US Companies with foreign ownership, YOU HAVE TO READ THIS!

What’s Happening?!

It’s time for BUREAU OF ECONOMIC ANALYSIS’ (BEA) benchmark survey of foreign direct investment in the United States (BE-12 Survey). The BE-12 is the most comprehensive survey on financial and operating data of U.S. affiliates of foreign multinational enterprises. This is conducted every five years and is MANDATORY for U.S. Affiliates having at least 10% of its voting interest directly and/or indirectly owned by a foreign person.

 

Do I need to file?

A BE-12 report is required for each U.S. affiliate, i.e., for each U.S. business enterprise (including real estate held for non-personal use) in which a foreign person or entity owned or controlled, directly or indirectly, 10% or more of the voting securities if an incorporated U.S. business enterprise, or an equivalent interest if an unincorporated U.S. business enterprise, at the end of the business enterprise’s fiscal year that ended in calendar year 2022. All of those who meet the above requirements MUST file even if they were not contacted by the BEA.

If you do NOT meet the above requirements to file, but were contacted by the BEA to file, you must file a BE-12 Claim for Not Filing.

If you were NOT notified by BEA to file a BE-12 survey, and you do NOT meet BE-12 filing requirements, no action is necessary.

Those who file the BE-15 annually will file the BE-12 instead this year.

When Is This Due?

Filings submitted via eFile are due June 30, 2023.

 

What Is This Information Used For?

BEA uses the BE-12 to produce statistics on foreign-owned business activities in the United States. These statistics are used by business leaders to make decisions about hiring and investing, and used by Congress, the White House, policymakers, federal agencies, state and local officials, and researchers to learn how direct investment affects U.S. jobs, wages, productivity and taxes.

 

For more information, you can visit http://www.bea.gov

If you would like us to help you with your BE-12 filing, or with filing an extension, give us a call.

Jessica C. Portalatin

Experienced Attorney in the areas of Corporate Law, Trademark Law, Franchise Law, Contract Law and Civil Litigation.

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