What specific information does my company need to report?
BOI reports require specific information about the company, its beneficial owners and its company applicants. The person submitting information to FinCEN must certify that it is true, correct and complete.
Below is the information that you are required to collect and report about the company, its beneficial owners and its company applicants:
Reporting company
- Full legal name
- Any trade names or “doing business as ” (DBA)
- Complete current U.S address of the principal place of business in the United States, or, if the principal place of business of the reporting company is not in the United States, the primary location in the United States where the company conducts its business.
- State, Tribal, or foreign jurisdiction of formation.
- For a foreign reporting company only, State or Tribal jurisdiction of first registration.
- Internal Revenue Service Individual Taxpayer Identification Number (ITIN), including an Employer Identification Number (EIN). If a foreign reporting company has not been issued a Taxpayer Identification Number (TIN), report a tax identification number issued by a foreign jurisdiction and the name of that jurisdiction.
Each beneficial owner and company applicant
- Full legal name
- Date of birth
- Complete current address: Report the individual ´s residential street address, except for company applicants who form or register a company in the course of their business, such as paralegals. For these individuals, report the business street address. The address is not required to be in the United States.
- Unique identification number and issuing jurisdiction from, and image of, one of the following non-expired documents: U.S. Passport, State Driver’s License, or identification document issued by a State, local government or tribe. If an individual doesn´t have any of the previous documents, foreign passport.
If an individual has obtained a FinCEN identifier and provided it to a reporting company, the reporting company may include that FinCEN identifier in its report instead of the required information about the individual.
A “FinCEN identifier” is a unique identification number that FinCEN will issue to an individual or reporting company upon request after the individual or reporting company provides certain information to FinCEN.
- An individual or reporting company is not required to obtain a FinCEN identifier.
- An individual or reporting company may only receive one FinCEN identifier.
- Your company may include FinCEN identifiers in its BOI report instead of certain required information about beneficial owners or company applicants.
Individuals may electronically apply for FinCEN identifiers. In the application, an individual must provide their name, date of birth, address, unique identifying number and issuing jurisdiction from an acceptable identification document, and an image of the identification document, the same four pieces of personal information and image reporting companies submit about beneficial owners and company applicants in BOI reports. After an individual submits an application, the individual will immediately receive a FinCEN identifier unique to that individual. Once the beneficial owner or company applicant has obtained a FinCEN identifier, reporting companies may report it in place of the otherwise required four pieces of personal information about the individual in BOI reports.
For reporting companies, they may request a FinCEN identifier when it submits a BOI report by checking a box on the reporting form.
When the information that an individual or reporting company reported to FinCEN to obtain a FinCEN identifier changes, or when the individual or reporting company discovers that reported information is inaccurate, the individual or reporting company must update or correct the reported information, as applicable.
The Reporting Rule includes four special reporting rules that may affect your company’s reporting obligations.
- Owned by exempt entity: You don´t need to report information about any beneficial owner whose ownership interests in a reporting company are held through one or more entities, all of which are themselves exempt from the reporting company definition. If this special rule applies, then you may report the names of all exempt entities instead of information about the individual who is a beneficial owner of your company through ownership interests in those exempt entities.
- Minor child: You don´t need to report information about a beneficial owner of the reporting company who is a minor child, provided you have reported the required information about the minor child´s parent or legal guardian. If this special rule applies, you may report the required information about the child’s parent or legal guardian instead of the child.
- Foreign pooled investment vehicle: You don´t need to report information about each beneficial owner and company applicant if your company was formed under the laws of a foreign country and would be a reporting company if not for the pooled investment vehicle exemption. If this special rule applies, you must report one individual who exercises substantial control over the company. You don´t need to report any company applicants. If more than one individuals exercise substantial control over the company, you must report information about the individual who has the greatest authority over the strategic management of the company.
- Company applicant reporting for existing companies: If the reporting company was created or registered before January 1, 2024, you don´t need to report any company applicant information for the reporting company. If this special rule applies, don´t report company applicant. Specify on the BOI report that the company was created or registered before January 1, 2024.