Simplify US Bureau of Economic Analysis Mandatory Compliance Obligations

GCC Services, LLC, in cooperation with Porzio Compliance Services, LLC, offers the Porzio CS BEA Compliance Services Program.

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What We Offer

About Us

GCC Services, LLC, in cooperation with Porzio Compliance Services, LLC (“Porzio CS”), offers the Porzio CS BEA Compliance Services Program (“Program”), the industry’s leading program to satisfy any one’s reporting obligations to the Bureau of Economic Analysis, an agency of the U.S. Department of Commerce.

The U.S. Bureau of Economic Analysis (“BEA”) is an agency of the U.S. Department of Commerce. The BEA’s mission is to track international commerce and publish leading economic growth indicators such as GDP. To do this, the BEA monitors inbound and outbound U.S. investments by imposing mandatory compliance and cross-border business reporting obligations on certain entities and individuals.

The Program provides individuals and businesses with a software based reporting solution to comply with current and evolving BEA reporting, greatly reducing the time and money normally associated with manually preparing and filing the necessary reports.

The Program provides direct value to clients with cross-border business reporting requirements by:

  • offering software tools that make BEA compliance simple and efficient
  • Identifying BEA reporting obligations
  • BEA report completion and filing
  • Minimizing risk of BEA compliance failures, which may result in significant civil and criminal penalties

Why we offer the program

In 1976, Congress adopted the International Investment and Trade in Services Survey Act (P.L. 94-472, 90 Stat. 2059, 22 U.S.C. Sections 3101-3108, as amended). This body of law requires compels the Bureau of Economic Analysis of the U.S. Department of Commerce to collect certain information regarding direct U.S. investment abroad and foreign direct investment in the United States. Section 3104 requires any person involved with this investment to maintain and provide the information to the BEA. For access to the International Investment and Trade in Services Survey Act, click here.

The BEA monitors inbound and outbound U.S. investments as part of its regulatory mission of tracking international commerce and publishing leading economic indicators such as GDP. To fulfill this mission, the BEA imposes mandatory reporting obligations upon, and collects data from:

  • U.S. persons and businesses holding a 10% or greater interest in a foreign (non-U.S.) business;
  • Foreign persons and businesses holding a 10% or greater interest in a U.S. business;
  • U.S. subsidiaries of foreign businesses;
  • Foreign subsidiaries of U.S. businesses; and
  • U.S. parties that transact with foreign parties for the sale or purchase of services or intellectual property related rights.

PENALTIES FOR NON-COMPLIANCE WITH BEA REPORTING OBLIGATIONS ARE SUBJECT TO BOTH CIVIL AND CRIMINAL PENALTIES PURSUANT TO SECTION 3105 OF TITLE 22 OF THE UNITED STATES CODE (22 U.S.C. 3105).

What is GCCS

Global Corporate Compliance Solutions was founded for the purpose of bringing efficient compliance solutions to individuals and businesses. It is particularly dedicated to enable service providers located outside the United States to educate their respective individual and corporate clients with identifying and fulfilling their U.S. BEA reporting obligations.

 

 

 

PARTNERS

Europe: Ducatus Management B.V. (the Netherlands)

Ducatus

 

 

FREQUENTLY ASKED QUESTIONS

Why Should We Comply?

The various BEA surveys or reports require the U.S. based companies (U.S. Reporters) or their Non-U.S. direct and indirect owners (Non-U.S. Reporters) to provide certain information to the BEA about their respective non-U.S. direct and indirect owners and their U.S. subsidiaries. A U.S. Reporter’s failure to provide such information or a U.S. Reporter’s failure to arrange for their Non-U.S. Reporters to provide such information may result in both civil and criminal penalties imposed upon the U.S. Reporter, threatening the value and viability of the Non-U.S. Reporter’s investment in the U.S. Reporter.

Are the Data Submitted on BEA surveys or reports Confidential?

Reporting on BEA’s direct investment surveys is mandatory under the International Investment and Trade in Services Survey Act (P.L. 94–472, 90 Stat. 2059, 22 U.S.C. 3101–3108, as amended). The act protects the confidentiality of the data that companies report. The act specifies that the survey data may only be used for statistical and analytical purposes. BEA is prohibited from granting another agency (such as IRS or the FBI) access to the data for tax, investigative, or regulatory purposes. In addition, data reported on BEA’s surveys are not subject to Freedom of Information Act (FOIA) requests.