The Corporate Transparency Act requires US corporations, limited liability companies, limited partnerships, and other similar entities to file an information report with FinCEN. Companies formed outside the US must also file this report if they have registered to do business in the US.
The rules implementing the Corporate Transparency Act require businesses to file a report that identities their beneficial owners and to keep that information up-to-date. Although FinCEN has announced its Beneficial Owner Information (BOI) reporting portal, it has not been launched yet.
The reporting requirements go into effect on January 1, 2024.
- US companies formed after January 1 must report beneficial ownership information within 30 days of formation.
- Existing US companies have until January 1, 2025 to report.
Changes must be updated with FinCEN within 30 days.