Guide to Nevada’s Beneficial Ownership Information (BOI) Reporting

1.0 Introduction

The BOI reports are an important provision of the CTA which is aimed at increasing accountability and limiting any possibility of companies in Nevada in money laundering fraud and tax evasion schemes in the United States. Now that the BOI reporting rule is in force businesses should know how it applies to them, deadlines and the consequences of failure to file. This guide aims to explain who must report for BOI in Nevada, how such reports can be filed, and the possible consequences if one fails to do so. Thus, it can be seen that by reporting early and in the correct way, many companies can stay out of legal problems and enhance the general exposure of the business world.

2.0 What is Beneficial Ownership Information (BOI)?

BOI stands for Beneficial Ownership Information, it means information regarding one or many people, who own or have a controlling stake in a certain company. By 26 th of March 2025, the Financial Crimes Enforcement Network of the U.S. Treasury Department has excluded all domestic companies including those in the state of Nevada from submitting the Beneficial Ownership Information (BOI). This decision is intended to relieve pressures from the regulations affecting American business entities. Nevertheless, BOI reporting requirements are still imposed on foreign entities that are engaged in business operations within the United States. Regarded as the Corporate Transparency Act (CTA), it has been passed as part of the Anti-Money Laundering Act of 2020. The regulations are formulated and enforced by the Financial Crimes Enforcement Network (FinCEN), also known as the Bureau of the Treasury of the United States Department of the Treasury.

Every individual, who owns a beneficial interest in a company, must disclose the following:

• Full legal name
• Date of birth
• Current residential or business address
• A unique identifying number (such as a driver’s license or passport number)

3.0 Who Needs to Report BOI in Nevada?

Every enterprise, except those that fall under the exemptions provided by the BOI regulations, must file a report to BOI in Nevada. The CTA applies to both the domestic as well as the foreign companies conducting their business within the United States, however there are certain exceptions.

Entities Required to Report:

1. Corporations and LLCs – Business entities formed under the laws of the State of Nevada as required to register with the Secretary of State of Nevada.
2. Foreign Entities – Businesses that were established in the foreign country all operations licences are conducted within the state of Nevada.
3. Other Entities – It includes certain partnerships and trusts which come under the specified criteria.

Exemptions from BOI Reporting:

There are some categories of entities in Nevada and the United States that do not fall under the reporting requirements of BOI under the Corporate Transparency Act. In particular, domestic reporting companies that are incorporated under the laws of the United States are exempt from these filings. It is important to note that any foreign reporting company that wants to operate in Nevada or any other state in the United States is still required to deal with BOI submission requirements. Particularly, firms engaged in foreign reporting companies do not need to submit BOI particulars to the Secretary of State of the USA.

These companies exclude any report on the BOI details of every U.S. person who is acting as a beneficial owner. Moreover, large operating companies, satisfying certain parameters could also be exempted. Companies with 20 or more employees on the payroll, with any establishment that generates more than $5 million in gross revenue and has some physical presence in United States may avail from BOI reporting. There are also some other entities specified in section 4960 as exempt arising from traditional banking institutions and organisations that enjoy 501(c)(3) tax exemption.

Table 1:Exemptions from BOI Reporting (Source Created)

Potential exemptions from BOI reporting must be reviewed properly by a company’s legal advisor before applying for it as a Nevada business entity. Some categories of companies that are excluded from being named as reporting companies under the provisions of the CTA include large operating companies, financial institutions, and certain tax-exempt organisations.

4.0 BOI Reporting Deadlines

The extended deadline for reporting companies in Nevada under the Corporate Transparency Act when the BOI reports should be filed with FinCEN extends up to March 21, 2025. This extension applies to most businesses that fall under the scope of reporting their beneficial ownership information. New companies that started their operation before 1st January 2024 are to file their first BOI report to the Registrar of Companies before 21st March 2025. Any firm that registers to operate a business from January 1, 2024, and the following years is required to file the BOI report within the first ninety days of registration. This means that the concerned businesses must assess what they have to do, gather the necessary documents, and submit them before the deadline to prevent penalties. The BOI reports must be filed electronically on the FinCEN online filing system.

Table 2: Nevada’s Beneficial Ownership Information (BOI) Reporting Guide (Source Created)

5.0 How to File Your BOI Report?

In order to submit the BOI report in Nevada, there is a secure online filing system as a platform for filing the report on the FinCEN portal. The process involves the identification of the need, collection of details and presentation of the report in the right manner. Like all corporations operating within Nevada and those originating from other states or countries, they are bound to divulge their beneficial ownership details. The details include names, date of birth, the physical address of any place of residence, as well as any government-issued identification numbers of the beneficial owner. Subsequent businesses that had registered before the enactment of the regulation must file the report within the next 30 days after the date of the regulation. As for the Companies’ BOI filing, Nevada-incorporated companies are required the submission within 30 calendar days after getting the official certificate of registration.

In order to initiate filing, the businesses need to open the FinCEN BOI E-Filing System which is accessible on the website boiefiling.fincen.gov. After navigating to the portal, the users should ensure that they follow the instructions as provided on the portal to ensure they fill the forms appropriately. New applicants need to choose the option labelled “New Report” while repeaters are to opt for the “Amendment” feature. Relevant information collected must be accurate to avoid cases where wrong or missing information leads to compliance problems or fines. The final step is to verify enter the data and input the report electronically.

The table below provides a detailed step-by-step guide for filing the BOI report. It uses the FinCEN BOI e-filing System in Nevada.

Table 3: BOI Report Filing Process in Nevada (Source Created)

Records should be kept in order to be well-equipped to cater for the stipulated requirements regarding Nevada’s BOI regulations. Companies should maintain copies of the original BOI filing as well as other changes or modifications made to the report. These records may be requested by FinCEN for verification so that all of the data submitted is current and accurate. This study has outlined Nevada’s BOI filing processes and shown how any business can follow the outlined procedures to ensure they do not violate federal laws and therefore spend money on penalties.

6.0 ⁠Penalties for Not Reporting BOI Correctly

Nevada-incorporated organisations are required to submit BOI to the relevant authorities and serve the same to other parties as and when required under the CTA; therefore, failure to disclose accurate BOI or file the same at the right time attracts sanctions under the same law. Manufacturers who fail to meet reporting obligations risk civil penalties of $591 per day for each unfiled report. These fines increased over the years and can become quite steep if manufacturers and other enterprises do not refrain from violating the rules.

When breaches occur through negligence, the discipline and fines are rather steep, and if done intentionally, criminal charges may also be brought against the offender. Failure to file or submit false information may attract penalties of $10,000 for individuals or up to $50,000 for a firm and or imprisonment for up to two years. This is why these penalties were given to BOI to ensure compliance with these regulations or policies as may apply. The general rule is that all businesses in Nevada should file for their business licences and also provide the correct details within the set time as failure to do so may lead to many financial and legal consequences. Thus, record keeping, as well as timely submission, is crucial in order not to fall prey to the anti-competitive regulation.

7.0 Conclusion

BOI reporting is a regulation that is compulsory in Nevada, as it provides a means to eliminate or control unlawful financial activities. The reporting is however not required from all entities but most of the small and medium-sized business organisations fall in this category. Late reporting or the provision of false information is a crime that attracts serious civil and criminal repercussions. In order to avoid any non-compliance issues, one should come to grasp the BOI filing process, meet the deadlines and store business ownership information properly. It is essential for businesses to understand these requirements and one way of doing so is by consulting or staying alert for change in regulation codes. Thus, by following the requirements of BOI reporting, organisations not only fail to get penalties but also contribute to the making of a more ethical and transparent business world.