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Deadline Approaching for Some U.S. Companies with Foreign Direct Investment to File with BEA

Deadline Approaching for Some U.S. Companies with Foreign Direct Investment to File with BEA

Deadline Approaching for Some U.S. Companies with Foreign Direct Investment to File with BEA

Every five years, U.S. companies in which a foreign person or entity holds an ownership interest with a right to vote, representing 10% or more of the company’s equity, are required to file a form with the U.S. Bureau of Economic Analysis (BEA) reporting specific operating, accounting and financial information. This is part of BEA’s monitoring of foreign direct investment in the United States.

Pursuant to the International Investment and Trade in Services Survey Act of 1976, failing to submit what’s known as a Benchmark Report may result in civil and, in certain circumstances, even criminal penalties.

2023 is a Benchmark year. The deadline to submit the Benchmark Report is May 31, 2023, or June 30, 2023, if filing online. Nevertheless, it may be possible to request an extension until July 31, 2023, or August 31, 2023 for online filing, depending on the company’s specific information. Note that in addition to the Benchmark Report, companies with foreign investment may be subject to filing other notices with the BEA under different deadlines, depending on their assets and liabilities.

You can learn more about this Benchmark filing requirement on the BEA website. Proper tax counsel is advisable to ensure compliance. Our International Tax Team is here to assist.


Juan D. Arau

Juan D. Arau

Senior Associate

Juan advises clients across a wide range of industries on business and corporate matters involving cross-border structuring, mergers and acquisitions, joint ventures, corporate reorganizations, corporate governance, compliance, and commercial contracting. His practice includes guiding clients through transactions that involve Mexican entities, assets, or real property, drawing on his dual licensure in Mexico and California to provide integrated cross-border support.

Juan collaborates closely with clients to implement corporate and transactional strategies tailored to their operational and international needs. Before joining Procopio, Juan spent more than a decade at a leading global law firm, where he practiced in its Corporate M&A group and later was selected to establish and lead its Foreign Trade and Customs practice in the Tijuana office.

Juan advises clients across a wide range of industries on business and corporate matters involving cross-border structuring, mergers and acquisitions, joint ventures, corporate reorganizations, corporate governance, compliance, and commercial contracting. His practice includes guiding clients through transactions that involve Mexican entities, assets, or real property, drawing on his dual licensure in Mexico and California to provide integrated cross-border support.

Juan collaborates closely with clients to implement corporate and transactional strategies tailored to their operational and international needs. Before joining Procopio, Juan spent more than a decade at a leading global law firm, where he practiced in its Corporate M&A group and later was selected to establish and lead its Foreign Trade and Customs practice in the Tijuana office.

Pedro E. Corona de la Fuente

Pedro E. Corona de la Fuente

Partner

Pedro is a trusted advisor to global families and privately held multinational companies on a range of investments and operations across borders. His practice bridges international tax, estate planning, and corporate structuring with a deep understanding of the global business and policy environment. He guides high-net-worth families with members of multiple nationalities, family offices, and privately held multinational enterprises in structuring their cross-border investments, optimizing tax efficiency, and preserving multigenerational wealth. Pedro also advises internationally active athletes, entertainers, and other public figures on U.S. and cross-border tax matters, including the tax implications of global mobility, compensation, investments, and cross-border estate planning. He leads Procopio’s International Tax practice and the firm’s internal Corporate and Tax team.

With extensive experience across the U.S., Mexico, and Latin America, Pedro designs compliant and tax-efficient frameworks for wealth transfer, business succession, and international investment, ensuring alignment with both domestic and foreign legal systems. His work frequently involves advising on treaty interpretation, pre-immigration planning, expatriation, cross-jurisdictional entity governance, reporting obligations, and the tax implications of global mobility.

Pedro is a trusted advisor to global families and privately held multinational companies on a range of investments and operations across borders. His practice bridges international tax, estate planning, and corporate structuring with a deep understanding of the global business and policy environment. He guides high-net-worth families with members of multiple nationalities, family offices, and privately held multinational enterprises in structuring their cross-border investments, optimizing tax efficiency, and preserving multigenerational wealth. Pedro also advises internationally active athletes, entertainers, and other public figures on U.S. and cross-border tax matters, including the tax implications of global mobility, compensation, investments, and cross-border estate planning. He leads Procopio’s International Tax practice and the firm’s internal Corporate and Tax team.

With extensive experience across the U.S., Mexico, and Latin America, Pedro designs compliant and tax-efficient frameworks for wealth transfer, business succession, and international investment, ensuring alignment with both domestic and foreign legal systems. His work frequently involves advising on treaty interpretation, pre-immigration planning, expatriation, cross-jurisdictional entity governance, reporting obligations, and the tax implications of global mobility.

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