BE-15 Reporting Requirements for U.S. Businesses in New Jersey
Welcome back to our BEA reporting series — a comprehensive 18-part guide designed to help New Jersey business owners navigate foreign direct investment compliance. This is our sixth article, and if you've been following along, you’ve already seen how BE-12 tracks existing foreign ownership and BE-13 covers new foreign direct investment.
Now, we turn to BE-15, an annual survey that focuses on the ongoing financial and operational data of U.S. affiliates of foreign businesses. So, what exactly is the BE-15 report? Who must file it? When is it due? And what happens if you don’t submit it on time? These are the critical questions we’ll answer in this article. Let’s break it all down.
What Is the BE-15 Report and Why Does It Matter?
If your business is a U.S. affiliate of a foreign entity, you might already be familiar with BEA’s reporting requirements. But unlike BE-12, which captures foreign direct investment at a set point in time, or BE-13, which focuses on new foreign investments, BE-15 is an annual survey that collects ongoing financial and operational data from U.S. businesses with foreign ownership.
The BE-15 report is about transparency. The Bureau of Economic Analysis (BEA) uses the collected data to analyze foreign direct investment trends, assess the impact of foreign-owned businesses on the U.S. economy, and support policy decisions that affect trade and international investment. By tracking gross operating revenue, net income, investment transactions, and employment statistics, this survey helps paint an accurate picture of how foreign entities contribute to the U.S. market.
Who Must File the BE-15 Report?
If your business has foreign ownership, the BEA wants to hear from you. But whether you need to file BE-15A, BE-15B, BE-15C, or just a Claim for Exemption depends on a few key factors. Let’s start with the foreign ownership threshold, the first test in determining whether a U.S. business must report.
A U.S. affiliate (a U.S. business with foreign ownership) is required to file BE-15 if a foreign person or entity owns at least 10% of its voting interest. This ownership can be:
Direct: The foreign entity holds voting shares in the U.S. business.
Indirect: The foreign entity owns shares through another company in a chain of ownership.
The ownership percentage is measured at the end of the U.S. business’s fiscal year. If a foreign entity acquired or lost its stake at any point during the year, what matters is whether it met the 10% threshold on the last day of its fiscal year.
If your business meets this foreign ownership test, the next step is figuring out which form to file, and that depends on the company’s financial size.
Financial Size Requirements: Which BE-15 Form to File?
The BEA determines filing requirements based on three financial factors:
Total Assets: The combined value of everything the business owns, from cash to real estate.
Sales or Gross Operating Revenues: The total earnings from business activities before expenses.
Net Income (or Loss): The final profit (or loss) after deducting expenses.
If any of these figures cross certain thresholds, here’s what needs to be filed:
BE-15A: If total assets, sales, or net income exceed $300 million and if the company is majority-owned directly and/or indirectly by foreign parents, your business must submit Form BE-15A and provide a detailed financial breakdown.
BE-15B: If total assets, sales, or net income exceed $300 million and if the company is NOT majority-owned directly and/or indirectly by foreign parents, your business must submit Form BE-15B. Another condition requiring the filing of Form BE-15B is if total assets, sales, or net income fall between $120 million and $300 million.
BE-15C: If total assets, sales, or net income are between $40 million and $120 million, Form BE-15C applies.
BE-15 Claim for Exemption: If your business was contacted by the BEA but does not meet the filing thresholds, you must submit a Claim for Exemption to confirm that reporting is not required.
If the BEA did not contact your business and your financials fall below the $40 million threshold, no filing is needed at all.
Still unsure? A New Jersey business lawyer can review your foreign ownership structure, financials, and compliance obligations to help you make the right call.
BE-15 Reporting Deadlines and Filing Requirements
Staying compliant with BE-15 reporting means knowing exactly when to file and what to include. This annual survey is due no later than May 31 of each year and covers financial and operational data from the previous fiscal year. The deadline may be later for reporting companies that use BEA’s eFile system. If your business is not exempt, you’ll need to provide:
Annual net income, gross operating revenues, and total assets give a clear picture of financial performance.
Investment transactions with the foreign parent, including capital contributions and distributions.
Changes in foreign ownership or voting securities, ensuring transparency in foreign direct investment relationships.
Accuracy is key. Inconsistent or incomplete filings can trigger compliance reviews, adding unnecessary stress to business operations. If you’re unsure whether your company meets the reporting criteria or need help compiling the required data, a New Jersey business lawyer can help you navigate the filing process and avoid regulatory missteps.
How to File the BE-15 Report
It is important to understand how to complete the filing process correctly. The Bureau of Economic Analysis (BEA) provides an eFile system to simplify submission, but accuracy is crucial, as misreporting or missing data can trigger compliance issues.
Step-by-Step Filing Process
Determine the Correct Form - whether BE-15A, BE-15B, or BE-15C
Gather the Necessary Information
Annual net income, gross operating revenues, and total assets.
Investment transactions with the foreign parent.
Any changes in foreign ownership or voting securities.
Access BEA’s eFile System
The BEA encourages online submissions for efficiency and security.
First-time users must register before submitting a BE-15 report.
Submit the Report & Verify Accuracy
Double-check financial figures and ownership details to ensure compliance.
Retain a confirmation receipt for your records in case of follow-ups.
Failing to submit an accurate report can lead to compliance reviews, delays, and potential penalties. A business attorney with experience in BEA compliance can help clarify your obligations, ensure accurate submissions, and prevent regulatory headaches down the line.
What Happens If You Miss the Filing Deadline?
Overlooking the BE-15 filing deadline can have serious consequences.
Civil Penalties – Fines can exceed $50,000 per violation for non-compliance.
Criminal Penalties – Willful violations may result in additional fines and, in extreme cases, legal action.
Government Scrutiny – A missed deadline could trigger a compliance review or even a federal audit, bringing unwanted attention to your business operations.
If your business hasn’t filed on time, take immediate action. The BEA allows late submissions, but delaying further can increase the risk of enforcement measures. The best approach is to file as soon as possible and work with a New Jersey business lawyer to ensure the proper filing is submitted, address compliance concerns, and communicate with the BEA to resolve any outstanding issues.
Conclusion
Missing a BE-15 filing can lead to fines and unwanted attention from regulators. Handling it correctly the first time saves time and stress. Staying ahead of deadlines and understanding your reporting obligations will save time and prevent compliance headaches. Next, we’ll turn our focus to the BE-605 report—what it covers, when it’s due, and why it matters for businesses with foreign investment.
Are you wondering about any of the issues mentioned above? Please email us at Info@staturelegal.law or call (732) 320-9831 for assistance.
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