The Beneficial Ownership Information report (BOI) is a new federal filing that requires most corporations, LLCs, and similar entities to report who their ultimate owners (beneficial owners) are.
Who has to file
Most LLCs and corporations registered in Puerto Rico have to file, with specific exceptions (public companies, certain financial institutions, large entities with more than 20 full-time employees and more than $5M in gross revenue).
If you're unsure whether it applies to you, reach out — we'll review quickly.
What information you need to report
For each beneficial owner (any person with 25% or more ownership, or substantial control):
- Full legal name.
- Date of birth.
- Residential address.
- ID number (passport, driver's license, etc.) + copy of the document.
For the company:
- Legal name and trade names.
- Principal place of business.
- Jurisdiction of formation.
- EIN.
Deadlines and penalties
- Companies that existed before January 1, 2024: had until January 1, 2025 to file initially.
- New companies formed in 2025 or after: 30 days from formation.
- Changes to beneficial owner information: 30 days to update.
Penalties for not filing can reach $500 per day, with criminal penalties in serious cases.
How we help
We gather the documents, file for you in the FinCEN system, and send you confirmation. If there are changes during the year, we notify you and update them.