Alaska boasts of a gross state product exceeding $44.9 billion and federal subsidies, an important aspect of the economy that is perhaps a primary reason for the state witnessing low taxes. In the last decade, the state has seen growth in the tourism sector. If you are wondering if Incorporation in Alaska is a smart idea or not then the list of top companies and employers by Alaska Department of Labor and Workforce Development will definitely be helpful to you. Some of the companies headquartered in the state include FedEx, Wells Fargo, Alaska Communications Systems (ACS), Lowe’s, Costco, Icicle Seafoods, McDonald’s Restaurants of Alaska, and Home Depot among others.
Why Choose Alaska for Incorporation?
Why is a company Incorporation in Alaska a good decision? This northernmost state is home to 69,115 small businesses with 72% of them being exporters. The state of Alaska offers several benefits in terms of advantages as well as incentives to prospective businesses. Let’s take a look at some of them.
Economic Development Opportunity Zones
If you set up a company in Alaska especially in the opportunity zones laid out by the Department of Commerce, Community, and Economic Development then your business will be able to enjoy tax benefits on investments. You can check the various opportunity zones by clicking here.
One of the advantages of Incorporation in Alaska is the availability of a variety of loan programs, which will help your business to generate the capital required. Some of the popular loans available include:
- Small Business Economic Development (SBED): The maximum loan amount is $300,000 based on eligibility. Download Loan Application
- Rural Development Initiative Fund: The maximum loan amount varies from $150,000 for a single person to $300,000 for two or more people. Download Loan Application
- Micro loan program: The maximum loan amount varies from $35,000 for a single person to $70,000 for two or more people. Download Loan Application
How do you Incorporate in Alaska?
A fundamental decision that you will be required to make in order to set up a company in Alaska is the type or form of business organization to register. In the state of Alaska, the different forms of businesses you can choose from include General Partnership, Sole Proprietorship, Business Corporation, Limited Liability Company (LLC), and Limited Partnership (LP).
If you are thinking that a company Incorporation in Alaska might be a tough process then the best way to understand the process is through the following:
- Business Type: It is important to choose the type of business you want to incorporate as each type of corporation has its own advantages and disadvantages and the forms and fees are also different. Business Corporations can be classified under Domestic and Foreign Corporations. The other types of businesses that are allowed Incorporation in Alaska include Cooperative Corporations, Non-Profit Corporations, Professional Corporations (only domestic), and Religious Corporations. Know more
- Business Entity Name: If you are planning to set up a company in Alaska then after identifying the type of business to form, you need to identify, search, reserve, and then register the business entity name. Business names can be reserved for a period of 120 days while business name registration will provide exclusive rights to use the chosen name for 5 years.
In order to reserve or register a business name, you will need to follow certain rules like the name should be “distinguishable” and name restrictions should be avoided. You can register business name online or by sending mail to the Department of Commerce, Community and Economic Development Division of Corporations, Business and Professional Licensing along with the prescribed fee.
- Choose a Registered Agent: According to Alaska Statutes-AK Stat § 10.06.150 (through 27th Leg Sess 2012), in order to initiate company Incorporation in Alaska, you will be required to continuously maintain a Registered Agent. We are one of the respected Registered Agents in Alaska and will be responsible for initiating the processing of your “Articles of Incorporation” for Domestic Corporations and “Certificate of Authority” for Foreign Corporations.
- Articles of Incorporation or Certificate of Authority: “Articles of Incorporation” if your business is a Domestic Corporation and if it is a Foreign business entity then a “Certificate of Authority” will have to be filed. We can always file on your behalf through the standard process, online or through expedited process.
- Date Stamped Copies: As a part of the process of company Incorporation in Alaska, we will ensure, you receive date-stamped and filed copies that verifies the state has filed as well as formed your Corporation.
Costs and Fees associated with Alaska Incorporation
What would it cost to set up a company in Alaska?
Check Fees here!