The Financial Crimes Enforcement Network (FinCEN) issued a notice on March 21, 2025 that U.S.-based companies and Individuals are exempt from filing the Beneficial Ownership Information (BOI) report.
In an interim final rule, FinCEN ruled that all entities created in the United States and their beneficial owners are no longer required to file the Corporate Transparency Act BOI reports. In doing so, FinCEN revised the definition of “reporting company” to be an entity that was formed under the laws of a foreign country and has registered to do business in any US State or Tribal jurisdiction by filing the necessary documents to do so with a Secretary of State or a similar office. This change eliminated domestic entities from the reporting requirements.
Companies that fall under the new definition of “reporting company,” as discussed above, must follow certain deadlines:
- Existing companies registered to do business in the U.S. must file the BOI report by April 25, 2025
- Companies registered to do business in the U.S. on or after March 26, 2025 have 30 calendar days to file an initial BOI report after receiving notice from a secretary of state’s office that their registration is effective.
If you own a foreign reporting company that is registered to do business in the U.S. and you would like us to complete this filing for your business, please email Melissa at melissa@demolaw.com. If we do not complete the filing for you, you will need to do it yourself in accordance with these new regulations. If you would like to complete the filing on your own, you may do so here: BOI E-FILING
You can find more information on the attached FinCEN Notice: Interim Final Rule: Questions and Answers | FinCEN.gov
We will provide any additional updates regarding FinCEN as deemed necessary.
