BOI stands for “Beneficial Ownership Information Reporting form”.
Starting January 1, 2024, many U.S. businesses had to submit a BOI report to the Financial Crimes Enforcement Network (FinCEN). This report gathered information about the company, its beneficial owners, and company applicants.
However, since March 24th, 2025 the FinCEN, Removed Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Setting New Deadlines for Foreign Companies
U.S. domestic companies are now excluded from the BOI reporting requirement. This means that only foreign entities — companies formed outside the U.S. but registered to do business here — will need to file BOI reports.
The key takeaway is that 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 my business?
With this new update, we can confidently say that Globalfy’s clients are not impacted by the BOI filing requirement anymore. We’ll continue to monitoring any further updates to ensure your business remains in full compliance with U.S. regulations.
If you still have any questions or need further assistance regarding this topic, we are available to assist you. Simply click here to submit your support request and our team will assist you. What is the BOI Report?