Beneficial Ownership Information Reporting Deadline Extension for Reporting Companies Created or Registered in 2024

The Financial Crimes Enforcement Network (FinCEN) has launched and published in the Federal Register a consultation on the extension of the upcoming deadline for reporting beneficial ownership for certain companies.
Specifically, FinCEN is suggesting a change to the current beneficial reporting rule as outlined in EventID 17480 and included in Statutory Instrument 31 CFR Part 1010, new §1010.380. This change would affect entities established or registered between January 1, 2024, and January 1, 2025. Currently, these entities are required to submit initial Beneficial Ownership Information (BOI) reports to FinCEN within 30 days of their creation or registration. The proposed amendment would extend this deadline from 30 days to 90 days, providing firms with more time to comprehend the new reporting requirement and gather the necessary data for their filings. Entities created or registered after January 1, 2025, would still need to submit their BOI reports within the original 30-day timeframe as outlined in the reporting rule.
Already registered firms would also not be affected. According to the rule, such firms will have one year to register their beneficial owners anyway.