To comply with Beneficial Ownership Information (BOI) reporting requirements, specific identification documents are needed for individuals associated with the reporting company, such as beneficial owners and company applicants.
The core requirement for each beneficial owner and company applicant is the submission of details from one non-expired identifying document. This information helps verify the identity of the individuals involved in the company.
Essential Document Information
For the selected identification document, reporting companies must provide the following:
- The unique identifying number from the document.
- The issuing jurisdiction (e.g., state, country).
- An image of the document itself.
Acceptable Identification Documents
The following types of documents are generally accepted, with a specific hierarchy if U.S. documents are not available:
| Priority | Document Type | Issuing Authority | Key Requirements |
|---|---|---|---|
| 1 | U.S. Passport | U.S. Government | Non-expired, unique ID number, issuing jurisdiction, and an image of the document |
| 2 | State Driver's License | U.S. State or Territory | Non-expired, unique ID number, issuing jurisdiction, and an image of the document |
| 3 | Identification Document | U.S. State, Local Government, or Tribe | Non-expired, unique ID number, issuing jurisdiction, and an image of the document |
| 4 | Foreign Passport (if no other options are available) | Foreign Government | Non-expired, unique ID number, issuing jurisdiction, and an image of the document |
Practical Insights
- Accuracy is Key: Ensure all information entered matches the document exactly to avoid reporting errors.
- Clarity of Image: The image submitted should be clear and legible, showing all relevant details of the document.
- Hierarchy of Documents: Individuals should prioritize providing a U.S. passport, state driver's license, or other state-issued identification. A foreign passport is only permissible if none of these U.S. documents are possessed by the individual.
Understanding these document requirements is crucial for accurate and compliant BOI reporting, as outlined in guidelines related to FinCEN BOI reporting.
