As a foreign entrepreneur expanding into the U.S. market, staying on top of regulatory changes is crucial. Recently, the Financial Crimes Enforcement Network (FinCEN) released updated guidelines regarding Beneficial Ownership Information (BOI) reporting, and we have some important news to share.
What’s Changed with FinCEN’s BOI Reporting Rules?
After a thorough review of the new rules, we are pleased to inform you that U.S. domestic companies are now excluded from the BOI reporting requirement. This means that only foreign entities — companies formed outside the U.S. but registered to do business here — will need to file BOI reports.
The key takeaway is that Globalfy’s U.S. domestic clients are no longer required to submit any BOI under these updated regulations. Specifically, companies that only have a Foreign EIN (Employer Identification Number) and are not registered to do business in the U.S. by filing with a secretary of state or equivalent office will not need to file BOI reports.
What Does This Mean for Globalfy’s Clients?
At Globalfy, we’re committed to making the U.S. market easier to navigate for foreign entrepreneurs. Based on these new guidelines, none of our current clients are affected by the BOI requirement.
Here’s what this means for you: No further steps are necessary for businesses already set up with Globalfy. We’re always here to keep you informed of any regulatory updates that could impact your business.
Why You Don’t Need to Worry About BOI Filing
The updated rule clearly states that only foreign entities that register to do business in the U.S. by filing documents with a state or equivalent authority will need to file BOI. Foreign businesses simply holding a U.S. EIN without registering in this manner are not required to report their beneficial owners.
As your trusted partner in U.S. business expansion, Globalfy ensures that you stay compliant without the hassle of unnecessary paperwork. We’ve been closely following these changes, and we’re happy to share that you won’t need to worry about BOI filings at this time.
What’s Next?
With this new update, we can confidently say that Globalfy’s clients are not impacted by the BOI filing requirement. We’ll continue to monitor any further updates to ensure your business remains in full compliance with U.S. regulations.
If you have any questions or need assistance with other aspects of your U.S. business setup, our team is here to help. Reach out to us today for personalized support in managing your business expansion.
