A study by “GOBankingRates” revealed that West Virginia one of the few states that enjoyed a high in their economic growth rate at 6.84 percent in 2017. In fact, in the first quarter of 2017, the “Mountain State” had the 2nd highest gross domestic product growth in the country. Those who set up company in West Virginia in 2017 were benefited from the economic growth and a variety of benefits that the state offers. Some of the key industries responsible for fuelling this economic growth include the aerospace industry, manufacturing industry, Chemical and polymer industry, building products industry, and Technology & Information Services among others.
Why Choose West Virginia for Incorporation?
The “Mountain State” as West Virginia is often known as, has one of the most business-friendly climates and this is one of the reasons why company incorporation in West Virginia has crossed the 100,000 mark. The largest industry in the state in 2017 was government and government enterprises and it accounted for 16.3% of the state GDP followed by insurance, finance, rental, and leasing, and real estate.
Now let’s take a look at some of the salient benefits that are responsible for fuelling growth of small businesses:
- Business Investment and Jobs Expansion Credit: If you set up company in West Virginia you will be able to avail of the “Business Investment and Jobs Expansion Credit”, which was enacted by the State Legislature in 1985. The primary objective of this incentive program is to promote net employment growth (new jobs) within the state. As a part of the program, the state will provide tax credit to eligible businesses so that they can offset the additional taxes directly attributable to the new jobs as well as qualified investment. More Information
- Economic Opportunity Tax Credit: The primary objective of the Economic Opportunity Tax Credit is to help in promoting net employment growth within the state of West Virginia. In order to qualify for this tax credit program, incorporation in West Virginia is necessary. New and expanding businesses can avail of this benefit. As a part of the program, the State will provide a tax credit to offset any additional taxes directly attributable to the qualified capital investment leading to net employment growth. Download Application
How do you incorporate in West Virginia?
What is the process of company incorporation in West Virginia? Do you require any specific documents? How can you submit or file these documents? These are some of the questions that you will be confronted with and hence the following steps will provide you with information on how incorporation works in West Virginia:
Type of Business
The first step towards incorporation in West Virginia is choosing the type of business you want to form. You can choose to form an LLC or a Corporation. The type of business entity you want to form can be domestic or foreign entity. The forms and fee will be different for each type of entity.
Business Entity Name
What is the next step towards incorporation in West Virginia? The next step is to identify and reserve a name and this can be done as follows:
- Naming Requirements: The naming requirements in the state of West Virginia are governed by 2010 WVC §31B-1-105 for an LLC and 2005 WVC §31D-4-401 for a Corporation. The name of each limited liability company must contain words like “Limited Liability Company” or abbreviations like “L.L.C.” or “LLC”. A corporate name must contain words like “corporation”, or “incorporated” or abbreviations like “corp.” or “inc.
- Business name search: You need to search for a business name that is not in use currently. You can conduct name search here.
- Name Reservation: Once you have identified business entity name, and if the name is available then you can reserve the name with the office of the Secretary of State – Business and Licensing Division. You can reserve a name for a period of 120 days according to the provisions given in 2005 WVC §31D-4-403 for corporations and 2010 WVC §31B-1-106 for an LLC.
- Name Registration: If you are foreign entity planning to set up company in West Virginia then you will be required to register business name with the Secretary of State pursuant to 2005 WVC §31D-4-404 for a corporation and 2010 WVC §31B-1-107 for an LLC.
Choose a Registered Agent
Each Business or Professional Corporation and Limited Liability Company in the state of West Virginia is required to maintain a registered agent pursuant to 2005 WVC §31D-5-501 for Corporations and 2010 WVC §31B-1-108 for a Limited Liability Company.
We are one of the respected registered agents in West Virginia and will be responsible towards initiating company incorporation in West Virginia through processing of all your documents including “Articles of Organization” and “Articles of Incorporation” for domestic business entities and “Certificate of Authority” for foreign entities.
Articles of Incorporation and Certificate of Authority
If you are planning to form a domestic corporation (For profit), then you will have to file “Articles of Incorporation” pursuant to 2005 WVC §31D-2-202. If you are planning foreign business incorporation in West Virginia then you will be required to file a “Certificate of Authority” pursuant to 2005 WVC §31D-15-1503. In order to streamline the process we can file documents on your behalf through the online process or through expedited process.
Date Stamped Copies
As a part of the process of company incorporation in West Virginia, 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 West Virginia Incorporation
What would it cost to set up company in West Virginia? Check Fees here!