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, a General Partnership, a Limited Partnership, and C Corporations. However, the corporate entity that is most appropriate for international business purposes is the New York Limited Liability Company (LLC). More detailed information about New York LLC companies is given below.
| 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 | Limited Liability Company (LLC) |
| Officers & Shareholders | Management and ownership of New York LLC companies is vested in the Members of the LLC, who act as both shareholders and officers of the company.
The Members may be natural persons or corporate bodies from any legal jurisdiction.
Member information is generally stated in the Articles of Organization of the LLC.
New York LLC companies require a minimum of 1 Member, who may act as sole operating officer (i.e. Director/President, Secretary, Treasurer, etc.). |
| Authorised Capital (Equity) | Standard authorised equity (capital) = USD 50,000.
There is no statutory requirement for capital to be fully or partly paid on incorporation. |
| Company Names | Company names should end with the words "Limited Liability Company" or the suffixes "LLC" or "L.L.C.".
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 | There is no general requirement to file Financial Statements for an LLC company that has no business activities or income in USA and where management and control is carried out by Members who are not USA residents.
All companies must maintain adequate accounting records. |
| Corporate Taxation | LLC companies which have no business activities in USA; do not derive any income from USA sources, and are managed and controlled by Members who are not USA residents, are exempt from USA Federal and State corporation taxes. |
| Tax Treaties | LLC companies which have no business activities in USA; do not derive any income from USA sources, and are managed and controlled by Members who are not USA residents, are not regarded as resident for tax purposes in USA and therefore are not entitled to take advantage of international Double Taxation agreements concluded by the USA with other countries. |
| 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 LLC | 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 4 "Ready-made" USA companies available (click here for list of companies) |
| Price of New York LLC | USD 1,960, including incorporation costs, full domiciliary (Registered Agent/Office) costs, Nominee services and legal support services for one year. |
| Cost of annual support services | USD 880 per year, including full domiciliary (Registered Agent/Office) costs, annual franchise taxes, Nominee services and legal support services for each year. |
