The U.S. Treasury Department announced late Friday that it is abolishing the Beneficial Ownership Information (BOI) Reporting Rule for all U.S. companies, following a brief suspension of the rule. Foreign qualifying companies registered to do business in the U.S, however, will still be required to report their BOI. Importantly, foreign companies will not need to disclose the identities of any beneficial owners who are U.S. persons.  

Foreign companies already registered to do business in the U.S. will have 30 days to file their report from the date when the modified rule is published in the Federal Register, which is set to occur on March 26, 2025, according to FinCen. Newly registered foreign companies must report on the later of that date or 30 days from the date their registration becomes effective.

For updates on the deadlines for new foreign reporting companies, or to submit a BOI Report directly to FinCen, free of charge, visit FinCen’s website.

Have questions about whether the BOI Reporting Rule applies to your business or other business questions? Contact Combs & Taylor for assistance.