What has changed about which companies are required to report beneficial ownership information (BOI) to FinCEN?

Companies created in the United States are no longer considered reporting companies and therefore do not need to report BOI to FinCEN under the Corporate Transparency Act. Through an interim final rule, FinCEN revised the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office. Only entities that meet these criteria and that are not otherwise exempt must report BOI to FinCEN. FinCEN also exempted entities previously known as “domestic reporting companies” from BOI reporting requirements. There are multiple types of entities that are exempt from the reporting requirements. Carefully review the qualifying criteria before concluding that your foreign company is exempt.