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# Beneficial Ownership Information (BOI) Report: What It Is and How to File

The **Beneficial Ownership Information (BOI) Report** is a federal filing requirement under the Corporate Transparency Act (CTA). Most newly formed US corporations, including Delaware C Corporations, are required to file this report with the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department.

## What Is the BOI Report?

The BOI Report requires companies to disclose information about their **beneficial owners** — the individuals who ultimately own or control the company. This reporting requirement was introduced to combat money laundering, fraud, and other financial crimes by increasing corporate transparency.

## Who Must File?

Your Delaware C Corporation must file a BOI Report if it is:

- A domestic corporation created by filing with a state secretary of state
- A foreign company registered to do business in the US

**Exemptions exist** for certain large operating companies, regulated entities (banks, public companies), and others. Most early-stage startups do **not** qualify for an exemption and must file.

## Who Is a Beneficial Owner?

A beneficial owner is any individual who:

- Owns or controls **25% or more** of the company's ownership interests, OR
- Exercises **substantial control** over the company (such as a CEO, CFO, or anyone who directs, determines, or exercises significant influence over important decisions)

## What Information Is Required?

For each beneficial owner, you must provide:

- Full legal name
- Date of birth
- Current residential street address
- A unique identifying number from an acceptable document (US passport, driver's license, or foreign passport)
- An image of the identifying document

## Filing Deadlines

- **Companies formed before January 1, 2024**: Had until January 1, 2025 to file
- **Companies formed in 2024**: Must file within **90 calendar days** of formation
- **Companies formed on or after January 1, 2025**: Must file within **30 calendar days** of formation
- **Changes to beneficial ownership**: Must update within **30 days** of the change

## How to File the BOI Report

1. Go to the FinCEN BOI E-Filing System at boiefiling.fincen.gov
2. Create an account or file as a guest
3. Select "File BOIR" (Beneficial Ownership Information Report)
4. Enter company information
5. Enter information for each beneficial owner
6. Upload identification documents
7. Submit and save your confirmation

Filing is **free of charge** through the FinCEN website.

## Penalties for Non-Compliance

Failure to file or filing false information can result in:

- Civil penalties of **$500 per day** for each day the violation continues
- Criminal penalties of up to **$10,000** in fines
- Up to **2 years imprisonment** for willful violations

## Updates and Corrections

You must file an updated BOI Report within 30 days whenever:

- A beneficial owner's information changes
- New beneficial owners are added
- A beneficial owner no longer qualifies

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## Need Help with Your BOI Filing?

EasyFiling can help you understand your BOI obligations and prepare your filing as part of our comprehensive company formation and compliance services. [Get started today.](https://easyfiling.com/services/us-company-formation/)