Businesses Exempt from Filing BOI Reports

According to FinCEN, the following types of businesses are exempt from filing Beneficial Ownership Information (BOI) reports:

1. Securities Reporting Issuers: Certain types of issuers registered under the Securities Exchange Act of 1934.
2. U.S. Governmental Authorities.
3. Banks: Certain types of banks, including federally insured banks.
4. Credit Unions: Federal or state credit unions as defined under section 101 of the Federal Credit Union Act.
5. Bank Holding Companies: As defined under section 2 of the Bank Holding Company Act of 1956, or savings and loan holding companies as defined under section 10(a) of the Home Owners’ Loan Act.
6. Money Transmitters: Certain types of money transmitting or money services businesses.
7. Brokers or Dealers: Defined under section 3 of the Securities Exchange Act of 1934 and registered under section 15 of the Act.
8. Securities Exchanges or Clearing Agencies: Registered under sections 6 or 17A of the Securities Exchange Act of 1934.
9. SEC-Registered Entities: Certain types of entities registered under the Securities Exchange Act of 1934.
10. Investment Companies or Advisers: Defined under section 3 of the Investment Company Act of 1940 or section 202 of the Investment Advisers Act of 1940.
11. Venture Capital Fund Advisers: Certain types of advisers.
12. Insurance Companies: Defined under section 2 of the Investment Company Act of 1940.
13. State-Licensed Insurance Producers: With a U.S. physical office and authorized by a state, under supervision by the state’s insurance commissioner.
14. Commodity Exchange Act Registered Entities.
15. Public Accounting Firms: Registered under section 102 of the Sarbanes-Oxley Act of 2002.
16. Regulated Public Utilities: Certain types of utilities that are regulated.
17. Financial Market Utilities: Designated by the Financial Stability Oversight Council under section 804 of the Payment, Clearing, and Settlement Supervision Act of 2010.
18. Pooled Investment Vehicles.
19. Tax-Exempt Entities: Certain types of tax-exempt entities.
20. Entities Supporting Tax-Exempt Entities: Assisting tax-exempt entities mentioned above.
21. Large Operating Companies: With at least 20 full-time employees, more than $5 million in gross receipts or sales, and a physical operating presence in the U.S.
22. Subsidiaries of Exempt Entities: Subsidiaries of exempt entities.
23. Inactive Entities: Certain types of inactive entities that existed on or before January 1, 2020, the date the Corporate Transparency Act was enacted.

Many of these exempt entities are already regulated by federal or state governments and may already disclose beneficial ownership information to a governmental authority.

For more detailed criteria on exemptions, consult the Beneficial Ownership Information Reporting Regulations found at 31 CFR § 1010.380(c)(2). It is essential to review these regulations to confirm whether a business qualifies for an exemption.