Register company in Florida
- With the assistance of Tetra Consultants, you can easily register company in Florida without any hustle. Florida is one of the most attractive destinations in the USA for foreign direct investment along with new business opportunities from all around the world.
- With our team of experts, you can rely on us as we can provide you seamless experience throughout the whole process of the Florida company registration and formation. Our team is focused on providing our clients registered company that is operationally ready within the stipulated period of time.
- Our comprehensive service package includes various ancillary services required by businesses at various stages of registering a company in Florida such as:
- Register company in Florida
- Local company secretary and registered address
- Financial and business license applications
- Annual accounting and tax services
What are the benefits to register company in Florida?
Easy filing requirements
- Florida has easy filing requirements for companies who wish to incorporate in Florida. This attracts many investors and entrepreneurs to choose Florida for incorporating their business there. Along with this, simple filing requirements enable business owners to register and maintain their business efficiently and effectively.
No personal income tax
- One of the most significant benefits to register company in Florida is there present no personal income tax levied on the individual. This implies that the corporations are charged with 5.5% of corporation tax and no personal tax is set on the members.
- If the business falls under “S” status, the 5.5% corporation tax would also be exempted, and the company would directly become non-taxable.
No minimum capital requirement
- To register business in Florida, individuals do not need to arrange a minimum capital. Moreover, the businesses are allowed to register themselves without any prior condition of minimum capital as prevalent in other states.
Florida LLC asset protection
- If you are willing to register LLC in Florida it can provide one of the biggest advantages of limited liability protection. This helps in eliminating the risk of personal assets of the members of the LLC and provides legal protection. Thus, the corporate veil protects the business owner and reduces the risk.
Can a foreigner register company in Florida?
- Yes, a foreigner can register a company in Florida but there are a few requirements that a foreigner needs to comply with in order to register company in Florida. The foreigner is required to file an application by a foreign limited liability company for authorization to transact business in Florida. Along with this, the company is required to present a certificate of existence which should not be more than 90 days old and must be authenticated by the officials having custody of the records in the jurisdiction where the company was registered.
- Moreover, foreigners are also allowed to operate in every sector they wish to. This implies that there is no restriction or requirement to be a Florida citizen or a USA citizen to do business in the state which implies 100% equity except in areas included in the negative list. However, it is mandatory for foreigners to follow rules and regulations in Florida for conducting business such as registering the business with the state’s Department of Revenue, checking with the tax collector in your county to find out about required licenses, and registering the business with the Internal Revenue Services (IRS).
- Tetra Consultants’ team can help you to open a company in Florida. Along with this, we provide various ancillary services which are needed by businesses. Our experts can study your business and will act according to your needs and assist you with all the requirements for your business.
How long does it take to register company in Florida and open a corporate bank account?
- To register company in Florida, Tetra Consultants can complete in 3 weeks. After receiving the due diligence documents from the shareholders and the directors, our team will work on finding the preferable name for your company along with the preparation of all required necessary incorporation documents.
- At Tetra Consultant we ensure the comfort of our clients and make sure that our clients do not have to travel to register company in Florida.
- As we receive the documents, our team of experts will study the documents and you can expect to receive the documents of your registered company including registration certificate, Memorandum and Articles of Association, and other documents required by the company to be fully functional and operational.
- After registering your company, Tetra Consultants can also help in obtaining various business licenses and permits to operate your company.
- Tetra Consultants within 4 weeks of registering a company in Florida, will open a corporate bank account with either a local or international bank as preferred by the client.
- As such, you can expect your company to be fully functional and operational for business within 7 weeks of engaging with Tetra Consultants.
Types of business structure available to register company in Florida
There are various structures available for businesses that wish to register business in Florida. The structures are as follows:
- A sole proprietorship is the simplest and most common structure chosen to start a business. The business structure involves an enterprise owned and managed by an individual. There is an exception for local business tax receipts and no additional paperwork such as an agreement or filing documents to register business in Florida.
- However, sole proprietorship is a double-edged sword as the individual who owns and operates a business is legally indistinguishable from the business itself. This makes all the debts and liabilities associated with the business entangled with the personal liability of the owner.
- Hence, if you are willing to open a business in Florida with the business structure of a sole proprietorship it is appropriate for those businesses whose scalability is less and there is low capital investment for the business.
