Narrows beneficial ownership reporting to foreign companies; exempts entities created under United States law
26 Mar 2025
On 26 March 2025, the Financial Crimes Enforcement Network of the Department of the Treasury issued an interim final rule Beneficial Ownership Information Reporting Requirement; Revision and Deadline Extension. The rule narrows reporting under the Corporate Transparency Act to entities formed under foreign law that are registered to do business in the United States, while eliminating reporting for entities created under United States law.
Entities formed outside the United States that are registered to do business in the United States must continue filing beneficial ownership information. Foreign reporting companies are exempt from reporting beneficial ownership information for any beneficial owners who are United States persons, and those United States persons do not need to provide their information to the company. For foreign reporting companies, initial, updated, and corrected reports are due within thirty days of 26 March 2025 (that is, by 25 April 2025 for existing companies) or within thirty days of registration to do business in the United States, whichever is later. Thereafter, the standard thirty-day deadlines apply on a continuing basis.
Nature of measure:
Type:
-
Treatment and operation (Other)
Industry:
Inward FDI:
Yes
Outward FDI:
No
Sources:
