FinCEN Extends Deadline for Companies to Submit Beneficial Ownership Information Reports
November 30, 2023
The Financial Crimes Enforcement Network (FinCEN) released a final rule, providing an extension for specific reporting companies to submit their initial beneficial ownership information (BOI) reports. Companies established or registered in 2024 are granted a 90-day period, commencing from the date they receive official or public notice of their creation or registration to file their initial reports, as per the FinCEN press release.
While addressing the extension of BOI reports submission, Andrea Gacki, the Director of FinCEN stated, “This deadline extension will have significant benefits and will provide valuable extra time for company applicants and for reporting companies created or registered in 2024 to understand this new regulatory obligation and obtain the required information to file their BOI reports,”.
The extension provides companies created or registered in 2024 with extra time to familiarize themselves with guidance and educational sources available at FinCEN BOI and to address any queries related to the completion of BOI reports. FinCEN also foresees that the extension in the deadline will streamline the compliance process for initial filters operating under the new reporting requirements, and encourage the development of a valuable BOI database, as specified by Congress.
Moreover, the companies created or registered before January 01, 2024, will have an extended deadline till January 01, 2025, to submit their BOI reports, while the companies created or registered after January 01, 2025, will be granted 30 days to submit their reports.
FinCEN will not be accepting BOI reports from reporting companies until January 1, 2024, and no reports should be sent to FinCEN before that date.
Also read: FinCEN and BIS Issue Joint Notice
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