The U.S. Department of Commerce's 5-Year Benchmark Survey
May 5, 2015
The US Department of Commerce, Bureau of Economic Analysis (BEA) collects data on U.S. Direct Investment Abroad (USDIA).
In general, all US Persons must file a BE-10 Benchmark Survey with BEA if they held more than 10% of the voting interest, directly or indirectly, in a foreign business enterprise in 2014. Although only certain persons are required to report this information on a Quarterly or Annual basis – only if they are asked to do so by BEA – all US Persons are required to complete the 5 Year Benchmark Survey, whether or not the BEA initiates contact and requests that a report be filed.
“US Person” includes individuals and any and all company entities resident in or subject to the jurisdiction of the United States.
The Deadline for most filings is May 29, 2015.
The BEA estimates an average time commitment of 144 hours per response will be required from each filer to complete the full Benchmark Survey. That's up from 121 hours for the 2009 survey. However, lesser benchmarks require less time and effort. Benchmarks (based on assets, sales or gross operating revenues) group filers into several categories, including: (1) less than $25 Million; (2) $80 Million; (3) $300 Million, and greater.
The BEA estimates an average time commitment of 144 hours per response will be required from each filer to complete the full Benchmark Survey. That's up from 121 hours for the 2009 survey.
Nexsen Pruet has a team assisting companies with this cumbersome reporting requirement. Let us know if we can help with any of the following:
- Determine Benchmark Survey applicability and filing status;
- Select the correct BE form;
- File paper copies or electronically, as applicable;
- Anticipate future reporting requirements; and
- Set up internal compliance system.
About the Author
David Robinson's experience provides him with deep insight into global trade and international cross-border transactions. In early 2015, he was named North Carolina's Honorary Consul to Japan. He can be reached at firstname.lastname@example.org or 001-919-755-1800.