GlossaryUS
What is a BOI report?
Beneficial Ownership Information report (FinCEN)
Short answer
A BOI report tells FinCEN, part of the US Treasury, who a company’s beneficial owners are. Under FinCEN’s final rule of August 2026, companies formed in the US are exempt; only companies formed abroad that register to do business in a US state report.
Explained
The requirement comes from the Corporate Transparency Act. With an interim final rule published in March 2025, FinCEN limited the definition of “reporting company” to entities formed under foreign law that register to do business in a US state, and exempted companies formed in the US. The final rule published in August 2026 made these exemptions permanent.
Foreign companies that still have to report file their initial report no later than 30 calendar days after receiving notice that their registration is effective, and do not report US-person beneficial owners. A company formed in Türkiye that registers in a US state may therefore be in scope; an LLC formed in the US is not.
Good to know
- Filing BOI directly with FinCEN is free; letters asking for payment may be scams.
- Correspondence referring to “Form 4022” or “Form 5102” does not come from FinCEN.
- Rules change; check FinCEN’s official page for the current position.
Official sources
Verified on:
This page is general information, not legal or tax advice. Rules change; check the official source for the latest position or talk to us.
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