{"id":15707,"date":"2024-01-17T10:26:13","date_gmt":"2024-01-17T10:26:13","guid":{"rendered":"https:\/\/juradolawfirm.com\/?p=15707"},"modified":"2024-01-17T10:26:15","modified_gmt":"2024-01-17T10:26:15","slug":"are-businesses-owned-by-foreigners-required-to-file-a-boi-report-with-fincen","status":"publish","type":"post","link":"https:\/\/juradolawfirm.com\/are-businesses-owned-by-foreigners-required-to-file-a-boi-report-with-fincen\/","title":{"rendered":"Are Businesses Owned by Foreigners Required to File a BOI Report with FinCEN?"},"content":{"rendered":"\n

If you are a foreigner who owns or controls a business<\/a> in the United States, you may be wondering if you need to file a BOI report with FinCEN<\/a>.\u00a0<\/p>\n\n\n\n

BOI stands for beneficial ownership information, and it is a new reporting requirement businesses registered in the United States must meet. <\/p>\n\n\n\n

However, does that include businesses owned or controlled by foreigners? Below, we will answer that question.<\/p>\n\n\n\n

What is a BOI Report and Why is it Important?<\/strong><\/h2>\n\n\n\n

A BOI report is a document that contains information about the individuals who ultimately own or control a reporting company. A reporting company is any entity that is created or registered in the United States, or that operates in the United States, and that meets certain criteria. <\/p>\n\n\n\n

The BOI report must include the name, date of birth, address, and a unique identification number of each beneficial owner and applicant of the reporting company. <\/p>\n\n\n\n

A beneficial owner<\/strong> is any individual who owns 25% or more of the equity interests of the reporting company, or who exercises substantial control over the reporting company. <\/p>\n\n\n\n

A company applicant <\/strong>is any individual who files a document to create or register the reporting company or to obtain authorization to do business in the United States.<\/p>\n\n\n\n

The purpose of the BOI reporting rule is to prevent the misuse of legal entities for illicit activities, such as money laundering, tax evasion, fraud, terrorism, and human trafficking. <\/p>\n\n\n\n

By collecting and maintaining beneficial ownership information, FinCEN aims to enhance the transparency and accountability of the financial system and to assist law enforcement and national security agencies in detecting and combating crime.<\/p>\n\n\n\n

Who Needs to File a BOI Report and When?<\/strong><\/h2>\n\n\n\n

The BOI reporting rule applies to any reporting company that is owned or controlled by a foreigner, regardless of their nationality, residence, or citizenship. However, certain types of entities, such as banks, credit unions, and insurance companies, are exempt. You can find the full list of exempt entities on the FinCEN website.<\/p>\n\n\n\n

If you are not sure whether your entity qualifies as a reporting company or an exempt entity, you should consult with a qualified attorney<\/a> who can advise you on your specific situation.<\/p>\n\n\n\n

The deadline for filing a BOI report depends on when your entity was created or registered. <\/p>\n\n\n\n