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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules
d. Estimated PRA Burden of BOI
Reports Reporting Requirements: The proposed rule would require certain entities to report to FinCEN information about the reporting company, their beneficial owners and company applicants, in accordance with the CTA.268 Entities would also be required to update the information in these reports as needed. The collected information would be maintained by FinCEN in a database accessible to authorized users.
OMB Control Number: 1506XXXX..
Frequency: As required.269
Description of Affected Public:
Domestic entities that are corporations, limited liability companies, or other entities that are created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian Tribe or foreign entities that are corporations, limited liability companies, or other entities which are:
1 Formed under the law of a foreign country; and 2 registered to do business in any state or Tribal jurisdiction by the filing of a document with a secretary of state or any similar office under the laws of a state or Indian Tribe. The proposed regulation does not require corporations, limited liability companies, or other entities that are described in any of 23 specific exemptions from the general definition to file BOI reports.
Estimated Number of Respondents:
As explained in detail above, the number of entities that are reporting companies is difficult to estimate.
FinCEN assumes that existing entities that meet the definition of reporting company and are not exempt would submit their initial BOI reports in Year 1. Therefore, the estimated number of initial BOI reports in Year 1 is 25,873,739. In Year 2 and beyond, FinCEN estimates that the number of initial BOI reports would be 3,226,613, which is the same estimate as the number of new entities per year that meet the definition of reporting company and are not exempt. FinCEN
estimates that 5,228,785 updated reports would be filed in Year 1, and 11,408,257
such reports would be filed in Year 2
and beyond.
Estimated Time per Respondent: Most of the information required to be reported to FinCEN is basic information that reporting companies would have access to as part of conducting their 268 See 31 U.S.C. 5336b and proposed 31 CFR
1010.380b.
269 For BOI reports, there is an initial filing and subsequent filings are required as information changes.

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business. FinCEN estimates the average burden of the reporting BOI as 70
minutes per response 20 minutes to read the form and understand the requirement, 30 minutes to identify and collect information about beneficial owners and applicants, 20 minutes to fill out and file the report, including attaching a scanned copy of an acceptable identification document for each beneficial owner and applicant.
FinCEN estimates the average burden of updating such reports as 30 minutes per update 20 minutes to identify and collect information about beneficial owners or applicants and 10 minutes to fill out and file the update.
Estimated Total Reporting Burden Hours: FinCEN estimates that during Year 1, the filing of initial BOI reports would result in approximately 30,186,029 burden hours per year on reporting companies.270 In Year 2 and beyond, FinCEN estimates that the filing of initial BOI reports would result in 3,764,381 burden hours annually on new reporting companies.271 FinCEN
estimates that filing BOI updated reports in Year 1 would result in approximately 2,614,392 burden hours on reporting companies.272 In Year 2 and beyond, the estimated number of burden hours is 5,704,129.273
Estimated Total Reporting Cost: To estimate the average cost, FinCEN used the estimate of an average cost of $27.07
per hour, the mean hourly wage for all employees 274 from the May 2020
National Occupational Employment and Wage Estimates report 275 and multiplied by a private industry benefits factor of 1.42 276 to estimate a fully loaded wage rate of $38.44 per hour.
The estimated cost of filing initial BOI
70/60.
70/60. While this calculation equals 3,764,382, FinCENs model includes decimal points that result in the total of 3,764,381.
272 5,228,785 30/60.
273 11,408,257 30/60.
274 FinCENs selection of the all employees estimate is reflective of its goal to develop the BOI
reporting requirement so that a range of businesses ordinary employees, with no specialized knowledge or training, may file the reports. Additionally, the CDD Rule also used the weighted average hourly wage for all employees from the National Occupational Employment and Wage Estimates report to estimate client costs in opening a new account. 81 FR 29437.
275 See U.S. Bureau of Labor Statistics, National Occupational Employment and Wage Estimates, May 2020, available at https www.bls.gov/oes/
current/oes_nat.htm.
276 The ratio between benefits and wages for private industry workers is $10.83 hourly benefits/
$25.80 hourly wages = 0.42. The benefit factor is 1 plus the benefit/wages ratio, or 1.42. See U.S.
Bureau of Labor Statistics, Table 4. Employer Costs for Employee Compensation for private industry workers by occupational and industry group, March 2021, available at https www.bls.gov/
news.release/ecec.t04.htm.
270 25,873,739
271 3,226,613

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reports in Year 1 is $1,160,332,854.17
per year.277 The estimated cost of filing initial BOI reports annually in Year 2
and beyond is $144,700,558.43.278 The estimated cost of filing updated reports in Years 1 is $100,495,669.61 per year.279 The estimated cost of filing updated reports annually in Year 2 and beyond is $219,263,279.14.280 FinCEN
estimates that it will cost each reporting company approximately $45 to prepare and submit an initial report for the first year that the BOI reporting requirements are in effect.281
ii. Individuals Applying for a FinCEN
Identifier Reporting Requirements: The proposed rule would require the collection of information from individuals in order to issue them a FinCEN identifier.282 This is a voluntary collection. Per the CTA, individuals are required to provide their full name, date of birth, current street address, a unique identifying number from an acceptable identification document; furthermore, consistent with the CTA, FinCEN is proposing to require individuals to provide a scanned image of that document in order to receive a FinCEN
identifier.283 An individual is also required to submit updates of their identifying information as needed.
FinCEN would store such information in its BOI database for access by authorized users.
OMB Control Number: 1506XXXX
Frequency: As required.
Description of Affected Public: In terms of estimating the number of individuals requesting a FinCEN
identifier, FinCEN acknowledges that anyone with an acceptable identification document could apply for a FinCEN identifier under the proposed rule. However, the primary incentives 277 30,186,029 $38.44. While this calculation equals $1,160,350,954.76, FinCENs model includes decimal points that result in the total of $1,160,332,854.17.
278 3,764,381 $38.44. While this calculation equals $144,702,805.64, FinCENs model includes decimal points that result in the total of $144,700,558.43.
279 2,614,392 $38.44. While this calculation equals $101,535,108.48, FinCENs model includes decimal points that result in the total of $100,495,669.61.
280 5,704,129 $38.44. While this calculation equals $219,266,718.76, FinCENs model includes decimal points that result in the total of $219,263,279.14.
281 $1,160,332,854.17/25,873,739 = $44.85, approximately $45.
282 FinCEN is not separately calculating a cost estimate for entities requesting a FinCEN identifier, because FinCEN assumes this would be part of the process and cost already estimated in submitting the BOI reports.
283 31 U.S.C. 5336b3Ai and proposed 31
CFR 1010.380b5.

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