Register company in New York
- If you are willing to register company in New York, Tetra Consultants can provide you with unmatchable quality and timely service. With Tetra Consultants at your service, we provide you with the extra time that you can dedicated to other important aspects of business.
- Engagement with us will guide you through a seamless journey of incorporation without any hassle involved. With our lean-and-mean mentality, you can rely on our team of experts to provide you seamless experience throughout the whole process. We as a team aim to provide our clients with an operational business within the stipulated period timeframe.
- Our comprehensive service packages include various business services that are as follows:
- Register company in New York
- Local company secretary and registered address
- Offshore financial licenses services
- Annual accounting and tax services
What are the benefits of registering a company in New York?
- There are many benefits that a business may experience after getting registered in New York. Downlisted are some of the benefits involved in registering a company.
- New York is very popular because of its business-friendly tax environment in the USA. This tax-friendly state provides various types of tax incentives and benefits when you register company in New York.
- Such benefits help in attracting businesses and along with that, it also provides an aid for new businesses registered in New York to reduce the overall burden.
- One of the most popular tax benefit programs is the “Startup New York” which provides a few selected businesses that fulfill certain criteria to enjoy a 10-year tax exemption in a specific area that has been designated.
- An individual who register company in New York has a greater credibility than those companies who do not have a registration. With registration, you can add a credibility factor to your business.
- With such an amazing credibility factor, New York has become a hub of innovation and entrepreneurship which has a greater impact on New York’s economy making it richer. With such a thriving economy their present new opportunities for entrepreneurs making it a hub for opportunities too.
Large consumer base
- Any company willing to succeed requires a large customer base with myriad choices of customers. New York has been a center of attraction for many tourists and businesses because of its large market which can be a step towards reaching the global level market.
- The large customer base helps the companies registered in New York to assist various customers from different cultures and societies helping the companies to expand their products and services to various new cultures.
Diverse and thriving economy
- New York has been a center of attraction for many businesses and industries because of the large and competitive market present. With such a diverse economy, with a wide range of industries and sectors represented, there also presents plenty of new opportunities for entrepreneurs and investors of all types to thrive and succeed in New York.
Access to funding
- With an attractive spot for entrepreneurs, New York also stands as an attractive spot for venture capital firms and angel investors who invest in businesses registered in New York.
- This makes registration in New York more fruitful for enterprises looking for investors. It not only benefits entrepreneurs but also benefits investors by providing them with better returns on their investments.
Can a foreigner register company in New York?
- A foreigner can register company in New York, but they are subjected to certain rules and regulations that need to be complied with to be legally appropriate. A key point to note here is that the requirement for a foreigner to register company in New York may change according to the business activities, structure, and needs thus, a generalized requirement for a foreign individual is provided by in subsequent paragraphs. Along with this, the foreign entity is allowed up to 100% of share ownership of a company in New York.
- For LLC registration in New York through a foreign entity will require documents such as a certificate of authority from the New York State Department of State (NYSDOS). Along with this, the foreigner will be required to submit applications to authorities. Additionally, foreign entities will be subjected to pay foreign qualification fees to comply with the bylaws of New York.
- Moreover, foreigners who wish to register business in New York with different business structures will be subjected to foreign qualification fees depending on the business structure and investment. Along with that, the businesses will be required to register with the New York State Department of State (NYSDOS) for other compliances.
How much time does it take to register company in New York and open a corporate bank account?
- Tetra Consultants will complete the whole process to register company in New York within 3 weeks. After starting engagement with Tetra Consultants, our experts will receive the due diligence from the directors and shareholders of the company. Our experts will then search for the best and preferred name reservation for the company to use.
- Throughout the process to register company in New York, we emphasize not to trouble our client to visit the state for any step during the incorporation process. With such comprehensive services, we ensure that our client’s valuable time is saved and invested in a better place.
- After Tetra Consultants has finished setting up your business in New York, you can expect to receive the documents regarding the incorporation of your company within a few days.
- Within 4 weeks of registration of a company in New York, Tetra Consultants will work towards opening a corporate bank account for your business entity. As Tetra Consultants value its client’s time, we ensure that we deliver all the important documents regarding the bank account within the stipulated time period.
- As such, you can expect your company to be fully functional and operational within 7 weeks of engaging with Tetra Consultants.
Types of business entities to consider when you register company in New York
- There are various types of business entities present but it is upon the business entity and business needs that will be an important aspect while choosing a perfect business structure satisfying all the needs of the business. Thus, various business structures in New York are as follows:
- As the name suggests, a sole proprietorship is a business entity involving a single person who acts as the sole owner of the business. It is one of the most popular forms of business because it is quick and easy to set up.
