Foreign Business Law and Legal Definition

According to 12 CFR 28.11 [Title 12 -- Banks and Banking; Chapter I -- Comptroller of the Currency, Department of the Treasury; Part 28 -- International Banking Activities; Subpart B -- Federal Branches and Agencies of Foreign Banks], foreign business means “any entity, including a corporation, partnership, sole proprietorship, association, foundation or trust that is organized under the laws of a foreign country, or any United States entity that is controlled by a foreign entity or foreign national.”