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U.S. officials formally, publicly proposed Wednesday to give companies formed or registered in 2024 an additional 60 days to submit the personal details of their beneficial owners for inclusion on a federal database scheduled to go online in January.

The original filing deadline for such entities, set at 30 days after their formation, would now take effect in January 2025. The planned extension, which the Financial Crimes Enforcement Network first signaled in August, would give new entities “additional time to understand the new reporting obligation and collect the necessary information,” the bureau explained Wednesday.

“FinCEN recognizes that there are many aspects of the reporting rule that newly created or registered entities will need to navigate, including whether the new legal entity falls under the definition of ‘reporting company’ or qualifies for an exemption, the meaning of ‘beneficial owner’ under the rule, and the application of other key terms and requirements,” the bureau noted.

Corporations, limited liability companies and other legal entities formed or registered before Jan. 1, 2024, would still have to file by Jan. 1, 2025, the original deadline FinCEN set for them.