- The legal identity of the business is attached to its owner thus, the business debts and liabilities are personally liable to the sole proprietor of the business.
- As the business grows its needs and requirements may change and increase, thus the law has enabled sole proprietors to change into other forms of business entities at their own discretion.
- The co-owned businesses may involve two or more individuals or companies or any combination of individuals and companies. However, each member of the partnership is liable for the actions and the decisions of other members.
- The partnerships are divided into two categories: general partnership and limited partnership.
- Those partnerships involve partners to co-own and manage the business and its activities. Under this form of partnership, all the partners are jointly and unlimitedly liable for the debts and obligations of the partnership.
- Additionally, it is not required by the law to draft a partnership agreement between the partners but, drawing such agreements can help in outlining the partner’s responsibility roles, share in profits and losses, individual returns of the partners, and various other things that will eliminate conflicts.
- Those businesses that are co-owned and are drawn on the partnership agreements are the limited partnerships. This partnership may involve silent partners, which implies that the partners do not contribute to the managerial activity of the business they are just investors of the business having a share in profits and losses up to the share percentage contributed.
- It is in your hands how you want to structure your company. A limited partnership allows businesses to have partners who have limited liability for all the losses and cannot suffer losses above their share capital in the partnership.
- There are generally two kinds of corporations prevalent in New York which are S-corporation and C-corporation. These two are the most common business structures.
- The benefits of incorporating a corporation will be a separate legal entity. This implies that the corporation is a different entity from its owner and provides a limited liability to the owner of the corporation according to its shareholder’s structure.
- Accordingly, the statutory requirements of a corporation are as follows:
- A minimum of one shareholder;
- Shareholders can be individuals or other business entities with no residency requirement;
- A minimum of one director is required;
- With no residency requirement, a director must be above 18 years of age; and,
- No minimum capital requirement for corporations.
- Corporations registered in New York must have a local registered agent on behalf of the corporations to receive legal documents.
- No requirement for corporations to have a corporate secretary.
- If you want to register a corporation in New York, Tetra Consultants can help you to register it with a seamless process which will make your incorporation journey seamless.
Limited Liability Company (LLC)
- LLC business entities are those structures that provide comprehensive protection to one personal property. Moreover, LLC registration in New York is not subjected to the formal rules and laws governing corporations.
- Further, LLC members are subjected to report income on their individual tax returns, or to adhere to a corporate tax structure.
- LLCs are constituted by shareholders and directors wherein Shareholders and directors are considered to be same thus, they are termed as members of the LLCs.
- Accordingly, the statutory requirements of an LLC company in New York is as follows:
- Requires a minimum of one member;
- Filing of operational agreements;
- LLC in New York is required to have a registered agent with a physical address in New york.
- No requirement of company Secretary.
- Member can be of any nationality; and
- Subjected to obtain FEIN.
- If you want to register an LLC in New York, Tetra Consultants can help you to register it with a seamless process which will make your incorporation journey seamless.
- There are four distinct business entities that can be formed under New York law which include Professional Limited Liability Companies (PLLCs), Professional corporations (PCs), Limited Liability Partnerships (LLPs), and Design Professional Corporations (DPCs).
- These structures are optimal entities that will depend on your operation. The one thing in common for these professional entities is limited liability protections.
- Professional entities must file Articles of Organization with the New York State Department of State, and a Certificate of Good Standing or a Certificate of Authority must be submitted with the Articles of Organization.
How to register company in New York?
- To register company in New York downlisted is the 8-step guide which is a generalized guide for companies incorporated in New York.
Step 1: Choose the business entity & unique name
- Before you submit the required documents for the registration of your company in New York, you will be required to choose a business entity and a unique name for your company.
- Business entities are different business structures and forms which are appropriate for different business needs and requirements. You need to find out the business requirements and needs of your business according to which only business structure or entity will be chosen.
- Businesses are also required to obtain unique names so that the business can distinct identity in the market.
- Tetra Consultants can help you with reserving your preferred company name which will enable your company to have a unique and distinctive identity in New York.
Step 2: Appoint a registered agent for business
- To register company in New York, the businesses are required to appoint an agent who must accept notices, demand, or services of process required by the law. The registered agent is required to be a state resident or an LLC or corporation that must provide registered agent services.
