New York's LLC Transparency Act takes effect for foreign-formed LLCs
From 1 January 2026, New York's Department of State requires non-exempt LLCs formed under the law of a foreign country and authorised to do business in New York to file beneficial ownership disclosure statements, initially and then annually, or an attestation of exemption. Each statement names people who own 25% or more or exercise substantial control. Filings are confidential, cost $25 and are submitted by email.
New York's LLC Transparency Act, signed in December 2023 and amended since, came into effect on 1 January 2026.
Who must file, as the Department of State applies it
- Non-exempt limited liability companies formed under the law of a foreign country and authorised to do business in New York.
- Each must file an initial beneficial ownership disclosure statement and then annual statements, or an attestation of exemption if it claims one.
- This follows the federal Corporate Transparency Act being narrowed in 2025 to foreign-formed companies. Bills in 2025 to set the state's own definitions (S8432 and A8662A) were vetoed by the Governor.
What is reported
For each person who exercises substantial control over the LLC or owns 25% or more of it: full legal name, date of birth, current home or business address, and an identifying number from a passport, state driver's licence or other government ID.
Filing practicalities
- The statutory fee is $25.
- Because the information is confidential, the Department asks for filings by email, not post or fax, until its portal opens. Law enforcement can apply for access.
What to do
Non-US groups with LLCs registered to do business in New York should file, or attest to an exemption, and diary the annual statement. Check the Department of State FAQs for deadlines for LLCs registered before 2026.