Urgent: BOIR Filing Now Mandatory – What Businesses Need to Know Before the March 21, 2025 Deadline

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A man sitting at his desk surrounded by stacks of paperwork, working on his BOIR filing to meet the March 21, 2025 deadline.

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Introduction

The Beneficial Ownership Information Report (BOIR) is now a mandatory filing requirement under the Corporate Transparency Act (CTA). The U.S. Treasury Department recently announced that all qualifying businesses must submit their BOIR by March 21, 2025 to comply with FinCEN BOIR requirements.

Failure to comply can lead to severe penalties, including fines of up to $500 per day for non-compliance. If you own a business entity, this requirement applies to you.

In this guide, we’ll break down everything you need to know about BOIR filing, including who needs to file, how to submit your report, the potential penalties for missing the deadline, and best practices to ensure compliance.

What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) is a filing requirement enforced by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). It requires businesses to disclose information about their beneficial owners—individuals who own or control a company.

The purpose of BOIR is to prevent financial crimes such as money laundering, fraud, and tax evasion by increasing transparency in business ownership structures. Before this regulation, it was easier for criminals to hide their identities behind shell companies, making illicit financial activities difficult to track. With BOIR reporting, the U.S. government aims to create a more transparent business environment, reducing risks associated with anonymous corporate structures.

Who is Considered a Beneficial Owner?

According to FinCEN reporting guidelines, a beneficial owner is an individual who:

  • Owns 25% or more of the company’s equity.
  • Has substantial control over the company’s operations or financial decisions.
  • Holds an important executive or decision-making role within the company.

A beneficial owner may also include individuals who have influence over board decisions or who receive significant economic benefits from the company’s operations. This broad definition ensures that those truly in control of a business are properly identified and reported.

Who Needs to File a BOIR?

Under the Corporate Transparency Act enforcement, most small businesses, LLCs, and corporations must comply with the BOIR filing process. This includes:

  • LLCs, corporations, and similar entities registered in the United States.
  • Foreign entities registered to do business in the U.S.

Who is Exempt?

Some entities are exempt from BOIR filing if they fall into specific categories, such as:

  • Large companies with more than 20 employees and over $5 million in revenue.
  • Publicly traded companies that already report ownership details to the SEC.
  • Banks, credit unions, and insurance companies already subject to federal regulation.
  • Government entities, including nonprofit organizations that meet certain criteria.

If your business falls under an exemption, you are not required to file a BOIR, but it is essential to keep thorough documentation proving your exempt status.

BOIR Filing Deadline: March 21, 2025

The BOIR filing deadline of March 21, 2025 is fast approaching. Businesses that fail to file on time will face harsh penalties, including daily fines of up to $500 and possible criminal charges for willful non-compliance. The best approach is to file early and ensure your business remains in good standing.

How to File a Beneficial Ownership Information Report (BOIR)

If your business is required to submit a BOIR, here’s a step-by-step guide on how to do it:

1. Gather the Required Information

Before starting the filing process, you will need the following details for each beneficial owner:

  • Full legal name
  • Date of birth
  • Residential address
  • A valid government-issued identification number (passport or driver’s license)
  • A scanned copy of the identification document

Having these documents prepared ahead of time will make the filing process smoother and prevent unnecessary delays.

2. Log Into Your BusinessAnywhere Account

To make the process easy, BusinessAnywhere provides a streamlined filing system where you can submit your BOIR in minutes. Simply:

  • Log into your BusinessAnywhere dashboard
  • Navigate to the BOIR Filing Section
  • Enter the required information and submit the report

3. Confirm Your Submission

Once your report is submitted, you will receive a confirmation from FinCEN. Make sure to keep a copy of your submission for future reference. If any changes occur to your beneficial ownership structure, you must update your BOIR accordingly within 30 days of the change.

What Happens If You Miss the BOIR Filing Deadline?

Failing to submit your BOIR on time can lead to severe consequences:

  • Fines of up to $500 per day for non-compliance.
  • Potential criminal penalties, including imprisonment for willful violations.
  • Increased government scrutiny on your business operations.
  • Potential restrictions on banking and financial services due to non-compliance status.

The best way to avoid penalties is to file your BOIR before the March 21, 2025 deadline.

Common Questions About BOIR Filing

1. How long does it take to file BOIR?

Filing your BOIR through BusinessAnywhere takes just a few minutes. You simply need to enter the required information and submit the report.

2. Do new businesses need to file BOIR?

Yes, all new businesses formed after January 1, 2024 must file a BOIR within 30 days of formation.

3. Can I update my BOIR information?

Yes. If any of your beneficial owner details change, you must update your BOIR within 30 days to stay compliant.

4. What if I own multiple businesses?

Each business entity must file its own BOIR separately, even if the beneficial owners are the same across multiple companies.

5. Can an attorney or service provider file BOIR on my behalf?

Yes, you can authorize a service provider such as BusinessAnywhere to handle the filing for you, ensuring compliance with FinCEN regulations.

Final Thoughts: File Your BOIR Now

The BOIR filing deadline of March 21, 2025 is rapidly approaching. Avoid penalties and legal risks by filing your BOIR today through BusinessAnywhere.

Take Action Now:

  • Log into your BusinessAnywhere account
  • Complete your BOIR filing in minutes
  • Stay compliant and avoid fines

File Your BOIR Now

If you need assistance, our support team is ready to help. Contact us today to ensure your business remains compliant with the Corporate Transparency Act and FinCEN BOIR requirements.

By staying ahead of these regulations, you can protect your business from fines and legal issues while ensuring a smooth path forward.

About Author

Picture of Rick Mak

Rick Mak

Rick Mak is a 30-year veteran businessman, having started, bought, and/or sold more than a dozen companies. He has bachelor's degrees in International Business, Finance, and Economics, with masters in both Entrepreneurship and International Law. He has spoken at hundreds of conferences around the world during his career on entrepreneurship, international tax law, asset protection, and company structure. Business Anywhere Editorial Guidelines

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