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USA requirement to file a Form BE-12 Benchmark Survey
The United States’ Bureau of Economic Analysis (“BAE”) requires all business entities established in the USA before 1st of January 2023, which have a 10% or more foreign ownership, to complete a Form BE-12 Benchmark Survey (“Survey”).
Depending on an entities’ total amount of assets, sales/gross operating revenues or net income, there are 3 different forms applicable:
- BE-12A for a majority-owned U.S. affiliate if, any of the criteria exceeded $300 mil.;
- BE-12B-if the amounts are between $60 to $300 mil.; and
- BE-12C if none of the criteria exceeds $ 60 mil.
The Survey itself addresses the questions related to financial transactions and investment activities of foreigners in US companies, details on capital investments, profit and losses, ownership transfers and other relevant transactions.
The risk of non-compliance
Should a company be late with the completion of the Survey, penalties may be imposed, subject to the BAE’s discretion.