U.S. Direct Investment Abroad Reporting
The BE-10 survey is conducted by the U.S. Department of commerce’s Bureau of Economic Analysis (“BEA”) to collect information on U.S. direct investment abroad.
The BE-10 survey is conducted every five years. The survey must be completed by any U.S. person (any individual or entity that resides in the U.S. or is subject to the jurisdiction of the U.S.) that had a foreign affiliate at any point during the U.S. person’s reporting year. A U.S. person is considered to have had a foreign affiliate if it had direct or indirect ownership or control of at least 10% of the voting stock of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise, or investment in real estate.
The report is mandatory and civil penalties for non-compliance can range between $2,500 and $25,000. There are also criminal sanctions for willfully failing to file the BE-10. This makes it worthwhile for you to ensure you understand your reporting obligation, complete the survey if required, and file on time.
Starting in 2017, the BEA will implement the new changes beginning with surveys conducted in 2017 (e.g. quarterly surveys including BE-577, BE-605 and BE-13, and annual reports including BE-11 and BE-15). The BEA will make all attempts to notify potentially affected respondents. Such notification shall include whether or not a BEA survey must be filed.
Collecting the data needed to complete the BE-10 can be tedious and sometimes confusing.
Esquire Group will help you determine your filing requirements, complete the required forms, and ensure that your BE-10 is filed on time to keep you in compliance and avoid penalties.