Existing companies will have to file online by 1 January 2025 on the beneficial ownership information (BOI E-Filing) portal run by the US Treasury’s Financial Crimes Enforcement Network (FinCen), while new companies set up after 1 January 2024 must file within 90 days of creation or registration.

A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests.

The information on the register will be available for use by federal agencies; tax officials; state, local, tribal, and foreign governments and law enforcement agencies; and financial institutions from 20 February 2024, but will be strictly protected and will be subject to specific security and confidentiality requirements.