BOIR Requirements for New and Existing Oklahoma Businesses

The Financial Crimes Enforcement Network (FinCEN) is the bureau of the U.S. Department of Treasury that oversees beneficial ownership information for many domestic and foreign companies. If your business is required to report information about its beneficial owners, it’s important that you understand how to submit the necessary information and what the deadlines are for filing.

Who Needs to File a BOIR?

Reporting companies that do not qualify for an exemption are required to complete a Beneficial Ownership Information Report (BOIR). The classification requirements for reporting companies are complex, so consulting with an Oklahoma business attorney is a good idea if you’re unsure about what the requirements mean and if they apply to you. Reporting companies can be either domestic or foreign, and there are currently 23 exemptions that mostly apply to larger companies.

If you are not exempt from submitting a BOIR, you will need to report the following information about your Oklahoma company:

-            Legal name

-            Trade names or DBA names

-            The current physical address of your primary place of business

-            The formation jurisdiction

-            Your Taxpayer Identification Number (TIN)

Once you know whether or not you are required to report and what data FinCEN requires about your company, determining deadlines and other submission requirements is essential to ensure you are compliant with federal regulations.

Timelines and Submission Requirements

If your reporting company was established prior to January 1, 2024, you have until January 1, 2025, to file an initial BOIR. New companies created during 2024 will have 90 days to file, which begins when they receive notice that their registration is effective. The timeframe shortens again for companies established in 2025, as they will only have 30 days to file an initial BOIR after receiving notice of their effective date.

In addition to the initial filing deadline, Oklahoma companies must also consider timelines for reporting changes in ownership or correcting inaccuracies in previous BOIR. Companies reporting a change or error have only 30 days from when the change occurred or when they noticed the error.

Identification Requirements

When completing your BOIR, you will be required to attach identification for each beneficial owner and company applicant. FinCEN reports that the following are the only forms of identification they will accept:

-            Valid, non-expired U.S. driver’s license

-            Valid, non-expired government-issued ID or Tribal ID

-            Valid, non-expired U.S. or foreign passport

It is worth noting that a foreign passport will only be accepted if the owner or applicant has no other forms of identification.

The identification documents will be used to verify the information included in the BOIR, so they must match. When completing the BOIR, you or the person filing the report on behalf of the company will be asked for the following information about each of the beneficial owners and company applicants:

-            Name

-            Date of birth

-            Address

-            Issuing jurisdiction

-            Identification number

BOIR Guidance in Southwest Oklahoma

Your BOIR can be filed online on the FinCEN website. Alternatively, you can download the form to complete and submit later, but you will need Adobe Reader 8 or higher for this method.

If doing it yourself seems too daunting or you have questions about the BOIR requirements, an Oklahoma attorney can help you with reporting criteria and FinCEN submission. Contact the Altus business law attorney at Summit Law Group for a free consultation at 580-238-4309.