What Is BOI Filing? U.S. Compliance Requirements Explained for LLC Owners
Starting and running a U.S.-based Limited Liability Company (LLC) as a non-resident entrepreneur has never been easier—but it comes with important compliance steps. One of the latest legal obligations that LLC owners must meet in 2025 is BOI filing, also known as the Beneficial Ownership Information report. This new requirement, introduced under the Corporate Transparency Act (CTA), has made it necessary for many U.S. businesses to disclose their ownership structure to the federal government.
In this guide, we’ll break down BOI filing, why it matters, who needs to file, and how to remain compliant to avoid hefty penalties.
What Is BOI Filing?
BOI filing, short for Beneficial Ownership Information filing, is a new federal reporting requirement mandated by the Corporate Transparency Act (CTA). It requires most U.S. companies—including LLCs—to report information about the individuals who ultimately own or control them.
This is part of a nationwide effort by the Financial Crimes Enforcement Network (FinCEN) to combat money laundering, tax evasion, and financial crimes.
BOI Filing Explained Simply:
It’s a report submitted to FinCEN identifying the real people (beneficial owners) behind a company, even if they’re not publicly listed.
Who Must File a BOI Report?
Most small businesses in the U.S., including LLCs, corporations, and similar entities, are required to file a BOI report, especially if:
- They were formed in the U.S. or
- Registered to do business in the U.S. from another country
Exemptions:
Some companies, like large corporations (with over 20 full-time U.S. employees and $5M+ in revenue), banks, and certain nonprofits, are exempt.
See also: How Charlotte Business Brokers Simplify Buying a Business
What Counts as a “Beneficial Owner”?
According to FinCEN’s guidelines, a beneficial owner is any individual who:
- Owns 25% or more of the company OR
- Has substantial control over business decisions, operations, or financial management
This includes owners, senior managers, or even advisors who significantly influence the business.
What Information Must Be Reported?
Here’s what LLCs and other reporting companies must include in the BOI filing:
- Full legal name of each beneficial owner
- Date of birth
- Residential address
- A copy of a valid identification document (passport, driver’s license, etc.)
- Company formation details (name, EIN, jurisdiction)
Deadlines: When Do You Need to File BOI?
As part of this U.S. BOI compliance guide, here are key filing deadlines:
| Company Formation Date | BOI Filing Deadline |
| Formed before Jan 1, 2024 | File by Jan 1, 2025 |
| Formed on or after Jan 1, 2024 | File within 90 days of formation |
| Formed after Jan 1, 2025 | File within 30 days |
Failure to meet these deadlines can result in penalties of up to $500 per day and possible criminal charges.
Why Is BOI Filing Important for LLC Owners?
- Legal Compliance
Staying compliant with federal regulations ensures your LLC remains in good standing and avoids penalties. - Transparency & Trust
Reporting beneficial ownership helps boost international trust, especially when operating across borders or in eCommerce sectors. - Avoid Delays in Bank Accounts & Payment Gateways
U.S. business banks and services like Stripe and Payoneer may require proof of BOI filing to complete verification.
How to File a BOI Report?
The BOI report must be filed electronically through FinCEN’s online filing system:
- Visit the official FinCEN website
- Create a secure account
- Input required details for your LLC and beneficial owners
- Upload identification documents
- Submit and retain confirmation
💡 You do not have to pay to file—BOI filing is free through FinCEN.
Can International LLC Owners File BOI?
Yes. Non-U.S. residents who form LLCs in the U.S. are required to file BOI if their business doesn’t fall under the exempt categories.
For global entrepreneurs, understanding and completing BOI filing is a crucial part of maintaining compliance in the U.S. legal system.
Final Thoughts
As the U.S. ramps up transparency laws, beneficial ownership information (BOI) filing has become an essential compliance step for LLC owners. Whether you’re a local founder or a non-resident forming an LLC from abroad, staying on top of this requirement ensures smooth operation, avoids fines, and builds trust with banks, platforms, and partners.
If you’re unsure how to file or need help handling U.S. compliance as a global entrepreneur, consider consulting with a business formation expert who specializes in non-resident LLCs.
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