BE-12 Benchmark Survey of Foreign Direct Investment in the United States

The BE-12 Benchmark Survey of Foreign Direct Investment in the United States is conducted by the Bureau of Economic Analysis (BEA), which is part of the U.S. Department of Commerce. The survey collects data on foreign direct investment (FDI) in the United States. The BE-12 Benchmark Survey, conducted every five years by the US Bureau of Economic Analysis (BEA)

Requirements to file:

Unlike its quarterly and annual counterparts, the BE-12 is a mandatory filing for all eligible companies, regardless of whether they are notified by the BEA. 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 percent 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. Certain private funds may be exempt from filing.

Deadline to file:

The Mandatory Survey Filing Required by All US Companies, FDI in 2023 (Bureau of Economic Analysis). The deadline is May 31st, 2023 or by June 30, 2023 for reports submitted via eFile.

Penalties for Non-Filing:

Failure to comply with the BE-12 filing requirement can result in significant penalties. The consequences for non-filing include civil penalties ranging from $2,500 to $25,000, as well as the possibility of criminal charges that may lead to a penalty of $10,000. To avoid these consequences, businesses should prioritize timely and accurate completion of the survey.

A response is required from entities subject to the reporting requirements, whether or not contacted by BEA. If you were notified to file but do not meet the filing requirement, you must complete and submit a BE-12 Claim for Not Filing. The BE-12 Claim for Not Filing can be accessed from www.bea.gov/surveys/be12.

The specific requirements for the BE-12 form may vary depending on the reporting entity and the specific survey year. Generally, the form requests information about the FDI activity of U.S. businesses with foreign ownership, including details such as:

• Identifying information: This includes the name, address, and contact details of the reporting entity.

• FDI transactions: The form typically requires information on capital flows, such as equity investment, debt instruments, reinvested earnings, and other transactions related to foreign direct investment.

• Business activity details: The form may ask for information about the industry, location, and operations of the U.S. business.

• Ownership information: Details regarding the foreign parent company or investor, including their country of origin and ownership percentage, are often required.

• Financial data: The form may request financial statements, such as balance sheets, income statements, and cash flow statements, for both the U.S. business and its foreign parent company.

• Employment data: Information about the number of employees, wages, and other employment-related metrics may be required.

It's important to note that the BEA periodically updates the BE-12 form and its requirements, so it's advisable to consult the most recent instructions and guidance provided by the BEA to ensure accurate and compliant reporting.

If you are specifically required to complete the BE-12 survey, I recommend visiting the Bureau of Economic Analysis website (https://www.bea.gov) or contacting them directly for the most up-to-date information, forms, instructions, and any assistance you may need to complete the survey accurately.

We can help! We can file your BE-12, as one of four forms is required (depending on your business criteria). Even if you are exempt from filing, you need to file the form “BE-12 Claim for Not Filing”. Therefore, the form should still be filed to indicate that you are not required to file the form!