If you have an LLC or are in the process of creating one, complying with current regulations can be a challenge, especially when there are mandatory reports and little clarity on how to file them.
In this sense, the BOI (Beneficial Ownership Information) report is essential to keep your business in compliance and avoid sanctions, but what does it really entail and who should present it?
Next, we explain step by step what is necessary for you to comply with these regulations without wasting time or risking fines.
What is the FinCen BOI report?
The FinCEN BOI report (Beneficial Ownership Information) is a mandatory declaration that companies must submit to the Financial Crimes Enforcement Network (FinCEN), the authority of the United States Department of the Treasury in charge of combating fraud and money laundering.
This report aims to identify the beneficial owners of a company, that is, the people who own or control a business entity in the US.
In force since the Corporate Transparency Act (CTA) of 2021, this regulation requires reporting on the ownership of LLCs and other similar entities, to reduce the use of companies with opaque structures in illicit activities.
Who can consult the information in my report?
For your peace of mind, you should know that the information in the BOI report is not public; Its access is limited to authorized entities to prevent the abuse of sensitive data. FinCEN shares this report only with US government agencies and financial institutions that must comply with strict confidentiality standards.
For example:
US government agencies such as the IRS (Internal Revenue Service) and the FBI.
Local and state authorities.
Financial institutions for audits and verification of business ownership.
Esta medida asegura que la información de propiedad de una LLC solo esté disponible cuando sea necesario para investigaciones sobre fraude, lavado de dinero u otros delitos financieros.
Argentina: ¿La AFIP tendrá acceso a mi reporte BOI?
Para que entidades extranjeras como la AFIP en Argentina accedan a la información del reporte BOI, deben enviar solicitudes mediante intermediarios federales de EE.UU., ya que no They have direct access to the FinCEN database.
This access under a current agreement, such as the Foreign Account Tax Compliance Act (FATCA), which facilitates the exchange of financial information between countries. If there is no agreement, FinCEN evaluates the appropriateness of providing the data based on US interests.
However, this is usually requested if there are suspicions of tax evasion or other financial crimes. If you properly report your LLC's income, you don't have to worry!
Who must file the BOI?
The BOI report is mandatory forall business entities in the United States such as:
LLC.
Some foreign companies that operate in the country.
Associations and trusts.
*As long as they meet the criteria of ownership and significant control.
This requirement applies especially to companies with an ownership structure that includes beneficiaries who own at least a 25% stake or have relevant control over the entity's decisions.
Filing the BOI allows FinCEN to monitor ownership to reduce the risk of illicit activities and ensure that corporate transparency is in line with US regulations.
When should the BOI be filed?
The BOI report must be submitted within the deadlines established by FinCEN, which typically depend on when the entity in question was formed or registered. New companies generally must comply with this requirement within 30 days of their formation or registration in the US, while existing entities have a longer period to adapt to this regulation.
The purpose of these deadlines is to allow both new and established companies to update and file ownership information in a timely manner, contributing to greater transparency in the US financial system.
And, be careful, complying within the established deadlines avoids sanctions and keeps companies in compliance with the Corporate Transparency Act (CTA) of 2021.
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What information does the BOI include?
The BOI report must include detailed information about the beneficial owners of the company, that is, the people who own or control a significant part of it. Essential data to report includes:
Full name of each beneficiary.
Date of birth.
Current address.
Valid identification number, such as a passport or driver's license.
The data may vary depending on the jurisdiction where the company is registered, although, in general, these are the main data they request.
Submit your BOI report with Business in the USA
As you see, the BOI report is a fundamental step to keep your LLC in compliance with US regulations and ensure transparency in the ownership of your company. With the right guidance, the process can be simple and effective, allowing you to focus on growing your business without worrying about paperwork and ensuring that it complies with all transparency regulations, thus avoiding legal risks.
Are you interested in creating your LLC in a secure and simplified way? Request more information and discover how we can help you every step of the process.
Written by
Ignacio Navarro
Ignacio Navarro is a Certified Public Accountant, graduated in 2020 from the National University of Tucumán. Founder of Start Companies since 2023, he advises clients worldwide on forming LLCs in the United States and on proper tax filing. His expertise combines legal, tax, and practical knowledge, offering a comprehensive service that spans from company formation to bank account setup and sales platform integration.
