📝 What Is the BOI Report?
As of January 1, 2024, all U.S.-registered companies — including LLCs and Corporations owned by non-U.S. residents — are legally required to file a BOI (Beneficial Ownership Information) Report with FinCEN, the Financial Crimes Enforcement Network under the U.S. Treasury.
This requirement is part of the Corporate Transparency Act (CTA), designed to combat money laundering, tax evasion, and illegal shell companies.
The BOI report tells the U.S. government who truly owns and controls the company.
🎯 Who Is Required to File a BOI Report?
• All LLCs and Corporations formed in the U.S.
• Foreign-owned entities (even if no income was generated)
• Businesses formed before 2024 must file by Jan 1, 2025
• Companies formed in 2024 must file within 90 days
• Starting 2025, new companies must file within 30 days of registration
There are very limited exemptions (e.g., large corporations with 20+ employees, $5M+ revenue, and U.S. presence).
✅ What Information Must Be Reported?
1. Company Information
◦ Legal name
◦ EIN
◦ Business address◦ State of formation
2. Beneficial Owners
◦ Full legal name
◦ Date of birth
◦ Current residential address (not business)
◦ Passport or government-issued ID number
◦ A scanned copy of the ID
3. Company Applicant (who filed the company)
◦ Required if the company was formed on or after Jan 1, 2024
All non-U.S. owners are required to provide the same details — even if they live outside the United States.
🧾 Real-World Impact Example
Tariq from Egypt formed his Wyoming LLC in March 2024. He didn’t know about the BOI filing rule and missed the 90-day deadline. In July, he received notice from FinCEN with a $500 daily penalty, totaling $6,000 before his lawyer helped resolve it. All this could have been avoided with proper filing.
⚠ Penalties for Not Filing BOI
• 💰 $500 per day for each day the report is late or missing
• 🚫 Criminal penalties: up to $10,000 fine + 2 years imprisonment if the information is false or intentionally omitted
• ❌ Immediate flagging by FinCEN and U.S. financial networks
• 🔒 Possible bank account freezing or Stripe/PayPal disruption
📍 Why BOI Filing Matters for Non-U.S. Entrepreneurs
• You can’t open or maintain a U.S. bank account without BOI compliance
• Stripe, PayPal, and Amazon may ask for proof of reporting
• U.S. government is actively enforcing the CTA in 2024 and beyond
• Avoiding BOI filing can result in long-term legal and financial harm
🛠 How INCHUB Helps
• We collect your required documents securely
• Prepare and submit your BOI report to FinCEN on your behalf
• Keep your file updated when ownership or address changes
• Offer multi-language support, including Arabic
• We handle updates, corrections, and re-submissions when needed
🔁 When Should You File?
• If your company was formed before 2024 → File before Jan 1, 2025
• If your company was formed in 2024 → File within 90 days
• Starting 2025 → File within 30 days
• If your ownership changes → Update BOI within 30 days
💡 Expert Tip from INCHUB
“The BOI Report is now as important as your EIN. Missing this one document could cost you thousands — or even shut your business down. File it early. Update it fast. Keep your company protected.”
