BOI Filing Explained (FinCEN Reporting Rules)
Under FinCEN's final rule effective August 14, 2026, all US-formed LLCs and corporations are permanently exempt from BOI reporting. Only foreign reporting companies must file. Learn which foreign reporting companies must file.
Key Takeaways
- What is BOI reporting
- Who must file today
- Who is permanently exempt
- Filing deadlines for foreign-formed entities
- Required information
What is BOI reporting
Beneficial Ownership Information (BOI) reporting is a federal rule under the Corporate Transparency Act, administered by FinCEN. Under FinCEN's final rule effective August 14, 2026, all US-formed LLCs and corporations are permanently exempt from BOI reporting. Only foreign reporting companies must file.
Under FinCEN's final rule effective August 14, 2026, all US-formed LLCs and corporations are permanently exempt from BOI reporting. Only foreign reporting companies must file.
Who must file today
- Foreign-formed companies that have registered to do business in a US state
- Such companies report only their non-US beneficial owners
Who is permanently exempt
- LLCs formed in the United States (Wyoming, Delaware, New Mexico, and all other states)
- Corporations formed in the United States, including C-Corps and S-Corps
- US-formed entities owned by non-US founders — the exemption follows where the entity was formed, not where the owners live
- The 23 pre-existing exemption categories (large operating companies, banks, securities issuers, registered investment advisers, insurance companies, tax-exempt entities, and others)
Filing deadlines for foreign-formed entities
| Situation | Deadline |
|---|---|
| Foreign reporting company registered in the US | Foreign reporting companies must file within 30 calendar days of US registration and report changes within 30 days. |
Required information
- Full legal name
- Date of birth
- Residential address
- Unique identifying number (passport, driver's license, or state ID)
- Image of the identifying document
Who is a beneficial owner
A beneficial owner is anyone who directly or indirectly: (1) exercises substantial control over the company, or (2) owns or controls at least 25% of the company's ownership interests.
Penalties for non-compliance
Civil penalties of up to $606 per day may apply to foreign reporting companies that fail to file or update, with possible criminal penalties for willful violations.
How to file (if required)
- Confirm you are in scope — the entity must be formed outside the US and registered in a US state
- Go to FinCEN's BOI E-Filing System (fincen.gov/boi)
- Create an account or file without an account
- Enter company information
- Enter beneficial owner information with ID documents
- Submit and save your confirmation
Frequently asked questions
I formed a Wyoming LLC as a non-resident. Do I need to file?
Under FinCEN's final rule effective August 14, 2026, all US-formed LLCs and corporations are permanently exempt from BOI reporting. Only foreign reporting companies must file.
Is my information public?
No. BOI information is stored in a secure, non-public database. Only authorized government agencies and financial institutions (with your consent) can access it.
Do I need to update my filing?
If your entity is a reporting company, yes — you must file an updated report within 30 days if any reported information changes (new address, ownership change, etc.).
Under FinCEN's final rule effective August 14, 2026, all US-formed LLCs and corporations are permanently exempt from BOI reporting. Only foreign reporting companies must file. Foreign reporting companies must file within 30 calendar days of US registration and report changes within 30 days.
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