IOS:: New York, USA - Corporation

Thursday, 9 September 2010

     The State of New York is situated on the Eastern seaboard of the USA, and is the third most populous State in the USA (after California and Texas). It is a State of many contrasts: on the one hand it contains the contemporary metropolis of New York, one of the largest cities in the world with 18 million inhabitants; on the other hand, there are still places that are untouched by civilisation. The famous Hudson River runs through the State of New York; the Western border of the State also forms the border between the USA and Canada, on which the world-famous Lakes Erie and Ontario lie, as well as the celebrated Niagara Falls.
     The motto of the state of New York is "Excelsior".
     Registration of companies in New York is carried out by the Department of State, Bureau of Corporations.
     In common with other States of the USA, New York corporate law offers the possibility of establishing a Sole Proprietorship, the General Partnership, the Limited Partnership, the C-corporation, and the Limited Liability Company (LLC). Below we describe the Corporation - the second most popular type of business structure with entrepreneurs, after the LLC.

GENERAL INFORMATION	Total area - 141,090 sq km Population - 18,976,000 Location - click here to see the map of offshore jurisdictions Political status - State of The United States of America Capital - Albany Official language - English Official currency - US Dollar Time zone - GMT - 5
Company type	Corporation
Officers & Shareholders	The Directors of the Corporation may be natural persons from any legal jurisdiction. Director information is generally stated in the document - Statement of Incorporator in lieu of organization meeting. New York Corporations require a minimum of 1 Director. Legislation of the State of New York does not require to disclose information about corporation's shareholders to New York state authorities. No requirement for there to be a company secretary.
Authorised Capital (Equity)	Standard authorised capital of corporation is divided to 1500 shares without nominal value. There is no statutory requirement for capital to be fully or partly paid on incorporation.
Company Names	Company names should end with the words "Incorporated"; "Corporation"; "Limited" or the suffixes "Inc."; "Corp." or "Ltd.". Company names containing restricted words such as "Bank", "Insurance", "Trust", "University", "College" etc. will not be permitted unless an appropriate State operating licence has been obtained by the company.
Beneficial Ownership information	There is no statutory requirement for ultimate beneficial ownership information to be disclosed to New York state authorities.
Filing of Annual Return	An Annual Return must be submitted every 12 months after the date of registration.
Filing of Financial Statement	For companies, who have a US taxpayer identification number (EIN number), the Financial Statement must be submitted every year.
Corporate Taxation	Flowing tax rate 15-39% depending on turnover, is applicable for companies who have a US taxpayer identification number (EIN number).
Tax Treaties	United States has concluded double tax treaties with more than 50 countries worldwide.
Timeframe for incorporation	2/3 working days. A complete set of company documents can be delivered in 3/4 weeks.
Takeover of management & secretarial services for an existing New York Corporation	Possible, following verification of Beneficial Ownership and discharge of liabilities to previous corporate service providers.
Description of incorporation documents	Click here for itemised description of company documents.
"Ready-made"("Shelf") companies	Today we have 8 "Ready-made" USA companies available (click here for list of companies)
Price of New York Corporation	USD 1,290, including incorporation costs, full domiciliary (Registered Agent/Office) costs, Nominee services and legal support services for one year.
Cost of annual support services	USD 740 per year, including full domiciliary (Registered Agent/Office) costs, annual franchise taxes, Nominee services and legal support services for each year.

INTERNATIONAL OVERSEAS SERVICES has the following comments: -
The State of New York is one of the most prestigious locations in the United States for registering a non-resident enterprise. The comparatively higher registration and running costs for business structures in the State give companies from New York a more exclusive status in comparison to companies incorporated in States more commonly used for this purpose.
We should like to emphasise that unlike an LLC, a corporation does not possess the sort of economic structure that enjoys exemption from taxation in the USA. In practice, if a corporation does not have a taxpayer registration number (EIN) in the USA, it is regarded in that country as "dormant", i.e. not carrying on business. In this way, a company, provided that it does not carry on an activity within the USA, can theoretically remain registered for many years. However, we are bound to repeat that corporations incorporated in the USA do not, by law, enjoy exemption from tax.

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