- Tetra Consultants can help you with the appointment of the registered agent for your business. The agent will be available during normal business hours and will be receiving official documents during those hours.
Step 3: Register your business
- Registering the business might vary depending on the business structure chosen in the previous step. For LLCs Articles of organization need to be filed with the New York Division of Corporations. Further, LLCs must publish regarding their formation in at least two newspapers within 20 days of formation.
- Incorporating a corporation might seem quite similar but the documentation filings may vary. Apparently, as similar to LLC corporations are required to file Articles of Incorporation with the New York Division of Corporations. Additionally, corporations are needed to hold organizational meetings, collect shareholders’ contributions, elect directors, issue stocks, adopt corporate bylaws, and many more such things.
- As an individual registering a business might seem a hectic task for you. With Tetra Consultants at your wheel, you can get assistance, guidance, and help from us to make the process of registering seamless and smooth for our clients.
Step 4: Obtaining licenses and permits
- Depending on the business entity and activities, the company might be required to obtain business licenses and permits to operate legally in the state.
- These permits and business license requirements depend on the business entity adopted and business activity carried on by the corporation which are subjected to various other laws prevalent in the states.
- Tetra Consultants provides offshore financial license services that will help you obtain various business licenses and permits according to the requirements of your business without any hassle.
Step 5: Certificate of Authority
- A foreign business that is willing to register itself in New York will be required to obtain a Certificate of Authority from the New York Division of Corporations.
- This certificate authorizes the foreign corporation or LLC to do business in New York.
- Tetra Consultants experts can help you obtain a certificate of authority for your business without involving you in visiting the state through our business support services.
Step 6: Adopt an operating agreement
- An operating agreement is a document that outlines the way an LLC would conduct its business. There is no mandatory requirement for LLCs to have an operating agreement, but it is an essential component of your business.
- Operating agreements are helpful for all the LLCs, as they settle disputes arising over financial agreements and other potential litigation. In the absence of this agreement, courts determine the case depending on the state law and not necessarily in the best interest of the organizations.
- With our regulatory compliance consulting and in house legal advisor we can assist you to draft a legally binding operational agreement which will help you operate business seamlessly.
Step 7: File for tax registration
- All employers need to obtain a federal tax ID also known as Employer ID or EIN. The EIN is a social security number for your business and thus becomes important to be obtained by businesses.
- Using this EIN, you can use it for legal and tax purposes of the business. To apply for EIN, you can apply with the IRS Form SS-4 or with the help of Tetra Consultants you enjoy the convenience of obtaining licenses without traveling to New York.
- Our experts can work on complying with all the tax compliances required by your company with our accounting and tax services which will not only ensure the timely submission of tax and accounts but will also guide you through various compliances required by your business.
Step 8: Open a corporate bank account
- A foreign business needs to open a corporate bank account to manage all the financial transactions.
- The state encourages the tax vendors to have a separate bank account for sales taxes they have collected to make it easier to comply with the tax law.
- After your company has been incorporated, you can proceed to open a corporate bank account. Tetra Consultants will assist you in opening a corporate bank account with a reputable New York bank preferred by the client.
What are the minimum regulatory requirements to register company in New York?
Appointment of local director
- Corporations do not require a local director.
- A minimum of one director is required.
- The director must be above 18 years of age.
- The director must be a natural person.
- The eligibility of the director may also depend on the clauses mentioned in the Certificate of incorporation.
Requirements for shareholder
- The corporation is required to have a minimum of one shareholder.
- There is no residency requirement for shareholders.
- Shareholders can decide the initial capital amount for registering the company.
- Shareholders can be an individual or legal entities such as corporations or LLCs.
- Need to obtain a certificate of authority from the New York State Department of State to do business in New York.
- Registered businesses are required to submit annual reports every year and maintain accounting records.
- No capital requirement to incorporate a corporation.
- Businesses are subject to taxes on capital, which are limited to US $5,00,000 for general business taxpayers.
What are the documents required to register company in New York?
There are various documents required to register company in New York. Downlisted are the required documents which may vary depending on the business structure and business activity. Thus, the generalized set of business documents required are as follows:
- Documents mentioning the local legal address and registered agent
- Documents regarding proof of registration
- Certificate of Authority
- Certificate of Incorporation
- Operating Agreement
- Biological Affidavit from all officers, directors, and shareholders.
- Documents regarding federal employer identification number (EIN)
What are the accounting and tax obligations in New York?
