Here we discuss when do you need to file an initial BOI report? The Financial Crimes Enforcement Network (FinCEN) requires most companies to file reports with FinCEN that identify the beneficial owners of the legal entity and company applicants.
The deadline for filing initial BOI report depends on when the company was created or registered to do business in the United States if the company was formed in a foreign country. If the company was previously exempt from BOI reporting requirements and then became subject to these requirements, the deadline for filing an initial BOI report is within 30 days of the date of the change in status.
In other words, you are required to file an initial BOI report within a certain time frame depending on the date your company was formed or registered to do business, or the date your company ceases to be exempt if your company was initially exempt from filing a BOI report.
The period of time to file an initial BOI report is not the same for all companies, and you need to determine by when you need to file based on your specific circumstances. You need to file an initial BOI report by the following deadlines:
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- File initial BOI report by January 1, 2025, if your company was created or registered to do business in the United States before January 1, 2024
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- File initial BOI report within 90 days after your company receives actual or public notice that it was created or registered to do business in the United States on or after January 1, 2024, and before January 1, 2025
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- File initial BOI report within 30 days after your company receives actual or public notice that it was created or registered to do business in the United States on or after January 1, 2025
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- File initial BOI report within 30 days of the date your company ceased to be an exempt company and becomes subject to the BOI reporting requirements
Understanding BOI Reporting Deadlines
To better understand how to manage the deadlines for filing a BOI report, we provide a few examples.
Companies created or registered before January 1, 2024
These will have until January 1, 2025 to submit an initial BOI report. This means that companies in exitance before January 1, 2024 have one year to submit the initial BOI report. For example, if your company was formed on July 1, 2022, in Florida you have until January 1, 2025 to file your initial BOI report. If your company was created in France on July 1, 2021 and registered to do business in Texas on July 1, 2022, then your company has until January 1, 2025 to file the initial BOI report.
Companies created or registered on or after January 1, 2024 and before January 1, 2025
These companies have 90 days to file the initial BOI report after receiving notice of formation or registration from the secretary of state or similar office. For example, if you formed a company in California on January 1, 2024 or after, but before January 1, 2025, you must file an initial BOI report within 90 days from the date you receive an actual notice or public notice of formation, whichever is earlier. If your company was created in Canada on July 1, 2023 and you registered the company to do business in Delaware on January 15, 2024, then you have 90 days from the date you received notice of registration to file an initial BOI report.
Companies created or registered on or after January 1, 2025
These companies have 30 days to file the initial BOI report after receiving notice of formation or registration from the secretary of state or similar office. For example, if you formed a company in Florida on January 1, 2025 or after, you must file an initial BOI report within 30 days from the date you receive an actual notice or public notice of formation, whichever is earlier. If your company was created in Italy on August 15, 2024 and you registered the company to do business in Texas on February 1, 2025, then you have 30 days from the date you received notice of registration to file an initial BOI report.
Previously exempt companies that become subject to BOI reporting requirements, have to file the initial BOI report within 30 days from the date it ceased being exempt. For example, if your company was inactive during 2023 and it resumed activities on or after January 1, 2024, then you must file an initial BOI report, within 30 days of the date your company ceased being inactive. Please note that in the case of inactive companies, this rule applies only to companies in existence on or before January 1, 2020, that otherwise meet the BOI definition of an inactive business.
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