The BOIR Filing Process: A Complete Guide for Foreign Reporting Companies

• Company Information: Legal name, trade or DBA names, principal U.S. business address, foreign jurisdiction of formation, state or tribal jurisdiction of first U.S. registration, and IRS TIN (or foreign tax ID).
• Beneficial Owner Information: Full legal name, date of birth, residential address, and an identifying number from a non-expired U.S. passport, U.S. driver's license, U.S. State, local, or tribal ID, or a foreign passport if none of those is held, for each beneficial owner who is not a U.S. person.
• Verification Documents: An image of the identification document for each reported beneficial owner.

Beneficial owners who are U.S. citizens or lawful permanent residents are not reported. If every beneficial owner is a U.S. person, the report contains company information only. Certain foreign entities, such as banks, insurance companies, and subsidiaries of publicly traded companies, may qualify for one of the CTA's 23 exemptions. To understand the full definition and implications, visit our article on What is a Beneficial Owner? Understanding BOIR Filing and Requirements.

How to File a BOIR Report

Filing a BOIR report begins with gathering all the necessary information about beneficial owners. Here are the key steps:

1. Compile Owner Details: Identify every individual who owns or controls at least 25% of the company or exercises substantial control, then determine which of them are not U.S. persons. Collect legal name, date of birth, and residential address for each reportable owner.
2. Verify Documents: Each owner will need to provide proof of identity. A government-issued ID (such as a passport or driver’s license) is generally required.
3. Fill Out the BOIR Form: Complete the official BOI form submission document. Make sure all information is accurate and matches the owners’ legal identification records.
4. Submit the BOI Report: Create an account utilizing our online portal and submit your documents.

File BOI for a Foreign Company Registered in the U.S.

If you are filing a BOI report for a foreign-formed company, the process follows the same steps, with a few points to keep in mind:

1. Confirm the Company Is a Reporting Company: The company must be formed under foreign law and registered with a U.S. secretary of state or similar office. A company created in the United States does not file, even if it is foreign-owned.
2. Define Beneficial Owners: Beneficial owners generally include any individual who owns or controls at least 25% of the entity or exercises substantial control over it. Exclude U.S. persons.
3. Identify Company Applicants: Foreign companies first registered in the U.S. on or after January 1, 2024 also report the individual who filed the registration, unless that individual is a U.S. person.
4. File on Time: The initial report is due within 30 calendar days of the U.S. registration becoming effective.

• Civil Penalties: Up to $606 per day for each day a willful violation continues.
• Criminal Penalties: Up to two years in prison and a fine of up to $10,000 for willful violations or knowingly providing false information.