I own a publicly traded company listed on the stock exchange. With the new Beneficial Ownership Information (BOI) reporting requirements, do I still need to file BOI reports for my company?
Answer by: Abdullah Al Naim
5 months ago
I own a publicly traded company listed on the stock exchange. With the new Beneficial Ownership Information (BOI) reporting requirements, do I still need to file BOI reports for my company?
No, publicly traded companies and certain exempt entities are not required to file Beneficial Ownership Information (BOI) reports with FinCEN. Exemptions are in place for entities that already meet stringent transparency requirements through other regulatory frameworks.
Companies listed on major stock exchanges are exempt because they already disclose ownership details through regulatory filings.
Entities that meet specific criteria, such as having more than 20 full-time employees, over $5 million in gross receipts, and a physical operating presence in the U.S., may also qualify for exemption.
The rationale behind the exemption is that these entities are already subject to strict reporting and regulatory oversight, reducing the need for additional BOI reporting.
If you’re unsure whether your business qualifies for a BOI filing exemption or need help navigating compliance, Business Globalizer offers expert consultation services to provide clarity and ensure compliance with FinCEN regulations.
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