- When two or more people co-own a business and share the profits and losses of that business. Florida statute chapter 620 recognizes two types of partnerships which are general partnerships and limited partnerships.
- The arrangement of co-ownership can be formed through written agreements. In the absence of written agreements, Florida partnership law has set the default guidelines, procedures, duties, and other aspects that govern the general partnership.
- Apparently, a general partnership is a separate legal entity from its partners. The partners have a fiduciary duty to look after the interests of the partnership and are individually and jointly liable for the obligations related to the partnership.
- To register a general partnership the co-owners are required to complete a partnership registration statement to the Florida Division of Corporations.
- Unlike, general partnerships limited partnerships are required to file documentation and create partnership agreements with the Florida Department of State.
- A limited partnership is the same as a general partnership, except the limited partnership includes a limited liability up to a certain limit based on the capital contribution. Many limited partnerships are run by two or more general partners in addition to the limited partners who provide capital but do not have any managerial role.
Limited Liability Company (LLC)
- An LLC is a similar business entity as a corporation but with few differences. An LLC is a very popular business model in Florida because it is a hybrid model that includes the benefits of a partnership along with the benefits of the corporations.
- To register LLC in Florida the owners are required to file articles of organization with the Florida Department of State. However, operating agreements are not mandatory, but the absence of which will default to Florida statutes. Thus, it is always advisable to draft an operating agreement that better suits the goals and desires of the members.
- The adoption of the Florida Revised Limited Liability Company Act, 2013 eliminates the risk of loss of personal property of members of an LLC.
- LLCs are required to have a minimum of one member who is the owner of the LLC and can also serve as the manager of the LLC. Additionally, there is no residency requirement for members or managers of an LLC, and along with this, the members of the LLC can be an individual and a corporation or other LLC which makes it a flexible and attractive way to operate a business. Accordingly, minimum regulatory requirements for a Florida LLC can be summarized as below:
- At least one shareholder of any nationality;
- At least one director of any nationality (can be same as shareholder);
- No minimum capital requirement;
- A company secretary, and;
- A local registered address.
- Tetra Consultants can guide you to register an LLC in Florida without any hassle. Our experts are well-experienced and can provide you with immaculate service.
- A corporation is created when one or more individual files articles of incorporation with the Florida Department of State. Corporations are owned by their stakeholders, who transfer capital or any asset equivalent into the corporation for a proportionate value of stock.
- Corporations are divided into two categories which are Subchapter C and Subchapter S.
- The Subchapter C corporations are subjected to the corporate income tax on all net profits, with dividends subjected to separate income tax.
- Whereas, Subchapter S corporations must be domestic entities, offer a single type of shares, and do not have more than 100 stakeholders.
- Corporations require local directors only if required under the Articles of Incorporation of the corporation, if such requirements are not mentioned corporation can proceed with at least one foreign director.
- Accordingly, a minimum regulatory requirement for a corporation in Florida can be summarized below:
- At least one shareholder of any nationality;
- At least one director of any nationality (can be same as shareholder);
- No minimum capital requirement;
- Filing of articles of incorporation with the Florida Department of State;
- S corporations cannot have more than 100 shareholders
- A registered agent and;
- A local registered address.
- Additionally, Tetra Consultants can help you with incorporation of a corporation in Florida without any hassle. Our experts are well-experienced and can provide you with immaculate service.
How to register company in Florida?
- Tetra Consultants can arrange a generalized step-to-step guide for you to guide you about the steps required on how to register company in Florida.
- A systematic 7-step guide is downlisted, you can expect to start conducting business with your Florida company within 3 weeks.
Step 1: Choose a unique name
- All business entities are required to have a unique and distinguishable name from all other business entities. After understanding all your business needs and requirements, Tetra Consultant can help you to receive a preferable name for your business.
- Tetra Consultants will perform a prior name search and reserve your preferred company name Florida’s official Division of Corporations.
Step 2: Hire a registered agent
- For a foreigner who is willing to open company in Florida, there is a primary requirement of a registered agent for address (can be virtual address too) within the state for all communication purposes.
- Thus, it becomes necessary for a foreign entity to hire an entity to serve as the registered agent for the company.
- A registered agent can be an individual or a legal entity that is authorized to do business in Florida.
- Tetra Consultants can help you with a local registered agent and local address which will be helpful for registering business in Florida.
Step 3: Filing of necessary documents
- There are several documents to register company in Florida. The documents include Articles of incorporation with the Florida Department of State Division of Corporations.
