Now that the system is active for FinCen Beneficial Ownership Information (BOI) reporting, anyone who has an ownership in a business should get started using the following link.
The following is a brief outline of what the process has looked like.
On the page, it will show the file options:
You’ll click “File a report using the BOI E-Filing System.”
Next, click the top option for “BOI E-Filing” and “Get Started.”
You can fill out a downloadable PDF, then upload the required form, or go into FinCen’s database and complete the form online. Please note that you need to have all the required information ready when you start if you complete the form online, as you cannot save changes (yet) and come back to finish.
Generally, you’ll need:
1. The business owner(s) and their names, addresses, copies of their driver licenses;
2. The business EIN; and
3. The business address.
The system will prompt you with the required information, and you’ll need to upload the front of each business owners’ driver license, or other form of identification.
When you complete the report, you will submit it after you attest that the facts are true and that you are not violating any law by misreporting.
After you submit the information, you will receive an auto generated report and receipt.
You should download this and save it for your records. It should contain a BOI reference number.
If any changes occur with the business, the business and its owners will need to file subsequent reports. It is also our understanding that a BOI will need to be filed every year for compliance.