Keeping the company in good standing · A term for founders abroad
What is FinCEN?
The US Treasury's Financial Crimes Enforcement Network, which ran beneficial ownership reporting, receives the FBAR and sets the rules banks follow.
Checked against the IRS's instructions and the states' own rules. Reviewed by Saais Patel, compliance reviewer.
Term 35 of 105 in the glossary, filed under F.FinCEN: beneficial ownership information
FinCEN, for a founder abroad.
FinCEN is the Treasury bureau behind beneficial ownership reporting and the rules banks follow to verify their customers. Its rules are why your bank asks the questions it does.
Since August 2026, a company formed in the US owes FinCEN no beneficial ownership report. It can still owe an FBAR, the yearly report of the accounts it holds outside the US. It's owed only if those accounts held more than $10,000 between them at any time in the year. A company that banks only in the US doesn't file one.
Sources: FinCEN: beneficial ownership information; FinCEN: Report of Foreign Bank and Financial Accounts.
Read next · guide · 2 minBeneficial ownership reporting in 2026: what a US-formed company owes FinCENWhat founders ask next.
- Is FinCEN part of the IRS?
- No. Both sit in the US Treasury, but FinCEN deals with financial crime rules, not tax. The FBAR goes to FinCEN, separately from any tax return.
- What does my US company file with FinCEN?
- Usually nothing. An FBAR only if it holds more than $10,000 in accounts outside the US at some point in the year.
03 · See also
- Keeping the company in good standingBeneficial ownership reportThe FinCEN filing that named a company's owners under the Corporate Transparency Act, permanently ended for US-formed companies in August 2026.Read the term
- Keeping the company in good standingFBARThe yearly report to FinCEN of accounts outside the US, filed by a US company when they held over $10,000 between them at any time in the year.Read the term
- Keeping the company in good standingAnnual reportThe yearly filing a state requires to keep a company in good standing: $60 in Wyoming; a Delaware LLC files none and pays a yearly tax instead.Read the term
- Keeping the company in good standingWyoming annual report licence taxWyoming's yearly charge on an LLC: $60, or $0.0002 per dollar of Wyoming assets if more, due on the first day of the month it was formed in.Read the term
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