On March 21, FinCEN issued an interim final rule that removes the requirement for businesses registered in the U.S. and U.S. persons to report their beneficial ownership information (BOI) to FinCEN. This is a major change, as the previous Corporate Transparency Act required most registered businesses to file the BOI report.

The new interim final rule revises the definition of a “reporting company” to only business formed under law of foreign countries but are registered to do business in the U.S. or tribal jurisdictions. In addition, the new rules rule exempts foreign reporting companies from having to report the BOI of any U.S. persons who are beneficial owners of the foreign reporting company and exempts U.S. persons from having to provide such information to any foreign reporting company for which they are a beneficial owner.

Foreign entities that are registered to do business in the U.S. have 30 days from March 21st to file an initial BOI report.

If your company needs to file an initial or updated BOI report and you would like KT to assist with this process, contact [email protected].