- The document includes the corporation’s name, principal office street address, the purpose of business, number of shares, name and address of initial officers or directors, and name, sign, and address of a Florida agent.
- Tetra Consultants will assist you with the filing of necessary documents with the Florida Department of State Division of Corporation. Our team of experts will guide you through the process according to your business and your business requirements.
Step 4: Obtain a Florida Employee Identification Number (EIN)
- For any foreigner, the toughest part of operating a business in Florida is to get an EIN issued for your company. It is a nine-digit unique number that is issued to any business entity in Florida for taxation purposes which is authorised by the IRS.
- Tetra Consultants can help you in obtaining EIN for your business. Our experts can make this tough job easy for you and will provide a seamless process for obtaining EIN for your business.
Step 5: Register with the Florida Department of Revenue (DOR)
- The company needs to register for sales and use tax. These taxes are applied to the sale, rent, lease, or license to use goods and services. The sales and use tax are to be collected at the time of each sale and is due to the Florida Department of Revenue at the end of each reporting period.
- Tetra Consultants can help you obtain such offshore financial licenses without any hassle.
Step 6: File beneficiary ownership information report
- Most of the foreign entities who are willing to register business in Florida are required to file a Beneficiary Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).
- This report is required to be filed within 30 days of registering company in Florida.
- The report includes the company name, tax ID (EID), date of incorporation, residential address, and copy of an ID.
- A beneficial owner is also required to have substantial control over the company. The control can be direct or indirect through owning a minimum of 25% of the company.
Step 7: Corporate bank account opening
- After completing the registration process the company is required to comply with corporate bank account opening for seamless and hassle-free financial transactions.
- Generally, a bank account usually takes 4 weeks to open. Moreover, the directors and shareholders are not required to travel to the state. Apparently, if travel is required, we will make sure that you are accompanied by a representative for your convenience.
- Once your account has been successfully opened, Tetra Consultants will courier the internet banking token and access codes to your preferred address.
What are the minimum regulatory requirements to register company in Florida?
Appointment of local director
- No requirement for a local director unless required under articles of incorporation.
- A minimum of one director must be above 18 years of age
- The director must be a natural person and not a legal entity
- The director does not need to be a resident of Florida or a shareholder of the corporation.
Appointment of shareholders
- A minimum of one shareholder is required
- The shareholder does not need to be a resident of Florida
- According to Florida bylaws, a shareholder agreement is required which defines the relationship between the corporation and shareholders.
- Directors need to obtain director credentials to be involved with professional services business.
- Director Credential requires a minimum of two years of relevant experience
- No minimum capital requirement
- Corporations are required to file annual reports before May 1 of every year
What are the documents required to register company in Florida?
There may be various documents required which may depend on the business activity and structure chosen. Thus, downlisted are the generalized documents that are generally required to register company in Florida.
- Documents mentioning the legal name of the business entity
- Permanent business mailing address
- Date of first taxable activity at the business location you are registering
- The North American Industry Classification System (NAICS) Code for each of your business activities
- Documents regarding Florida Employee Identification Number (EIN)
- Articles of incorporation
- Duly authenticated certificate of existence from home jurisdiction
- To register LLC in Florida application by Foreign Limited Liability Company for authorization to transact business in Florida with the Florida Division of Corporations.
- Documents regarding business tax with the Florida Department of Revenue
What are the tax and accounting obligations in Florida?
- Accounting and tax considerations are an important aspect of incorporating your company. By outsourcing your accounting and tax obligations to Tetra Consultant, you can be without any worries confident that your tax and accounting obligations are met within the stipulated time limit. Our team of experienced members will ensure that your business accounting and taxation needs and compliances are met.
- Moreover, outsourcing your requirements can help you reduce the overhead cost associated with such services while ensuring timely reporting and compliance. Before we start with the engagement, our team will thoroughly go through your accounting and taxation needs and will keep you updated on all required deadlines and expectations.
- The preparation of financial statements must be done on an accrual basis.
- The accounting principle used must be the Generally Accepted Accounting Principle (GAAP).
- Review and audits of the financial statements must be done by an independent certified public accountant licensed by the Florida Board of Accountancy.
- The financial statements include the following components
- Accountant’s or Auditor’s Report
- Balance Sheet
- Statement of Revenues and Expenses
- Statement of Changes in Fund Balances
- Statement of Cash Flows
- Notes to financial statements.
