FinCEN has permanently ended BOI reporting for US companies and US persons. If your company was created in the United States, you are now exempt — no BOI report required, and FinCEN is deleting previously filed US-person data. Foreign companies registered to do business in the US still have obligations. Source: FinCEN.gov/boi. Last verified October 2026.
What changed — and why this matters
The Corporate Transparency Act originally required most US companies to file a Beneficial Ownership Information (BOI) report naming their real owners. That requirement has now been permanently removed for US-created entities. In a final rule effective August 14, 2026, FinCEN exempted all domestic companies — and all US persons — from BOI reporting. You do not need to file, and if you filed before, FinCEN is deleting the US-person information it collected.
Who is exempt now (almost everyone)
- Every company created in the US — LLCs, corporations and LPs formed with any US Secretary of State. No BOI report required.
- US persons — you don't report your own information, and you're not reported as a beneficial owner of any company.
Who still has to report: foreign companies
The one group still in scope is foreign reporting companies — entities formed outside the US that registered to do business in a US state. They remain required to file BOI, but with an important narrowing: they do not report any US persons as beneficial owners.
- Foreign companies registered before the rule's effective date have a defined filing window
- Newly registering foreign companies file within a set number of days of registration
- Only non-US beneficial owners are reported
What this means for foreign founders of US LLCs
This is the common point of confusion. If you're a non-resident who formed a US LLC (say in Delaware or Wyoming), your company is a US-created entity — so it's exempt from BOI, even though you personally are not a US person. BOI is about where the company was created, not where the owner lives. A Wyoming LLC owned by an Indian founder does not file BOI.
What you do still owe as a foreign-owned US LLC are the real filings: Form 5472, the annual tax return, and state compliance. Those haven't changed — only BOI went away.
The bottom line
If your company was created in the US, BOI is no longer something you need to think about. If you run a foreign company registered to operate in the US, you still file — reporting only non-US owners. When in doubt about which bucket you're in, a quick review settles it.
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Read the guide →Frequently asked questions
Who must file a BOI report?
Most LLCs, corporations, and similar entities created by a US state filing are reporting companies and must file, unless they qualify for one of 23 exemptions such as the large operating company exemption.
What is the deadline to file?
Entities formed before 2024 and during 2024 had earlier deadlines; companies formed on or after January 1, 2025 generally have 30 days from formation.
Is there a fee to file a BOI report?
No, FinCEN does not charge a filing fee. Costs only arise if you hire someone to prepare and submit it for you.
What happens if I don't file?
Willful failure can bring civil penalties that adjust for inflation each year, plus potential criminal penalties, so it should not be ignored.