FinCEN: Small Businesses Report Beneficial Ownership Compliance Guide

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Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. 

Foreign companies that register in U.S. states after Jan. 1 may need to report beneficial ownership information to comply with the Corporate Transparency Act.

Starting in 2024, many entities created in, or registered to do business in, the United States will be required to report to FinCEN information about their beneficial owners—the individuals who ultimately own or control a company. 

The Guide is intended to help businesses learn about and comply with the new reporting requirements.  FinCEN is also issuing revised and new FAQs about the BOI reporting requirements that incorporate content from the Guide.  Additional translated versions of the Guide and the FAQs will be posted to FinCEN’s website soon.

News Release: https://www.fincen.gov/news/news-releases/fincen-issues-compliance-guide-help-small-businesses-report-beneficial-ownership

Small Entity Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf

FAQs: https://www.fincen.gov/boi-faqs

FinCEN’s BOI Webpage: https://www.fincen.gov/boi