Blog / Start a U.S. Business / Compliance
BOI Reporting for U.S. Companies: What the Current FinCEN Rule Says
U.S.-created entities are currently exempt from federal BOI reporting, while certain foreign entities registered in the United States remain covered.
The federal rule changed in March 2025
FinCEN revised the definition of a reporting company so that entities created in the United States, previously called domestic reporting companies, are exempt from federal beneficial ownership information reporting under the current rule.
This is different from the original nationwide filing framework that many older articles and checklists still describe. Founders should rely on current FinCEN guidance rather than outdated reminders.
Certain foreign entities registered in the United States can still be covered
The current definition focuses on entities formed under the law of a foreign country that register to do business in a U.S. state or tribal jurisdiction by filing a document. Those companies should review the current definition, exemptions, and deadlines carefully.
A U.S.-formed LLC owned by a non-U.S. person is not the same as a foreign-formed entity merely because the owner lives abroad. The place of entity formation matters to the rule.
BOI exemption does not remove other obligations
A U.S.-created company may still have state annual reports, franchise taxes, registered-agent obligations, federal and state tax filings, licensing requirements, foreign-owned entity reporting, bank compliance requests, and recordkeeping duties.
Do not interpret the BOI exemption as a general exemption from U.S. company compliance.
Update old compliance checklists
Remove automatic BOI filing instructions from onboarding processes for domestic U.S.-created companies unless the law changes again. Keep a link to FinCEN and a review date so the checklist can be updated when new guidance is issued.
Service providers should be careful not to charge founders for a federal filing that the company is not currently required to make.
Confirm the rule before acting
Regulatory rules can change. Review the current FinCEN page at the time a company is formed, registered, or restructured. A foreign entity, unusual ownership arrangement, or regulated activity may require additional professional advice.