Not on the strength of the subsidiary's existence alone. Both the foreign and the U.S. entity must be doing business, meaning the regular, systematic and continuous provision of goods or services, so a registered but inactive company does not satisfy the requirement.
Existence and activity are separate findings
The qualifying relationship and the doing-business requirement are tested independently. Ownership documents settle whether the U.S. entity is a subsidiary of the Bonfield company.
They say nothing about whether either organization is actually trading. A subsidiary that has issued no invoices, employed nobody and moved no freight for two years fails the activity limb, and the petition will not be rescued by the parent's healthy operations. Two routes remain open.
The owners can restart real operations, keep records of that trading, and file once the subsidiary has a genuine history to show. Alternatively they can accept that this is in substance a new office and file on that basis, which requires evidence of sufficient physical premises and the capacity to support a managerial role within a year, and produces a one-year approval instead of three.