Home / Resources / Foreign corporations
US ownership of a foreign corporation: Form 5471
US ownership, control or certain officer roles in a foreign corporation can trigger Form 5471. The correct category and schedules depend on ownership changes, control, the corporation’s classification and its financial activity.
Who it may apply to
US citizens, residents, shareholders, directors and officers connected with Indian, Canadian or other foreign corporations, including corporations held through family or other entities.
Records to collect
Share register, ownership changes, constitutional documents, trial balance, financial statements, intercompany records, related-party transactions, prior forms and foreign tax returns.
Filing and decision points
Identify the US filer category, ownership and attribution, entity classification, required schedules, functional currency and potential related foreign tax or income inclusion analysis.
Common mistakes
Looking only at direct ownership, missing a midyear acquisition, using consolidated accounts without mapping the entity, or treating Form 5471 as a simple ownership notice.
Official sources
Reviewed by Gurleen Kaur, CPA (Washington State). Reviewed September 7, 2026.