Starting on January 1, 2024, many companies in the U.S. are being required to report information on the individuals who ultimately own or control the company.
- Companies who were registered prior to Jan 1, 2024, have until Jan 1, 2025, to report the BOI.
- Companies created/registered in 2024 will have 90 calendar days to complete the BOI reporting.
- Any companies created/registered on or after Jan 1, 2025, must be submitted within 30 calendar days.
- Any necessary updates or corrections to your BOI Filing need to be completed within 30 calendar days of change or discovery of error.
Some examples of changes that would require you to update the BOI would be:
- Changes in Senior officers
- Changes in individuals who can appoint or remove senior officers.
- Changes in individuals who have substantial effect on decisions made by reporting company.
- Changes in Ownership interest of 25% or more
- Business or owner address change
The BOI filing is quick, free and can be done online.
The following link will bring you to a page where you can find more information and a link to E-file the BOI.
Once link is clicked follow these steps:
We HIGHLY RECOMMEND you start by Creating an individual FinCen ID (In light blue box). Though it is optional it will lower the amount of information that needs to be provided when completing the BOI Filing. It is also beneficial to individuals who own or control multiple businesses
Click – FILE a reporting using the BOI E-Filing System (In light blue box)
Click – GET STARTED (Upper Right)
In File Online BOIR Click – PREPARE & SUBMIT BOIR
In pop up screen Click – I AGREE
Type of Filing – If this is your first time Click – INITIAL REPORT
Reporting Company Information
Click #3 REQUEST TO RECEIVE FinCEN ID (this will create a FinCEN ID for your business)
Complete numbers 5-15
Check box # 16 if your business was an existing reporting company by Jan 1, 2024. If not, you will need to fill in #’s 19-32
#33 you will need to upload an image of their ID
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Beneficial Ownership – Anyone who exercises substantial control over reporting or controls at least 25% ownership.
If a Minor is a Beneficial Owner, then you will need to fill in the Parent/Guardian information.
If you have a FinCen ID then fill in #36 if not you will need to fill in #’s 37-50
51 you will need to upload an image of their ID.
*Click Add Beneficial Owner for each Beneficial Owner
Last Page – Fill in the information needed and Click I AGREE & I AM HUMAN (If there are any required fields are empty or invalid you will receive a pop-up message) If no pop-up message comes through, then Click SUBMIT BOIR
At the Confirmation Download Transcripts
Then UPLOAD to the Bayerkohler PORTAL
If you have any questions or need clarification see the Compliance Guide.