- Accounting and tax obligations of the company while registering the company is an important aspect of the business. By outsourcing your accounting and taxation obligations through Tetra Consultants you can experience a seamless process of complying with all the accounting and taxation requirements. Our experts will study all your business documents and will provide you with guidance regarding all the accounting and taxation obligations along with the filing requirements.
- Additionally, outsourcing your accounting and taxation requirements can reduce the overhead cost while ensuring timely reporting and filing. After you start the engagement with us, we will prepare all required filings in advance to ensure that the stipulated deadlines are met.
Corporate Income Tax (CIT)
- A corporation is subjected to file corporate income tax during each taxable year. Along with this, shareholders are also required to pay tax on dividends and other distributions made during the financial year.
- If the earnings exceed US$ 250,000, accumulated earnings tax will be charged at 20% and will be added to regular income tax.
- Moreover, if an LLC is profitable but does not distribute any earnings to its owners, the owners will still be subjected to income tax. Similarly, the owners can take advantage of company losses on their own tax returns.
Annual Renewal Requirements
- All registered companies in New York must file biennial statements with the New York Department of State every two years. In matters of non-compliance, it may result in penalties assessed by the Franchise Tax Board and suspension or forfeiture.
- The biennial statement includes the name and business address of the chief executive officer and the principal executive officer’s street address.
Federal Income Tax
- According to the Internal Revenue Service (IRS), all business entities are subjected to file taxes before the following April 15th of the financial year.
- However, the business entity must pay the tax due in full no later than the original due date for filing its tax return. Interest and penalty will be charged on taxes paid late even if an extension of time to file is granted.
Why register company in New York?
- The politics of New York is determined by the Democratic party which represents a plurality of voters in the state and controls the assembly since 1971. The state has been controlling a budget of more than USD 78.3 billion a year.
- The political atmosphere of New York helps businesses and investors register company in New York to explore a new market and operating in the New York market is a golden step to reach a global market.
- New York offers favorable economic conditions to entrepreneurs and investors willing to set up their businesses in New York.
- Moreover, the state offers the most convenient and legal form of business which is the LLC business entity which is one of the most convenient business structures as far as New York economics is concerned.
- Along with this, New York has a strong economic base which provides a great foundation for businesses and enterprises operating in New York.
- The presence of a diverse population and thriving business community in the state provides businesses access to a wide range of customers and employees.
- With such a high population and well-developed infrastructure, New York provides a well-trained and skilled workforce for businesses enhancing the business working.
- Cultural diversity in the state provides new and exciting business opportunities for the business community in New York. It also encourages businesses to expand their goods and services to different cultural societies which helps them expand their customer base.
- Strict cybercrime security laws and regulations that are applied to businesses help create a safe technological environment for businesses and customers. New York has been inviting new technological advancements to their state with open arms.
- The state has many technology incubators and accelerators which provide businesses with access to funding, mentorship, and other resource to help businesses grow and expand horizontally as well as vertically in the global market.
- New York has been emerging as the hub for business, which provides access to the market in the United States and all over the world making the business environment of the state richer.
- However, New York has been implementing a legislative framework for businesses that might affect the environment of the state. Moreover, businesses are required to seek assistance from regulatory agencies such as the New York State Department of Environmental Conservation (DEC) and the New York City Department of Environmental Protection (DEP), to ensure they are in compliance with environmental regulations.
- The legal framework of New York provides companies with a variety of choices to register business in New York with various business structures. These business structures include sole proprietorship, partnership, LLC, corporation, professional entities, and many more.
- Moreover, New York’s legal framework requires various other necessary compliances from businesses to operate successfully. The legal requirements include having a local legal address and registered agent for obtaining documents, maintaining accounting records, submitting annual reports, and obtaining necessary licenses and permits
Looking to register company in New York?
- Contact us to find out more about how to start a business in New York. Our team of experts will revert within the next 24 hours
Is it mandatory to register business in New York?
- Yes, it is mandatory for businesses to get registered in New York to operate a legal and successful business.
How much does it cost to register business in New York?
- The cost of registering a business in New York may vary depending on the business activity. Tetra Consultants can register your business within the stipulated fees which will be disclosed before the engagement gets started.
Does LLC registration in New York can be done through India?
- By providing Tetra Consultants few documents our professionals can help you apply for online LLC registration in New York.
How long does it take to register company in New York?
- The whole registration process can take up to 3 weeks in New York.
What is required to do business in New York?
- You will be required to have a registered agent with an address in the state of New York. Also, you will be required to register to pay taxes, obtain any necessary licenses, and permits, and get insured.