BOI reporting in 2026: who still has to file
The Corporate Transparency Act created a beneficial ownership information (BOI) report filed with FinCEN, the US Treasury's financial crimes bureau. For a short period in 2024 almost every small US company was expected to file one. That is no longer the rule.
In March 2025 FinCEN issued an interim final rule exempting companies created in the US. On August 11, 2026 it issued a final rule that makes the exemption permanent, effective August 14, 2026. FinCEN has also said it will delete information previously reported by US persons.
So if your LLC or corporation was formed in Wyoming, Delaware, New Mexico or any other US state, it does not file a BOI report, even if you live in India, Nigeria or the UAE.
Who this is for
This service is for the companies that still must report: foreign reporting companies. These are entities formed under the law of another country that have registered to do business in a US state or tribal jurisdiction by filing with a Secretary of State or similar office.
- An Indian private limited company registered as a foreign corporation in Texas or California.
- A UK limited company registered to do business in New York.
- A UAE free zone company that filed for authority to transact business in Florida.
It is also for founders who are unsure which side of the line they fall on and want a clear written answer.
What a foreign reporting company has to report
- Company details: legal name, trade names, US address, jurisdiction of formation and tax identification number.
- Each beneficial owner who is not a US person: anyone who owns or controls at least 25% of the ownership interests, or exercises substantial control.
- For each owner: name, date of birth, residential address and an identifying document such as a passport, with an image of it.
Under the current rules, foreign reporting companies do not report US persons as beneficial owners, and US persons do not have to provide their information to a reporting company.
Is your company a foreign reporting company?
Two questions decide it. First, where was the entity legally formed? If the answer is a US state, the company is exempt, full stop. Second, if it was formed abroad, has it filed a document with a US Secretary of State or similar office to register to do business there? Only if both answers point that way is it a foreign reporting company.
| Your situation | BOI report? |
|---|---|
| Wyoming LLC owned by a founder in Lagos | No, US-formed and exempt |
| Delaware C-Corp with Indian shareholders | No, US-formed and exempt |
| Indian private limited company selling to US clients, not registered in any state | No, not registered to do business in the US |
| UK limited company that registered as a foreign company in New York | Yes, unless another exemption applies |
The original rule also has 23 categories of exempt entities, such as large operating companies, banks and certain regulated firms. A foreign company that fits one of those categories is not a reporting company either. We check them as part of the eligibility review.
Penalties
The Corporate Transparency Act provides civil and criminal penalties for willfully failing to report or for filing false information. FinCEN's enforcement focus is now on foreign reporting companies. If you own one and it registered in a US state, treat the 30-day deadline as firm.
What BookMyLLC handles
- An eligibility check based on where your company was formed and where it is registered.
- Collection of owner details and ID images through a secure upload.
- Preparation and electronic submission of the report through FinCEN's filing system.
- A copy of the submission confirmation for your records.
- Updated reports when owner or company details change.
Step-by-step process
- Confirm status. We check the company's country of formation and every US state registration.
- Identify owners. We map the ownership chain to find each individual with 25% or more, or substantial control.
- Collect documents. Each non-US beneficial owner provides a passport or other accepted ID.
- File. We submit the report to FinCEN and send you the confirmation.
- Monitor changes. When owners or details change, an updated report is due.
Timeline
A foreign company that registers to do business in the US must file within 30 calendar days of receiving notice that its registration is effective. Companies registered before March 26, 2025 had until April 25, 2025. If you missed a deadline, file as soon as possible and speak to an attorney about your exposure.
Common mistakes to avoid
- Filing when you are exempt. A US-formed LLC owned by a non-resident does not need a BOI report. Paying someone to file one is wasted money.
- Trusting old advice. Many articles written in 2024 still say every LLC must file. Check the date and FinCEN's current guidance.
- Confusing BOI with tax filings. The BOI exemption does not remove IRS obligations such as Form 5472 for foreign-owned LLCs.
- Treating a scam letter as real. FinCEN does not send unsolicited requests for payment. Verify any BOI notice against fincen.gov.
Rules in this area changed several times between 2024 and 2026. This page reflects FinCEN's position as of the August 2026 final rule and is general information, not legal advice. Confirm your situation with an attorney. Read our BOI filing guide and Corporate Transparency Act explainer for background, and see our federal tax filing service for the IRS side of compliance. FinCEN's own page is at fincen.gov/boi.
Beneficial ownership reporting at a glance
| Question | Short answer |
|---|---|
| What is reported | Who owns or controls the company: name, birth date, address and an ID document for each beneficial owner. |
| Who files | As described above, rules have changed in 2025; check whether your company counts as a foreign reporting company. |
| Filing body | FinCEN, the US Treasury bureau for financial crimes. |
| Cost to file with FinCEN | No filing fee. |
| Risk of ignoring it | Civil and criminal penalties apply to wilful non-compliance. |
What counts as a beneficial owner
| Role | Included? | Why |
|---|---|---|
| Person who owns 25% or more | Yes | Direct or indirect ownership interest |
| Person with substantial control | Yes | For example a senior officer or someone who directs important decisions |
| Nominee or employee acting only for another | Generally no | Specific exceptions apply, so ask before relying on this |
Because the rules and exemptions have shifted more than once, we confirm your company's status on the day we prepare the report, not from memory. If you are unsure whether you must file, book a free call before the deadline matters.
Why the status of your company can change
Beneficial ownership reporting began with the Corporate Transparency Act. In March 2025 FinCEN issued an interim final rule narrowing the requirement, and the details have continued to develop since. The result is that whether you must file depends on whether your company is a domestic or foreign reporting company, when it was formed or registered, and whether an exemption applies. A page that was correct last quarter can be out of date today, so check the current position before relying on it.
We check your company's status against FinCEN's current guidance on the day we prepare the report. If no report is needed, we tell you so and explain why, and you pay nothing for a filing that is not required.
Information to have ready
- Full legal name, date of birth and residential address of each beneficial owner.
- A clear image of a passport or other accepted ID for each owner.
- The company's legal name, EIN and formation or registration date.
- Details of anyone who exercises substantial control without owning shares.
Keep copies of what you submit. If an owner or an address changes, an updated report may be required within the period FinCEN sets.
