BOI filing for NRIs

Research steps taken and summary of findings (BOI filing for NRIs / US businesses) Steps taken - Ran a targeted web search focused on BOI (Beneficial Ownership Information) reporting rules as they apply to Non-Resident Indians (NRIs) who own or control US businesses (LLCs, corporations).

Search prioritized primary sources (FinCEN/Treasury), FinCEN guidance and compliance materials, and high-quality practitioner resources and state-level updates. - Extracted and compressed the most relevant guidance about: who must file, the reporting-company definition (including the March 2025 interim final rule), required BOI data elements, beneficial-owner definitions (substantial control and 25% ownership), available exemptions, filing mechanics (BOI E-Filing System), deadlines, update requirements, penalties, and practical steps NRIs should take.

Also captured state-level developments (example: New York) and practical compliance tips (use of authorized filers, POA, registered agent, document collection). Key findings and summary (comprehensive, current as of 2026-01-03) 1) Regulatory landscape and most important change (March 2025 interim final rule) - FinCEN issued an interim final rule in March 2025 that revised the definition of “reporting company” so that domestic U.S. companies (entities formed under U.S.

State or Tribal law) are exempt from BOI reporting to FinCEN; the rule limits FinCEN reporting obligations to certain foreign entities that have registered to do business in U.S. States or Tribal jurisdictions. (See FinCEN BOI page and press release.) - Practical implication for NRIs: If your business is formed in a U.S. state (a U.S.-domestic entity), under this interim final rule it is no longer subject to FinCEN BOI reporting.

However, foreign entities (e.g., entities formed under foreign law) that register to do business in the U.S. remain potentially subject to BOI reporting and must comply unless they qualify for a listed exemption.

Research steps taken and summary of findings (BOI filing for NRIs / US businesses) Steps taken

- Extracted and compressed the most relevant guidance about: who must file, the reporting-company definition (including the March 2025 interim final rule), required BOI data elements, beneficial-owner definitions (substantial control and 25% ownership), available exemptions, filing mechanics (BOI E-Filing System), deadlines, update requirements, penalties, and practical steps NRIs should take.

Also captured state-level developments (example: New York) and practical compliance tips (use of authorized filers, POA, registered agent, document collection). Key findings and summary (comprehensive, current as of 2026-01-03) 1) Regulatory landscape and most important change (March 2025 interim final rule) - FinCEN issued an interim final rule in March 2025 that revised the definition of “reporting company” so that domestic U.S. companies (entities formed under U.S.

State or Tribal law) are exempt from BOI reporting to FinCEN; the rule limits FinCEN reporting obligations to certain foreign entities that have registered to do business in U.S. States or Tribal jurisdictions. (See FinCEN BOI page and press release.)

• Ran a targeted web search focused on BOI (Beneficial Ownership Information) reporting rules as they apply to Non-Resident Indians (NRIs) who own or control US businesses (LLCs, corporations). Search prioritized primary sources (FinCEN/Treasury), FinCEN guidance and compliance materials, and high-quality practitioner resources and state-level updates.
• Practical implication for NRIs: If your business is formed in a U.S. state (a U.S.-domestic entity), under this interim final rule it is no longer subject to FinCEN BOI reporting. However, foreign entities (e.g., entities formed under foreign law) that register to do business in the U.S. remain potentially subject to BOI reporting and must comply unless they qualify for a listed exemption.

Who must file (reporting company) - After the IFR, a “reporting company” in FinCEN’s implementing rules means only foreign entities formed under the law of a foreign country that have registered to do business in a U.S. State or Tribal jurisdiction (formerly called “foreign reporting companies”). Domestic companies are exempt. Entities that meet the reporting-company definition and do not qualify for an exemption must file. (FinCEN guidance and Small Entity Compliance Guide.)

Deadlines and timing - For foreign reporting companies

entities registered to do business in the U.S. before the IFR’s effective date were given a deadline to file BOI reports (FinCEN materials indicate reporting companies registered before March 26, 2025, had to file by April 25, 2025). Entities registered on or after March 26, 2025, generally have 30 calendar days after receiving notice that their registration is effective to file an initial BOI report. (FinCEN BOI page / FAQs / press release.)

What to report (required BOI data elements) - For each beneficial owner

full legal name; date of birth; current residential or business address; and a unique identifying number from an acceptable government-issued identification document (for many NRIs, this will be a passport) and an image of that ID where required. The filer must also provide basic company identification details. (FinCEN FAQs and compliance guide.)

