FinCEN BOIR presentation A reporting company registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report. A reporting company registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

FinCEN BOIR presentation An individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is considered to be exercising substantial control:

The individual is a senior officer (I.e president, CEO, CFO, COO, or any other officer who performs a similar function).

The individual has authority to appoint or remove certain officers or a majority of directors of the reporting company.

The individual is an important decision-maker for the reporting company.

The individual has other forms of substantial control.

FinCEN BOIR presentation There is no limit to the number of individuals who can be reported for exercising substantial control. Important decisions include decisions about a reporting company’s business, finances, and structure. Important decision making is not the only factor in determining BOI. Ownership Interests is another key determining factor.

FinCEN BOIR presentation Ownership interest is generally an arrangement that establishes ownership rights in the reporting company. Examples of ownership interests include shares of equity, stock, voting rights, or any other mechanism used to establish ownership. Reporting companies are required to identify all individuals who own or control at least 25% of the ownership interests of the company. Some companies may also be required to report their company applicants.

FinCEN BOIR presentation For each individual who is a beneficial owner and company applicant, a reporting company will have to provide:

The individual’s name
Date of birth
Residential address

FinCEN BOIR presentation They will also need to provide an identifying number from an acceptable form of identification:

A non-expired U.S. driver’s license
A non-expired identification document issued by a U.S. state or local government, or Indian Tribe
A non-expired passport issued by the U.S. government
A non-expired passport issued by a foreign government

FinCEN BOIR presentation Accountants and lawyers generally do not qualify as beneficial owners, but that may depend on the work being performed. The unaffiliated company itself cannot be a beneficial owner of the reporting company because a beneficial owner must be an individual. Any individuals that exercise substantial control over the reporting company through the unaffiliated company must be reported as beneficial owners of the reporting company.

FinCEN BOIR presentation An accountant or lawyer could be a company applicant, depending on their role in filing the document that creates or registers a reporting company. An accountant or lawyer may be a company applicant if they directly filed the document that created or registered the reporting company.