U.S. persons with foreign affiliates are reminded that the deadline to file the Benchmark Survey of U.S. Direct Investment Abroad (“BE-10 Survey”) is approaching. The survey must be filed with the U.S. Department of Commerce Bureau of Economic Analysis (“BEA”) on either May 29, 2015 or June 30, 2015, depending on the number of the company’s foreign affiliates. The BE-10 survey is conducted every five years and will collect data on U.S. companies and their foreign affiliates.

The BEA requires this BE-10 Survey from all U.S. persons with direct or indirect ownership or control of at least 10% of the voting stock of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise, during the U.S. company’s 2014 fiscal year.1 Assistance with definitions regarding a foreign business enterprise and other matters can be found in the BE-10 Survey instructions.

Absent extension, U.S. persons with fewer than 50 foreign affiliates must file the BE-10 Survey by May 29, 2015, while those filing forms for 50 or more foreign affiliates must file by June 30, 2015. Extensions are available, as detailed below.

Extension Requests

The BEA will consider granting “reasonable requests” for extension sought by companies that are unable to meet the May 29, 2015 and June 30, 2015 deadlines. These requests must be received by the BEA by the date on which the BE-10 Survey is due—either May 29, 2015 or June 30, 2015 as described above—and must set forth the substantive reasons the extension is necessary.

Extensions may be granted based on the number of forms a company is required to submit. U.S. companies filing fewer than 50 forms may receive an extension through June 30, 2015, and those filing between 50 and 100 forms may request an extension through July 31, 2015. Companies filing more than 100 forms may request an extension through August 31, 2015.

Companies should submit extension requests using the single-page form available on the BEA website. This form may be submitted online using the BEA’s secure e-File system or by fax to (202) 606-5312. Companies may also request an extension by phone at (202) 606-5566.

Required Forms for U.S. Companies with Foreign Affiliates

Each U.S. person with foreign affiliates must submit a Form BE-10A detailing information about its consolidated domestic business enterprise, as well as supplemental forms for each of its foreign affiliates which vary based upon the percentage owned or levels of total assets, sales or gross operating revenues or net income after taxes which are, again, detailed in the survey instructions. Reporting persons that did not have total assets, sales or gross operating revenues excluding sales tax, or net income after taxes of greater than $300 million at any point during the person’s 2014 fiscal year may file an abbreviated version of the survey.

Forms may be submitted online using the BEA’s secure e-File system, faxed to (202) 606-5312, or mailed to the BEA at the address listed on the Form BE-10A.

Penalties for Failure to Report

Filing the BE-10 Survey is mandatory. Failure to report may result in the imposition of a civil penalty between $2,500 and $25,000, injunctive relief commanding compliance, or both. The willful failure to report may result in a fine of up to $10,000, imprisonment of up to one year, or both.

Confidentiality

The BEA is permitted to use information from the BE-10 Survey only for analytical and statistical purposes. By law, reports filed are to remain confidential and not be published with information identifying the reporting company.