May 9, 2016
U.S. businesses that are 10% or more, directly or indirectly, foreign owned are subject to mandatory reporting requirements to the BEA, including the reporting of business establishments, expansions and acquisitions within 45 days of a reportable event. The BEA has now released Form BE-13E Survey of New Foreign Direct Investment in the United States (FYE Cost Update) to collect data from U.S. businesses that previously reported the status of a new business establishment or existing business expansion as "under construction." Form BE-13E is generally used by the BEA to collect updated data from U.S businesses on construction costs previously projected on the following two mandatory forms:
Form BE-13E is due no later than 45 days after a request by the BEA for submission.
Unlike the Form BE-13E which is due upon notice from the BEA, U.S. businesses with 10% or more (direct or indirect) foreign ownership that experience an establishment, expansion or acquisition are required to file other BE-13 reports whether or not they receive notice from the BEA. Parties that fail to file can be subject to both civil and criminal penalties.
For additional guidance as to your or your organization's specific reporting requirements, please contact Porzio Compliance Services (PorzioCS).
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