The Bureau of Economic Analysis (“BEA”) of the U.S. Department of Commerce, which conducts a series of mandatory surveys on foreign investments in the U.S., has recently published Form BE-12, its five-year survey on foreign direct investment in the U.S. for fiscal years ending in 2022. The previous five-year survey was conducted back in 2017. This BE-12 survey is mandatory for any 10% or more foreign-owned U.S. entity, regardless of whether the BEA has contacted them or not.Continue Reading Foreign-owned companies operating in the United States must file a 5 year survey with the U.S. Department of Commerce by May 31, 2023 (for paper filings) and June 30, 2023 (for electronic filings).
Valérie Demont is a partner in the Corporate Practice Group in the firm's New York Office and is a leader of the firm's French Desk Team.
Sheppard Mullin congratulates Seema Hingorani on her award of France’s Chevalier of the National Order of the Legion d’honneur. The Order of Légion d’Honneur is the highest order of merit for military and civil merits, established in 1802 by Napoleon Bonaparte. Seema is the first Asian American recipient of this award.
Seema was recognized for her work in founding Girls Who Invest (“GWI”), a non-profit organization dedicated to increasing the number of women in portfolio management and executive leadership in the asset management industry.
Continue Reading Frances’s Chevalier of the National Order of the Legion d’Honneur Awarded to Seema Hingorani Founder of Girls Who Invest
The US Federal Reserve has confirmed in its Main Street Loans frequently-asked-questions-faqs about the Main Street lending program (the “FAQ”) that US subsidiaries of foreign companies can be eligible borrowers under the various loans available under the program so long as they otherwise meet the other conditions to eligibility for the loans.
Continue Reading Main Street Loan Program – US Subsidiaries of Foreign Companies Can Apply
New York Partner Valérie Demont and Associate Karl Buhler authored an article about the CARES Act and its benefits and pitfalls for French companies doing business in the United States, which was published in the French leading legal review “Les Editions Legislatives.”
Continue Reading The U.S. economic recovery plan: benefits, limits and risks for French companies in the United States
On April 14, 2020, the Sheppard Mullin French desk hosted a webinar on the impact of COVID-19 on various business sectors. The webinar was organized as a roundtable discussion with two business leaders, Christopher Mars, the U.S. COO of Marie Blanchere, a leading European traditional bakery brand, and Daniel H. Connor, the U.S. CEO of Sia Partners, a leading international independent management and AI consulting firm. The discussion was moderated by partner and Chair of the French Desk, Valérie Demont, and associate Karl Buhler and focused on the following:
Continue Reading COVID-19–The 30-Day Mark – A Discussion by Companies on Navigating the New Reality
The Small Business Administration (“SBA”) in its implementation of the CARES Act just released an updated loan application form for borrowers who want to avail themselves of Title I – Paycheck Protection Program (“PPP”) loans. This form may be found here.
Continue Reading Paycheck Protection Program Loan Applications are Opening Today – Eligibility for Small US Businesses Owned by Foreign Companies
An entity operating in the U.S. needs a U.S. Federal employer identification numbers (“EIN”) in order to open a bank account in the United States, act as an employer, file a tax return and complete certain other corporate tasks.
As of May 13, 2019, entities, other than governmental entities, applying for an EIN must list an individual as the responsible party on the application and in some instances must provide that individual’s Social Security number (SSN) or individual taxpayer identification number (ITIN). Prior to this, common practice had been to list an entity that already had an EIN (such as a parent entity) as the responsible party.
Continue Reading Revised EIN Application Process Permits only Individuals to Serve as the “Responsible Party”
French investments in the U.S. vary largely in terms of scale and nature, but whatever it is a small French startup only creating an even smaller U.S. subsidiary or a large French corporation acquiring and restructuring an even larger U.S. group, they all face the same hurdle at some point: opening a U.S. bank account to run their newly-created or newly-acquired business.
Be aware that U.S. banks require corporations, partnerships and LLCs to have an Employer Identification Number (“EIN”) to open an account. Therefore, until you have an EIN, you cannot open a bank account, which could affect your transaction’s agenda, especially in deals where time is of essence (which is almost always the case).
Continue Reading Opening a U.S. Bank Account Can be Much More Onerous than you Think and Can Delay Your Cross-Border Transaction or Growth Plans in the U.S.
The Bureau of Economics and Analysis of the U.S. Department of Commerce (BEA) conducts researches and analysis on foreign direct investments in the United States quarterly, annually and every five-year. Foreign investors should be acquainted with its requirements, more specifically, its BE-13 and BE-15 forms.
Continue Reading Foreign Investors in the US are required to declare their investments to the Bureau of Economics and Analysis of the U.S. Department of Commerce