Skip to content
English
Contact our Support Team
  • There are no suggestions because the search field is empty.

Update on BOI reporting requirements

BOI stands for “Beneficial Ownership Information Reporting form”.

Starting January 1, 2024, many U.S. businesses were required to submit a BOI report to the Financial Crimes Enforcement Network (FinCEN). This filing collected details about the company, its beneficial owners, and company applicants.

However, as of March 24, 2025, FinCEN has removed BOI reporting requirements for U.S. companies and U.S. persons, while setting new deadlines for foreign companies.

What changed?

  • U.S. domestic companies are now excluded from BOI reporting.

  • Only foreign entities — companies formed outside the U.S. but registered to do business here — must continue filing BOI reports.

  • Companies that only hold a Foreign EIN (Employer Identification Number) and are not registered with a U.S. secretary of state (or equivalent office) are not required to file BOI reports.

Key takeaway for Globalfy clients

Globalfy’s U.S. domestic clients are no longer required to submit any BOI under these updated regulations. Specifically, companies that only have a Foreign EIN (Employer Identification Number) and are not registered to do business in the U.S. by filing with a secretary of state or equivalent office will not need to file BOI reports.

What does this mean for your business?

With this new update, we can confidently say that Globalfy’s clients are not impacted by the BOI filing requirement anymore. We will continue to monitor any further updates to ensure your business remains fully compliant with U.S. regulations.

If you still have any questions or need further assistance regarding this topic, we are here to help!
 
✉️ Simply click here to submit your support request and our team will be glad to assist you.