Pursuant to the requirements of the International Investment and Trade and Services Survey Act and related statutes, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) collects information on international trade in services, foreign direct investment in the United States and outbound U.S. investment overseas. BEA uses this information to compile a number of different economic and statistical reports that are used for budgetary purposes and to help set U.S. economic and monetary policy. Information submitted to BEA is confidential and is to be used for such economic and statistical reporting purposes only.

Every five years the BEA requires all U.S. persons, defined as any individual or entity resident in the United States or subject to U.S. jurisdiction, with one or more “foreign affiliates” to file Form BE-10, which collects data regarding U.S. direct investment abroad.

If an individual or entity directly or indirectly owned 10 percent or more of a foreign affiliate at any time during its or their 2014 fiscal year, they are required to file Form BE-10 with the BEA by May 29, 2015. (Those who must file 50 or more BE-10s have until June 30, 2015). Failure to do so could result in a fine of up to $25,000 or up to a year in prison for individuals. Many individuals and companies may be unaware of this deadline. This requirement, which had been on hold for several years, was reinstated on November 20, 2014. An extension of the filing deadline can be requested. Reasonable requests for extension of the filing deadline will normally be granted if requested before the due date.

Having a “foreign affiliate” is defined as having “direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise, at any time during the U.S. person’s 2014 fiscal year.” If you qualify, you are required to file.