BEA Survey Filing Deadline Extended to August 31, 2020

August 21, 2020 | Article

The Bureau of Economic Analysis (BEA) requires a survey of U.S. Direct Investment Abroad every five years. The survey was distributed in May for the 2020 calendar year.
Anyone who missed the original BE-10 Filing date in May now has a second chance to file. The BEA is allowing Forms BE-10 to be filed until August 31 without issuing penalties.

Required Filers for BEA Survey
A BE-10 report is required of any U.S. person that had a foreign affiliate—that is, that had a 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—at the end of the U.S. person’s 2019 fiscal year. Certain private funds may be exempt from filing.

Under changes implemented since the previous BE-10 required filing, investments by U.S. entities of a 10% or more voting interest in a foreign private fund and investments by foreign entities of a 10% or more voting interest in a U.S. domiciled private fund may not be required to report on BEA direct investment surveys if they meet both the following criteria:

  • The private fund does not own, directly or indirectly through another business enterprise, an “operating company”—i.e. a business enterprise that is not a private fund or a holding company—in which the U.S. reporter owns at least 10% of the voting interest.
  • If the private fund is owned indirectly (through one or more other business enterprises), there are no “operating companies” between the U.S. reporter and the indirectly owned private fund.

While the BEA may send out Form Series BE-10 to prior BEA filers, failure to receive Form Series BE-10 from the BEA does not relieve any U.S. person from the requirement to file. In addition, if a prior BEA filer that is no longer required to file receives a Form Series BE-10 from the BEA, they must still complete and file Form BE-10-Claim for Not Filing to report the change in status.

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