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.