification Number (TIN)
⦁ Company Applicants (if applicable):
For companies created or registered after January 1, 2024, you’ll also need to report the details of the company applicants. This refers to the individuals who file or assist in filing the formation documents. For each applicant, the following information must be provided:
⦁ Full name
⦁ Date of birth
⦁ Residential address
⦁ Unique identifying number (such as from a passport or driver’s license)
⦁ Filing and Submission:
All BOI reports must be filed electronically through FinCEN’s BOI E-Filing website. FinCEN has made the process user-friendly, and there is no fee for submitting your report.

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Why Is This Information Important?


Providing accurate and complete information about your company’s beneficial owners is crucial for complying with the Corporate Transparency Act. It helps FinCEN monitor and reduce illegal activities such as money laundering, terrorist financing, and fraud.

Submitting your BOI report is a legal obligation that all reporting companies must meet. Failing to provide this information on time could result in penalties, so make sure you gather all the necessary details and submit your report as required. By knowing what information to include, you can ensure that your company remains compliant and avoids potential fines or delays.

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