What Is Beneficial Ownership Information Reporting?

Update (October 2026): Under FinCEN's interim final rule of March 26, 2025, made permanent by a final rule published and effective August 14, 2026, companies created in the United States and U.S. persons no longer have to report beneficial ownership information. Only certain foreign companies registered to do business in a U.S. state must still report, and they do not report U.S. persons or U.S. company applicants.

Beneficial ownership information (BOI) reporting is the filing required by the Corporate Transparency Act (CTA). It tells the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury, who owns and controls a company. The purpose is to make it harder to use companies to hide money laundering and other financial crimes.

Today, only foreign reporting companies must file. A company created in the United States, including a Florida LLC, does not file. For foreign companies that do file, the report includes this information for each foreign beneficial owner:

• Full Legal Name

• Date of Birth

• Residential Address

• Identification Number: From a passport or similar official document, with an image of that document.

Foreign reporting companies do not report U.S. persons as beneficial owners. If you are unsure whether your company is affected, a business attorney can review its formation and registration.

Sources: https://www.fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us , https://www.fincen.gov/news/news-releases/fincen-permanently-ends-beneficial-ownership-reporting-requirements-millions , https://www.fincen.gov/boi , https://www.fincen.gov/boi-faqs