Who is a beneficial owner - Beneficial owners must be individuals (natural persons). FinCEN counts as beneficial owners

(1) any individual exercising substantial control over the company and (2) any individual owning or controlling at least 25% of the ownership interests. Substantial control concepts include senior officers and other persons who can direct or influence important decisions. (FinCEN FAQs.) 6) Exemptions - The Reporting Rule lists a set of enumerated exemptions (the Small Entity Compliance Guide summarizes the 23 specific entity-type exemptions such as many regulated entities, large operating companies, inactive entities, and others). Entities that qualify for these exemptions are not required to submit BOI reports. The IFR also removed domestic companies from BOI reporting. (FinCEN Small Entity Compliance Guide.)

How to file and who can file - BOI reports are submitted electronically through the FinCEN BOI E-Filing System ( https

//boiefiling.fincen.gov/ ). Creating a FinCEN ID is optional. Anyone authorized by the reporting company (owner, employee, third-party service provider, attorney, accountant) may file on the company’s behalf but must certify the submission’s accuracy. (FinCEN BOI page and FAQs.)

Updates, corrections, and frequency - There is no annual mandatory BOI re-filing requirement. Reporting companies must file initial BOI reports as required and must submit updated or corrected reports when previously reported information becomes inaccurate or when reportable events occur (e.g., change in beneficial owners). (FinCEN FAQs.)

Penalties and enforcement - Under the post-March 2025 regime

domestic U.S. companies and U.S. persons are exempted from BOI reporting obligations and enforcement under the IFR; however, foreign reporting companies that remain subject to the rule can face civil penalties (daily fines for continued violations) and criminal penalties for willful violations (historically up to $10,000 and/or imprisonment — consult current FinCEN guidance for exact amounts and enforcement posture). State-level or other regulatory requirements and penalties may also apply. (FinCEN news release and practitioner summaries.)

State-level considerations and examples - Some U.S. states are enacting (or have enacted) their own transparency or beneficial ownership regimes (New York’s LLC Transparency Act and similar state-level rules are evolving). Foreign entities authorized in particular states may also face state filing or disclosure obligations (e.g., New York requires initial and annual beneficial ownership disclosure statements for authorized foreign LLCs under its state statute). Always check the Secretary of State (or equivalent) guidance in each state where the foreign entity is registered or doing business. (Wolters Kluwer / state updates.)

Practical guidance for NRIs (actionable steps) - Step 1

Confirm entity characterization: determine whether your entity is a domestic U.S. entity (formed under U.S. law) or a foreign entity (formed under Indian law or other foreign law and registered to do business in the U.S.). Domestic entities are generally exempt under the March 2025 IFR; foreign entities may have reporting obligations. - Step 2: Assess exemptions: review FinCEN’s enumerated exemptions (23 categories) and the Small Entity Compliance Guide to see if the entity qualifies. - Step 3: Identify beneficial owners: collect each individual owner’s information and determine who meets the two-part test (substantial control or 25%+ ownership). For NRIs, passports are commonly the identifying document; ensure you have an acceptable form of ID and an image where required. - Step 4: Gather documents: passports (and images), dates of birth, current residential or business addresses (FinCEN accepts such addresses), corporate formation/registration documents, registration notices from states, and any POA authorizations if a third-party filer will submit reports. - Step 5: Choose a filer and file: decide whether to file directly via FinCEN’s BOI E-Filing System or appoint a professional service provider or attorney. Authorized filers must certify accuracy. - Step 6: Monitor changes and update: institute procedures to track changes in ownership or control and file updates promptly when required. - Step 7: Check state requirements: verify whether the states in which the entity is registered or authorized to do business require any separate beneficial ownership or transparency filings (New York is one example with state-level requirements); comply with both federal and state obligations as applicable. 12) Practical compliance tips for NRIs - Use a reliable registered agent and a U.S. mailing address for company notices; but note that FinCEN’s BOI data collection focuses on actual beneficial owners’ information, not just mailing addresses. - If you (the beneficial owner) are a non-U.S. person, provide a passport as the identifying document and ensure the identifying-number field is completed correctly. - Consider granting a limited POA to a trusted U.S. counsel or compliance provider to collect documents and submit BOI filings. - Keep records of BOI reports and confirmations, and maintain internal procedures to capture ownership/control changes. Conclusion - The single most important development is FinCEN’s March 2025 interim final rule that largely exempts domestic U.S. entities from BOI reporting and focuses FinCEN’s BOI reporting obligations on foreign entities registered to do business in the U.S. For NRIs, the decisive factor is whether the entity is foreign (formed abroad) and registered in the U.S. — these entities remain subject to BOI reporting and must follow FinCEN’s filing process, deadlines, and data requirements. NRIs should evaluate entity status, collect required ID information (passport etc.), consider using authorized filers or POA, and verify any state-specific disclosure rules (example: New York). Sources and verbatim excerpts used to support the summary (see citation list below):