Deadline to file is May 31
The BE-12 form is a survey conducted by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) to collect information on the activities of foreign-owned U.S. companies. This survey is conducted every five years – including 2023 — and is used to gather data on the operations, finances, and ownership of U.S. companies that are owned by foreign entities.
According to the BEA, all U.S. domestic companies that are at least 10-percent owned by a foreign entity are required to submit the BE-12 form by May 31, 2023 (or June 30 with a valid extension).
The BE-12 survey is mandatory, and failure to comply with the reporting requirements can result in penalties and fines. The data collected through the survey is used by various government agencies, policymakers, researchers, and businesses to better understand the role and impact of foreign investment in the U.S. economy.
It’s important to note that the reporting requirements may differ for different types of companies and for companies that are owned by foreign entities but are not considered U.S. domestic companies. Therefore, it’s important for companies to consult with the BEA or a qualified advisor to ensure that they are complying with all applicable reporting requirements.
If you need help with filing a BE-12 or are not sure if this requirement applies to you, contact the professionals at Sol Schwartz & Associates for assistance.