Does the BEA apply to you?

The Bureau of Economic Analysis (or “BEA”) is a governmental agency charged with providing up to date economic statistical information. In 2009, the BEA temporarily suspended a number reporting requirements that applied to certain entities that engage foreign direct investment in the US. However, as of November 26, 2014, the suspension on these reporting requirements has been lifted thus again requiring entities to make periodic reports to the BEA.
Does your foreign business own, directly or indirectly, 10% of a U.S. business?
Does your foreign business gross $3 million dollars in revenue a year?
Has your business recently received an information request from the BEA?
If you answered “yes” to any of these questions your business may be required to meet the filing requirements imposed by the BEA. Failure to comply with these requirements could result in civil penalties (up to $32,500) and/or criminal penalties (up to a $10,000 personal fine and one year in prison). Please contact BridgehouseLaw LLP if you have any questions concerning the BEA and how it may apply to you.
Best regards
und viele Grüße aus Charlotte
Reinhard von Hennigs