What makes incorporation in Kentucky a really smart business move? The commonwealth of Kentucky with a dollar GDP of $202.5 billion as at 2017 has a business climate that is simply perfect for any type of business. In 2017, the real GDP of the state grew 1.8%. The top industries driving this economy include agriculture, manufacturing of machinery; coal, natural gas, and petroleum mining, and service industries.
Why Choose Kentucky for Incorporation?
The big brands of today like Toyota Motor Engineering & Manufacturing North America Inc., and GE Appliances have set up companies in Kentucky because the state provides businesses with a competitive platform that enables high growth.
Now let’s take a look at some of the salient benefits that are responsible for fueling growth of small businesses:
- The Kentucky Opportunity Zone is a program under which individuals and corporations can invest in different types of economic development projects in specific zones. Company incorporation in Kentucky opportunity zones, which comprise of low-income, distressed and contiguous districts, will provide businesses with several benefits like temporary tax deferral for capital gains, permanent exclusion from taxable income of capital gains, and special opportunity funds. List of opportunity zones
- The Kentucky Business Incentives & Financial Programs targets at all types of businesses with the aim of providing income tax credits, small business tax credits, and funds or grants to promote their growth, advancement, or expansion.
How do you incorporate in Kentucky?
What is the process through which you can set up a company in Kentucky? What type of documentation is required? Can the registration documents be filed online? If you are confronted with these questions then the following steps will help you understand how incorporation works in Kentucky:
Type of Business
What type of business do you want to form? You can choose to form a domestic or foreign Corporation or any other business like a domestic or foreign limited liability company, partnership, Limited Partnerships (LP), Limited Liability Partnerships (LLP), and Business Trusts. The first step towards company incorporation in Kentucky is choosing the type of business you want to form.
Business Entity Name
What is the next step towards company incorporation in Kentucky? The next step is to identify and reserve a name and this can be done as follows:
- Naming Requirements: According to KRS 14A.3-010, a corporate name should contain the words “corporation,” “company,” or “limited” or abbreviation “Corp.,” “Inc.,” “Co.,” or “Ltd.” etc.
- Business name search: You need to search for a business name that is not currently in use. You can conduct a name availability search here.
- Name Reservation: Once you have identified a business entity name, you can reserve the name with the Secretary of State pursuant to KRS 14A and KRS 271B, 273, 274, 275, 362 or 386.
- Name Registration: If you are a foreign entity planning to set up a company in Kentucky then you will be required to register a business name with the Secretary of State pursuant to KRS 14A and KRS Chapter 271B, 273, 274, 275, 362 or 386.
Choose a Registered Agent
According to KY Rev Stat § 5.5-010 (2014), a domestic or foreign corporation or LLC in the state of Kentucky will be required to maintain a registered agent. We are one of the respected registered agents in Kentucky and will be responsible for initiating incorporation in Kentucky through processing of all your documents including “Articles of Incorporation” for domestic corporations and “Certificate of Authority” for foreign corporations.
Articles of Incorporation and Certificate of Authority
You will be required to file “Articles of Incorporation” pursuant to KY Rev Stat § 2.2-020 (2014), if your business is a domestic corporation. You will have to file a “Certificate of Authority” pursuant to KY Rev Stat § 14A.9-030, if it is a foreign business entity. In order to streamline the process of incorporation in Kentucky, we can file documents on your behalf through the online process or through an expedited process.
Date Stamped Copies
As a part of the process of company incorporation in Kentucky, 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 Kentucky Incorporation
What would it cost to set up a company in Kentucky? Check Fees here!