Corporate income tax
- Those who have register company in Florida are subjected to a standard of 5.5% on federal taxable income.
- Moreover, those who have register LLCs in Florida or sole proprietorships, partnerships, and subchapter S corporations in Florida are exempted from paying corporate income tax.
- There are various tax credits available against corporate income tax which include credits for paying salaries in Florida, credits for paying other taxes or assessments, and credits for making certain types of investments in Florida.
Florida Corporate Short Form Income Tax Return (Form F-1120A)
- Those companies who have zero tax due or owe less than US $2,500 in tax may file for a Florida Corporate Short Form Income Tax Return.
- For filing of this form, the company is required to conduct 100% of its business in Florida.
- Moreover, the company has not reported any addition and/or subtraction from federal taxable income other than operating cost deduction.
- Apparently, this form will enable the company to not pay the Federal Alternative Minimum Tax.
Why register company in Florida?
- Florida is a business-friendly state with a low corporate tax rate and no personal income tax levied on individuals. The state has a Republican-controlled government that is generally pro-business.
- The Florida business-friendly environment has created a good reputation for businesses, along with low corporate tax rates and no personal income levied making Florida a preferable place to register business in Florida.
- The stable political environment in Florida also enhances business growth and opportunity.
- The economic factors of the state make it more suitable for investors and entrepreneurs to register business in Florida. The businesses incorporated in Florida enjoy low corporate tax rates and no personal income tax. Moreover, those individuals who have register LLC in Florida enjoys complete tax exemption and various other deductions.
- Florida has a significant investment capital availability from venture capitalists and angel investors which provides attractive opportunities for entrepreneurs to seek investment for their business.
- With diverse economy with a strong focus on agriculture and healthcare makes the state economy strong and attractive with numerous opportunities present in the economy.
- The large and diverse population of the state provides businesses with a large and varied customer base and opportunities.
- Businesses having goods and services catering to seniors have a large prospectus of business in Florida. Florida has a large retiree population making businesses catering to seniors more profitable.
- Florida is surrounded by a myriad of cultural amenities, world-class theme parks, and sporting events, which provide a well-rounded and rewarding lifestyle for businesses and their employees.
- Florida has a vibrant technological environment, which provides opportunities for businesses in the technical sector.
- Florida offers online registration for businesses which helps in providing a seamless procedure to businesses willing to register. These technological advancements have boosted the Florida economy and also created various new business opportunities.
- With world-class teaching universities, Florida also offers a well-trained and skilled workforce who understands the technology and can contribute valuables to businesses.
- Florida has abundant natural resources such as land and water which is a primary requirement for any business to operate in Florida. Having such resources helps in boosting certain industries such as agriculture and tourism.
- Florida holds businesses accountable for the impact on the environment and to minimize the adverse impact of businesses on the environment, Florida has enacted various local land use ordinances and codes required to be followed by businesses.
- Florida’s environment is also vulnerable to various natural disasters such as hurricanes which might disturb the operation of business. Thus, businesses need to search for locations that are not adversely affected by natural calamities in Florida.
- The climatic conditions of the Florida environment are an attractive opportunity for businesses such as agriculture and tourism. The warm climate creates new business opportunities for those who are willing to register business in Florida.
- Florida has an easy and quick setup to open company in Florida. The registration involves the filing of necessary documents and fulfilling the requirements set forth by the state business registration authority.
- The legal structure of Florida promotes the registration of companies in Florida. The state has business-friendly legislative policies along with a low corporate tax and no personal income tax.
- Overall, Florida’s legal structure promotes the registration of a company in Florida by providing a streamlined process for registering a business and a business-friendly environment.
Looking to register company in Florida
- Contact us to find out more about Canada company registration. Our team of experts will revert within the next 24 hours.
How to register LLC in Florida?
- To register LLC in Florida the business is required to follow various steps such as choosing a unique name, appointing an agent, filing the articles of incorporation, obtaining EIN, and registering for sales tax. An uncomplicated way to register LLC in Florida would be Tetra Consultants. Our team will provide you with a seamless and hassle-free journey of registering your LLC in Florida.
Can I use a virtual office for office registration in Florida?
- Yes, you can use a virtual office to register business in Florida. A virtual office will provide office services that can help your company operate without having to own a physical office.