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We are often asked if Foreign parent companies of a US entity would need to file the BOI:
Let us take the example of US companies that 100% subs of Foreign Entities.
First of all the foreign entity being the parent does not need to file this form unless it has registered as the Indian entity itself to do business in the US. This rarely happens. It usually occurs only when there is an entity from a foreign country operating a branch in the US.
A foreign entity is a reporting company only if it filed a document with a secretary of state or a similar office to register to do business in the United States. State laws vary on whether certain entity types, such as trusts, require the filing of a document with the secretary of state or similar office to be created or registered.
• If a trust is created in a U.S. jurisdiction that requires such filing, then it is a
reporting company, unless an exemption applies. Similarly, not all states require foreign entities to register by filing a document with a secretary of state or a similar office to do business in the state.
• However, if a foreign entity has to file a document with a secretary of state or a similar office to register to do business in a state, and does so, it is a reporting company, unless an exemption applies.
If you need help figuring out who should be included in this form, contact us at [email protected].