Treasury's Financial Crimes Enforcement Network (FinCEN) has updated its estimates on how long it should take a company to report beneficial ownership information (BOI) to account for the complexity of the business structure.
FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.
In a notice and request for comment on Jan. 17, FinCEN said it assumes 59% of reporting companies will have a simple structure — one beneficial owner who also is the company applicant; 36.1% will have an intermediate structure of four beneficial owners and one company applicant; and 4.9% will have a complex structure, or eight beneficial owners and two company applicants.
Filings for entities with complex structures could take nearly 11 hours, the agency estimates. It expects filings from 32.6 million entities in the first year. Read more.