As of January 1, 2024, every U.S.-based company — including LLCs and Corporations owned by non-U.S. residents— is required by law to file a Beneficial Ownership Information (BOI) Report with the U.S. Financial Crimes Enforcement Network (FinCEN). Failure to submit this report can result in civil penalties of $500 per day and criminal fines up to $10,000 and/or imprisonment.
The BOI Report is part of the Corporate Transparency Act (CTA). It requires U.S. companies to disclose key information about —>
The company’s beneficial owner(s) — anyone who owns 25%+ or exercises control
Company applicants — the person who formed the company
Company details (name, address, EIN, etc.)
This information is submitted to FinCEN, a bureau of the U.S. Department of the Treasury, and is not made public — but is mandatory under federal law.
INCHUB helps non-U.S. residents form legally registered LLCs in any U.S. state
Includes free updates if you provide incorrect info within 2 days of filing.
| Violation | Penalty |
|---|---|
| Failure to file BOI Report | $500 per day (civil fine) — no cap until filed |
| False or misleading information | Criminal fine up to $10,000 + up to 2 years imprisonment |
| Failure to update ownership info | Same penalties as failure to file — even if unintentional |
This is not optional. It is a federal requirement for almost every U.S. business.
Need to update ownership later? We’ve got you covered with our compliance bundle.
Yes. Almost every U.S. company — even if owned by a non-U.S. resident or inactive — must file this report in 2024.
Yes, but the form is technical, and errors may lead to penalties. INCHUB ensures full accuracy and legal compliance.
You must update the BOI Report within 30 days. We offer amendment filing as part of our bundle.
No. BOI data is submitted to FinCEN and is only accessible by authorized government agencies.
All U.S. LLCs and Corporations (new or existing)
Foreign-owned companies or single-member LLCs
Entrepreneurs who formed a company but haven’t filed BOI yet
Companies needing amendment support due to changes in ownership
