Reporting of Beneficial Ownership Information to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN)
FinCEN UPDATE: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so. For more information and details, please visit FinCEN's webpage FinCEN.gov/BOI.
As the officials who oversee the 50-state incorporation process in the U.S., Secretaries of State are dedicated to assisting federal law enforcement in cracking down against criminals who attempt to hide behind front companies and shell entities.
State business entity formation processes are ministerial in nature. Additionally, entity information filed with the state business registry is public information.
- As of January 1, 2024, certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN. Additional information about the reporting requirements, including answers to questions such as “is my company required to report beneficial ownership information to FinCEN,” “who is a beneficial owner,” and “when do I need to report my company’s beneficial ownership information" is available on FinCEN’s beneficial ownership information webpage, FinCEN.gov/BOI.
- You can subscribe to FinCEN Updates for future guidance and news.
- On January 1, 2021, the FY 2021 National Defense Authorization Act became Public Law 116-283. The law requires certain corporations and LLCs to report beneficial ownership information to the U.S. Department of the Treasury.
