Corporate Transparency Act, FinCEN BOI Applicable Only to Foreign Reporting Entities
Updated as of March 21, 2025

As of March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) will no longer be enforcing the provision of the Corporate Transparency Act which required to U.S. Companies and U.S. Businesses to report their Beneficial Ownership Information (BOI) to the FinCEN. This change will formally take place with the release of a new interim final rule which is scheduled for March 26, 2025 and is available in a draft format here. These actions are consistent with the US Department of the Treasury’s press release dated March 2, 2025.

As it stands, the Corporate Transparency Act and the requirement to file a Beneficial Ownership Information Report with FinCEN are no longer in effect for domestic companies and will apply only to qualifying reporting companies that were formed under the law of a foreign country. Furthermore, no U.S. persons who are beneficial owners of a foreign entity will be required to report their Beneficial Ownership Information. The reporting requirement for foreign reporting companies will have at least 30 days after the publication of the interim final rule to submit their beneficial ownership information report to FinCEN.

For further information on the status of the Corporate Transparency Act, got to fincen.gov/boi.

You can read the Small Entity Compliance Guide here.

A list of Frequently Asked Questions is available here.

You can stay up to date on the latest status of the Corporate Transparency Act here.