Businesses must now file a Beneficial Ownership Information Report

Most business entities registered with the Washington Secretary of State are required to submit a Beneficial Ownership Information Report (BOIR) to the U.S. Treasury Department's Financial Crimes Enforcement Network, FinCEN, about the individuals who ultimately own or control them. FinCEN began accepting reports on Jan. 1, 2024.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. 

Generally, reporting companies must provide four pieces of information about each beneficial owner:
•    Name;
•    Date of birth;
•    Address; and
•    Identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a 

U.S. territory or possession), local government, or Indian tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted. 

The company must also submit certain information about itself, such as its name(s) and address. In addition, reporting companies created on or after Jan.1, 2024, are required to submit information about the individuals who formed the company (“company applicants”).

Filing timelines
•    Business entities formed prior to Jan 1, 2024, must file by Jan. 1, 2025.
•    New business entities formed in 2024 must file within 90 days of formation.
•    New business entities formed after Jan. 1, 2025, must file within 30 days of formation.
•    Is your business exempt from reporting?  Review the FAQs from FinCEN.

BOIR facts
•    There is NO FEE to file the BOIR.
•    The BOIR must be filed online with the U.S. Treasury Department’s Financial Crimes Enforcement Network at FinCEN.gov.
•    Stay informed! Individuals and business entities are receiving misleading notifications to send in a BOIR paper form with payment or being provided with a link to file the BOIR and submit payment. Learn about misleading notices and attempts to solicit information from those subject to reporting requirements.  Review alerts at FinCEN.gov.

The Office of the Secretary of State of Washington does not file the BOIR; however, visit their website (under the Business Entities tab) for helpful information about the reporting requirements.