Beneficial Ownership Information Report (BOIR)

Company owners that own 25% or more of a company need to be reported on the BOI Report. Regardless of whether an owner owns a company directly or indirectly, if their ownership represents 25% or more, they must be listed on the BOI report. People who exercise “substantial control” over the company also need to be listed. These people do not need to have any ownership in the company but are decision-makers. This generally includes officers and directors but can also be senior management if they are able to make decisions that affect the running of the company.

A beneficial owner is an individual who, whether directly or indirectly, exerts substantial authority over the reporting company, or holds or governs an ownership stake of at least 25% of the company.

If the individual fits into any of the specified categories, they are deemed to be exercising substantial control. These categories include being a senior officer, such as the president, chief financial officer, general counsel, chief executive officer, chief operating officer, or any comparable role. Additionally, if the individual possesses the power to appoint or dismiss specific officers or a majority of directors of the reporting company, they are considered to be exerting substantial control. Furthermore, if the individual serves as a pivotal decision-maker for the reporting company, they are considered to have substantial control.

Reporting deadlines are determined by when your company was formed. Companies created after January 1, 2024 must complete their initial report within 90 days of their creation. Companies created before January 1, 2024 must complete their initial report by the end of 2024. 

 1. A change of information: Any information that has been submitted in a previous form needs to be changed if it is no longer correct. This includes information about the declared beneficial owners as well as all the information given about them, such as names, addresses, and ID numbers.

2. If an error occurs in the information: We all know that sometimes mistakes are made. If there is a typo or incorrect information, then a new report needs to be submitted.

In both cases the new report must be submitted within 30 days.

A company can report two different company applicants. The first is the person directly initiating the submission of the document that establishes or registers the company. The second is the individual primarily responsible for directing or overseeing the filing when multiple individuals are involved in the process. Not all companies will have two company applicants.