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Important Update: In light of a recent federal court order, reporting companies are not currently required to file BOI with FinCEN and are not subject to liability if they
fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

Speed up your FinCEN BOI Reporting with Compliancely

Designed for US businesses for fast and accurate BOI filings.

  • Request your FinCEN ID for free.
  • Upload & Manage documents with ease.
  • Save hours on each reporting.
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Understanding the Act

Beneficial Ownership Information Reporting System

Starting January 1, 2024, most companies created in or registered to do business in the U.S. are required to report information on their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA).

 

The Act attempts to prohibit the misuse of corporations and limited liability organizations for illegal benefit, including money laundering, fraud, financing of terrorism, and other activities. Companies are mandated to declare their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).  

There are 23 categories of entities that are exempt from BOI filing. 

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Wondering if you're eligible to file the BOI Reports under the Corporate Transparency Act?

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Ready to File Your BOI Reports?

Our platform reduces the time required to complete BOI reports — from hours to mere minutes per client.

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Step by Step Guide

How to File BOI Reports Online?

Go to Compliancely’s dashboard, select BOI Reporting, and click on file BOI.

eFile

Choose "Initial Report" for first-time reporting or "Correct/Update Prior Report" for revisions.

Validate

Enter Your Reporting Company Information. Here, you also have an option to request and receive your FinCEN Id for Free.

eFile

Enter the required information from beneficial owners and company applicants (if applicable).

eFile

Verify all the details mentioned in the BOI form.

eFile

Complete all the fields, including first name, last name, email Id and click on “Agree & Submit” button.

Why Compliancely

Designed for Fast and Accurate BOI Filings

Gather Beneficial Owner's Information

With Compliancely, you can quickly send “request info” links to your clients via email, leading them to provide all the necessary details. 

Efficient Bulk Filing

The fast and automated bulk importing process of Beneficial Owners’ data entry can save you hours on each filing. 

Track Your Filing Status

You can have a collective view of your filings at one place. Easily track the status of each report, identify those in progress or those successfully filed. 

Update or Correct Prior BOI Reports

Effortlessly generate and submit both Initial and Updated BOI Reports. If changes are needed, you can also file a Corrected BOI Report with Compliancely.

Record Keeping 

When it comes to your filing records, make sure to keep them safe. Compliancely allows you to store and access all prior filings from one location for up to 3 years.  

File BOI now!

Frequently Asked Questions

Doubts? We have the Answers.

When do I have to submit my BOI Report?
Deadline to report BOI
  • If your company was created or registered before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
  • If your company is created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving notice of its effective creation or registration.  This 90 calendar days period starts from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.  
  • If your company is created or registered on or after January 1, 2025, you must file your initial BOI report within 30 calendar days after receiving notice of its effective creation or registration. 

A beneficial owner is an individual who either directly or indirectly:

(1) exercises substantial control over the reporting company, or

(2) owns or controls at least 25% of the reporting company’s ownership interests.

A “company applicant” is the person who files paperwork to create a corporation, LLC, or similar entity with a state. If more than one person is involved, the company applicant is the one primarily responsible for creation or filing of first registration document.

You need to report the following details in the BOI report:

  • Identify beneficial owners.
  • Provide company details and personal information of beneficial owners.
  • For companies registered after January 1, 2024, include personal information of company applicants.

Penalties for not filing BOI on time may result in civil penalties of up to $500 per day, and criminal penalties, including up to 2 years in prison and fines of up to $10,000.