Some of the top companies in the world like MetLife, JP Morgan, Chase, and IBM have headquarters in New York and this is not because it is considered to be a global city. Yes, New York is the cultural, financial, and media capital of the nation but more importantly, it provides a great market for businesses. Whether you are planning to import, export, or simply promote your services or products in the local market, incorporation in New York is definitely a decision that you will not regret.
Why Choose New York for Incorporation?
Why is incorporation in New York a wise business decision? There are several benefits or advantages of starting a small or medium enterprise (SME) in the state but more importantly, the state offers incentives to prospective businesses. Let’s take a look at some of them.
START-UP NY PROGRAM
This is a pro-business program that helps new as well as existing businesses that plan to expand. Once you set up company in New York, you will be able to benefit through this program as it offers tax-based incentives as well as highly innovative academic partnerships. As a part of this program, both new and expanding businesses will derive the opportunity to operate in the state, tax-free for a period of 10 years but only if it is set up on or near eligible college or university campuses in the State.
Tax Credits
The state of New York provides provisions through which businesses can claim specific tax credits. There are two types of tax credits and they are:
- General business corporation (Article 9-A) tax credits:
- Business tax credits (Article 22)
Essentially these tax credits can be claimed in order to reduce the franchise tax liability applicable in the state of New York. Let’s look at an example:
If you set up company in New York that produces Alcoholic beverages then the Alcoholic beverage production credit under General business corporation (Article 9-A) tax credit is a refundable credit that is applicable if you meet certain criteria like:
- Your business being a registered distributor under Article 18 of the Tax Law
- The production of wine is 800,000 gallons of liquor or less, 60,000,000 gallons or less of beer etc.
The tax credit will be 14 cents per gallon for the first 500,000 gallons of wine, liquor, cider, or beer and 4.5 cents per gallon for each additional gallon over 500,000 gallons.
Manufacturer’s Real Property Tax Credit
Manufacturing company incorporation in New York can qualify your business for Manufacturer’s real property tax credit. You or your business will be entitled to a credit equivalent to 20% of the real property tax on your New York State business property that has been paid during the tax year. In order to derive this credit, your business can fall under any of the following categories like manufacturing, horticulture, assembling, processing, extracting, mining, refining, farming, agriculture, viticulture, floriculture, or commercial fishing.
How do you Incorporate in New York?
Is company incorporation in New York a tough process? This is one of the most common questions and the truth is that there are several steps you can follow to make the process rather simple. We at incaradise.net have a team of specialists who can provide you with the proper guidance required to set up New York C Corporation, S Corporation, and LLC in the shortest possible time.
Here is a step by step procedure towards Incorporation in New York:
- Choose type of Business: Have you chosen the type of business you want to incorporate? The different types of businesses that you can actually set up include Not-for-Profit Corporation, Business Corporation, General Partnership, Limited Liability Company (LLC), Limited Partnership, and Sole Proprietorship.
- Choose Business Entity Name: Incorporation in New York can take place only when you have identified and finalized a name for your business. There is one problem though: the name chosen by you may exist in the database and in that case, you will need to identify another name. How do you determine whether your chosen name is available for a Corporation or LLC or not? This is possible when you conduct a name availability inquiry by searching through the Corporation and Business Entity database. Search here
Note: If your chosen name exists then you can file application for reservation of name for Domestic and Foreign Corporations.
- Choose a Registered Agent: You will need to name a registered agent prior to company incorporation in New York. They will be responsible for initiating the processing of your “Certificate of Incorporation” for Domestic Corporation and “Application for Authority” for Foreign Corporations. We are one of the respected registered agents in New York and our service includes providing automatic notification of correspondence, review of filing documents, and forwarding of all types of incorporation related documentation.
- Articles of incorporation: You will need to file “Certificate of Incorporation” for Domestic Corporations and “Application for Authority” for Foreign Corporations. We can always file on your behalf through the standard process of online or through expedited process.
- Date Stamped Copies: As a part of the process of company incorporation in New York, 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 New York Incorporation
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