A Bureau of Economic Analysis report revealed that the economic growth of Oregon has risen rapidly during the 4th quarter of 2017 and as a result of which the gross domestic product (GDP) grew by 3.7 percent. The industry leading the list of driving factors for economic growth is durable goods manufacturing while the top private sector industries are manufacturing including advanced materials manufacturing, Software and Computer Systems Design, Commercial fisheries, forestry and wood products, and tourism. What industry would you choose for incorporation in Oregon?
Why Choose Oregon for Incorporation?
The Real Gross Domestic Product (GDP) of the “Beaver State” was $212.57 billion in 2017 as compared to $198.3 billion in 2010. There are several sectors contributing to the overall economy although the primary resource centers are still timber, fishing, and agriculture. One of the reasons why a large number of company incorporation in Oregon take place is because of the advantages or benefits both small and medium sized businesses derive.
Now let’s take a look at some of the salient benefits that are responsible for fuelling growth of small businesses:
- Standard Enterprise Zone Program: The primary aim of the enterprise zones (EZ) is to offer a unique opportunity to small and medium sized enterprises by ensuring promotion of steady growth and expansion. If you set up a company in Oregon enterprise zone, your business will be exempt from local property taxes on new investments. Depending on the specific zone your business is located in, you can derive full exemption from property taxes for a period of three to five years. There are local incentives available in different zones for qualifying businesses. There are also currently 72 enterprise zones in the state. Map of EZ
- Access to Capital: What is the most important thing required by every business especially to ensure proper functioning and operations and post company incorporation in Oregon? It is funds and the state provides several business finance programs that your business can benefit from. Some of the important programs include:
– Oregon Business Development Fund (OBDF)
– Small Business Expansion Loan Fund (SBELF)
– Entrepreneurial Development Loan Fund (EDLF)
– Credit Enhancement Fund (CEF)
– Capital Access Program (CAP)
– Industrial Development Bonds (IDB)
How do you incorporate in Oregon?
What is the process of incorporation in Oregon? What type of documentation is required? These are some of the common questions that you will be confronted with if you are planning to start a new business in the state. The following steps will enable understanding of the entire process:
The first step towards incorporation in Oregon is choosing the type of business you want to form. The different types of business structures that you can form in the Beaver State include Business Corporation (C & S Corporation), Professional Corporation, Limited Liability Company (LLC), Limited Partnership (LP), Limited Liability Partnership (LLP), Business Trusts, and Co-operative Corporation among others.
The type of business entity you want to form can either be domestic or foreign. The forms and fee will be different for each type of entity.
What is the next step towards company incorporation in Oregon? The next step is to identify and reserve a name and this can be done as follows:
- Naming Requirements: According to 2017 ORS 63.094 for LLC and 2017 ORS 60.094 for corporation, a business name should contain the words “corporation”, “incorporated”, “limited liability company” or abbreviations like “corp.”, “inc.”, “ltd.”, “L.L.C.”, ”Ltd., ” or similar abbreviation.
- Business name search: You need to search for a business name that is not in use currently. You can conduct name availability search here.
- Name Reservation: Once you have identified a business entity name, you can reserve the name pursuant to 2017 ORS 63.097 for LLC and 2017 ORS 60.097 for private corporations. You can reserve the name for a period of 120 days with the office of the Oregon Secretary of State Corporation Division.
Choose a Registered Agent
Whether you form a corporation or an LLC business entity, in order to transact business in the state of Oregon, you will have to maintain a registered agent pursuant to 2017 ORS 63.111 for LLC and 2017 ORS 60.111 for corporations.
We are one of the respected registered agents in Oregon and will be responsible for initiating incorporation in Oregon through processing of your Articles of Organization and Application for Authority for LLCs and Articles of Incorporation and Application for Authority for business corporations.
Articles of Incorporation and Application for Authority
You will be required to file “Articles of Incorporation” pursuant to 2017 ORS 60.047, if your business is a domestic corporation. You will have to file an “Application for Authority” pursuant to 2017 ORS 60.707, if it is a foreign business entity. In order to streamline the process of incorporation in Oregon, 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 Oregon, 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 Oregon Incorporation
What would it cost to set up company in Oregon? Check Fees here!