CTA Update as of March 25, 2025
In line with the U.S. Department of the Treasury’s announcement on March 2, 2025, the Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that eliminates the requirement for U.S. companies and individuals to report beneficial ownership information (BOI) under the Corporate Transparency Act.
This new rule redefines a “reporting company,” limiting it to entities formed under foreign laws that have registered to do business in the United States by filing with a secretary of state or equivalent office. Previously, both foreign and domestic entities were subject to BOI reporting requirements, but with this change, U.S.-based entities—formerly known as “domestic reporting companies”—are now completely exempt.
Going forward, only foreign entities that meet the updated definition of a “reporting company” and do not qualify for an exemption will be required to submit BOI reports. Additionally, these entities will not need to disclose U.S. persons as beneficial owners, and U.S. individuals will no longer be responsible for reporting BOI in connection with such entities.
Key Filing Deadlines for Foreign Reporting Companies:
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Entities registered to do business in the U.S. before the rule’s publication date must submit BOI reports within 30 days.
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Entities registering on or after the publication date must file their initial BOI report within 30 calendar days of receiving confirmation that their registration is effective.
FinCEN is currently accepting public comments on this interim rule and plans to finalize it later this year.
For more details, read the official announcement: FinCEN News Release
