New Registration Requirement for Businesses by FinCEN

Below are the deadline based on when you start your company.

The Financial Crimes Enforcement Network (FINCEN) requires that most companies file beneficial ownership information to report the beneficial owners.

All Business Entities enabled or recognized by the State must register their company with the FinCEN. Foreign companies that are registered to do business in the United States must also register. The deadlines for reporting this information is as follows:

1. The Business enabled before Jan 1, 2024 [this past New Year's Day] has until Jan 1, 2025 [next New Year's Day] to report in the FinCen website.

2. The Business enabled after Jan 1, 2024 and before Jan 1, 2025 has 90 days after receiving official enabling recognition from the State to file the FinCen BOI report.

3. The Business enabled after Jan 1, 2025 has 30 days after receiving official enabling recognition from the State to file the FinCen BOI report.

4. Businesses that are NOT required to be enabled or recognized by the State are not required to file the FinCen BOI, which may apply to some Sole Proprietorships, Partnerships and Joint Ventures.

The Business Owner, Stockholder, Member, Partner, Co-Venture can file the FinCen BOI easily in the following website: 

Beneficial Ownership Information Reporting | FinCEN.gov.

Penalties

Failure to comply with the registration requirements can result in a civil penalty of up to $5000 for each violation.