The U.S. Bureau of Economic Analysis ("BEA") imposes mandatory reporting requirements upon U.S. persons and businesses with a 10% or more ownership interest in a foreign business, U.S. businesses that are themselves 10% or more foreign owned, and U.S. service sector businesses that transact with foreign parties. These reporting requirements can be triggered by both direct and indirect cross-border business ownership interests and are applicable whether a business enterprise is incorporated or not.
BEA reports require tracking and disclosure of significant financial and operational data on a quarterly, annual and five-year basis, and upon new establishments, acquisitions or expansions of U.S. businesses that are 10% or more foreign owned. BEA regulations are broadly applicable and include reporting requirements for improved and unimproved U.S. real estate that is directly or indirectly foreign owned, with the exception of residential real estate held exclusively for personal use. While some surveys are due on a periodic basis (quarterly, annually or 5-year), others are required to be filed with the BEA within 45 days of each reportable transaction. For example, reportable real estate transactions include acquisitions of U.S. real property by purchase or lease.
BEA compliance is an essential component of risk management for multinational business structures and foreign investors and business owners, and failure to file BEA reports can come with significant civil and criminal penalties.
PorzioCS's BEA compliance services include BEA compliance assessment, navigation through and analysis of complex data requests, information gathering and retention, and report fulfillment. PorzioCS's regulatory compliance team is dedicated to simplifying the BEA's extensive requirements and streamlining the filing process, significantly decreasing clients' reporting burden and ensuring compliance.
PorzioCS brings experience, efficiency and processes to the assessment and fulfillment of extensive mandatory reporting obligations issued by the BEA.
From corporate and complex financial structures to individual and single entity business filings, PorzioCS compliance professionals provide experience and industry-leading knowledge tailored to each unique organization and owner of cross-border business interests.
Download our compliance brochure to learn more.