BOI filing for Shopify sellers

For U.S. businesses, including Shopify and other e-commerce sellers, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been significantly revised.

All entities created in the United States, previously known as 'domestic reporting companies,' and their beneficial owners are now exempt from reporting BOI to the Financial Crimes Enforcement Network (FinCEN).

This change was enacted through an interim final rule issued by FinCEN, which removes the requirement for U.S. companies and U.S. persons to report BOI. The reporting obligation is now narrowed to only 'foreign reporting companies.' For these foreign entities doing business in the United States, specific deadlines apply: If registered before March 26, 2025, BOI reports must be filed by April 25, 2025.

If registered on or after March 26, 2025, an initial BOI report must be filed within 30 calendar days after receiving notice that their registration is effective. When reporting, for each beneficial owner, a reporting company must provide the individual's name, date of birth, residential address, and an identifying number from an acceptable identification document (such as a passport or U.S. driver's license), along with the name of the issuing state or jurisdiction.

For U.S. businesses, including Shopify and other e-commerce sellers, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been significantly revised.

All entities created in the United States, previously known as 'domestic reporting companies,' and their beneficial owners are now exempt from reporting BOI to the Financial Crimes Enforcement Network (FinCEN).

This change was enacted through an interim final rule issued by FinCEN, which removes the requirement for U.S. companies and U.S. persons to report BOI. The reporting obligation is now narrowed to only 'foreign reporting companies.' For these foreign entities doing business in the United States, specific deadlines apply: If registered before March 26, 2025, BOI reports must be filed by April 25, 2025.

If registered on or after March 26, 2025, an initial BOI report must be filed within 30 calendar days after receiving notice that their registration is effective. When reporting, for each beneficial owner, a reporting company must provide the individual's name, date of birth, residential address, and an identifying number from an acceptable identification document (such as a passport or U.S. driver's license), along with the name of the issuing state or jurisdiction.