Bureau of Economic Analysis (BEA) filings
Some 2024 filings are due by May 30, 2025
Summary
In this episode of the 10,000 Startups podcast, Roger Royse, a partner at Haynes Boone focusing on Emerging Growth and Venture Capital, provides an overview of the Bureau of Economic Analysis (BEA) filings, which pertain to foreign direct investment in the United States and U.S. investments abroad. These filings are particularly relevant for companies with foreign ownership or subsidiaries and are governed by the Department of Commerce’s BEA under several specific forms and surveys.
Roger outlines the most common and significant BEA forms, highlighting their purposes and deadlines. The BE13 form is likely the one most familiar to startup founders, as it is required when a foreign entity acquires at least 10% voting interest in a US business or establishes a new entity in the U.S. This form is typically filed at the company’s formation. Beyond this, there are various periodic surveys such as the quarterly BE605, annual BE15, and benchmark surveys BE12 and BE10, which occur on a five-year cycle.
Special emphasis is placed on the upcoming BE10 survey due in 2025, which is the most comprehensive BEA report covering fiscal years ending in 2024. The BE10 survey requires all entities subject to reporting to file regardless of whether they have been directly contacted by the BEA. The deadlines vary based on the volume of forms filed: May 30, 2025, for those filing fewer than 50 forms and June 30, 2025, for those filing 50 or more.
Roger further details the subdivision of the BE10 survey into several forms designed to capture different tiers of foreign affiliate reporting. For example, BE10A applies to consolidated US businesses with at least one foreign affiliate, while BE10B, C, and D cover majority and minority-owned foreign affiliates segmented by asset sales or net income thresholds.
Given the technical nature of these filings, Roger advises consulting the detailed guidance on the BEA website and recommends that companies engaging in these filings typically work with their accounting firms or legal advisors to ensure compliance. This podcast episode serves as a timely reminder of these complex filing requirements and their impending deadlines.
Highlights
📅 The BEA BE10 benchmark survey form for 2024 fiscal year ends is due May 30 or June 30, 2025, depending on volume.
🏢 BE13 is the most common form, filed when foreign entities acquire 10% or more voting interest in a US business or create a new US legal entity.
🌍 BEA filings monitor foreign direct investment into the US and US investment abroad, crucial for companies with foreign ownership.
📊 There are multiple BEA surveys and forms including BE605 (quarterly), BE15 (annual), BE12 and BE10 (benchmark).
✍️ All relevant entities must file the BE10 survey forms regardless of BEA contact.
💼 BE10 forms are broken down based on foreign affiliate ownership and financial thresholds (BE10A, BE10B, BE10C, BE10D).
👩💼 Accountants typically handle BEA filings, but legal advisors can also provide guidance for compliance.
Key Insights
📈 Importance of BEA Filings for Foreign-Owned Businesses: BEA filings like BE13 and BE10 are critical for startups or businesses with foreign investors. They serve as a way for the US government to monitor foreign direct investment and understand economic ramifications. Accurate and timely filing ensures legal compliance and avoids penalties, which is often overlooked by startups focusing solely on growth and capital acquisition.
🔍 BE10 as the Most Comprehensive Survey: The five-year BE10 benchmark survey stands out because it collects the most detailed data on foreign ownership and investment activities. It covers not only the consolidated US business but also majority- and minority-owned foreign affiliates across different financial scales. Entities must pay close attention to their filing obligations, as this survey can be quite involved and technical, highlighting the importance of early preparation.
⏰ Deadlines Vary by Filing Volume: The existence of two separate deadlines—May 30, 2025, for entities filing fewer than 50 forms and June 30, 2025, for those with 50 or more—indicates BEA’s approach to accommodate different business sizes. High-volume filers like large corporations or conglomerates have extra time, which reflects BEA’s understanding of varied reporting burdens. Startups and smaller firms often face stricter time constraints, adding pressure but also clarity to their filing calendar.
🧾 Segmentation of Forms Based on Financial Thresholds: The tiered nature of the BE10 forms (BE10B, C, and D) suggests BEA’s focus on granularity, ensuring each business affiliates’ size and contribution to the economy is adequately captured without overburdening smaller entities. This also implies that businesses must maintain detailed financial records of their foreign affiliates, especially concerning asset sales and net income, for compliance and reporting accuracy.
🌐 Mandatory Filing Regardless of BEA Contact: The requirement for entities to file even if they are not contacted by the BEA underscores the proactive responsibility placed on foreign-owned corporations. This approach shifts compliance from reactive to preventive, helping BEA maintain a comprehensive national database. It also stresses the necessity for business owners and their advisors to remain informed and prepared for filings proactively.
🧑💼 Collaboration Between Legal and Accounting Professionals: The technical nature of BEA filings reveals how regulatory compliance in international business investment is a multidisciplinary task. While accountants often handle filing details, legal professionals help interpret regulations, ownership structures, and governance issues that affect reporting. Startups should thus engage both sides early to avoid costly mistakes or missed deadlines.
💡 Resource Accessibility and Guidance: Roger’s intention to provide summarized rules and direct links to BEA resources emphasizes the need for accessible, clear guidance for businesses navigating complex government compliance. The BEA’s website and FAQs are valuable tools, but companies benefit from legal and financial advisors synthesizing this information into actionable steps, particularly for those new to foreign ownership reporting requirements.
This comprehensive breakdown of BEA filings serves as a crucial resource for startups and established US businesses with foreign ties. Understanding and complying with these requirements helps safeguard companies against regulatory risks while supporting informed government policies on foreign investment.