New York

The Government of New York is the governmental structure as established by the Constitution of New York. New York government, as at the national level of government, power is distributed among three branches: Legislative, Executive, and Judicial.

• The legislative branch consists of a bicameral (or two chamber) Legislature including Senate and House of Representatives;
• The Executive branch of New York State government consists of a maximum of 20 departments;
• The Judicial branch comprises a range of courts (from trial to appellate) with various jurisdictions. The Court of Appeals is New York State's highest court and court of last resort in most cases.

In 2019, the real GDP of New York was about $1.751 trillion. The GDP per capita of New York was $90,043 in 2019.

Finance, high technology, real estate, insurance, and health care all form the basis of New York City's economy. The city is also the nation's most important center for mass media, journalism, and publishing. Also, it is the country's preeminent arts center.

New York City and the surrounding New York metropolitan area dominate the economy of the state. Manhattan is the leading center of banking, finance, and communication in the United States and is the location of the New York Stock Exchange (NYSE) on Wall Street.

Currency:

United States Dollar (USD)

The business laws of New York are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of New York are familiar to many lawyers both in the US and internationally. New York has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in New York service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of New York or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in New York:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in New York is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in New York:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in New York, USA

Share Capital:

There is no minimum or a maximum number of authorized shares since New York incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

New York company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

Local Agent:

New York law requires that every business have Registered Agent in the State of New York who may be either an individual resident or business that is authorised to do business in the State of New York

Double Taxation Agreements:

New York, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against New York taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License Fee & Levy:

For corporations, limited partnerships and limited liability companies, who must file with the State, the filing fee is US$ 25, though corporations must also pay an additional county- specific fee. The corporation county fee is $100 for any county in New York City and US$ 25 for any other county in New York State. Filers with the State may also choose to pay an extra fee for expedited processing, which will be either US$ 25, US$ 75 or US$ 150 depending on the speed of processing chosen.

Read more:

• New York trademark
• New York business license

Payment, Company return due date:

Fiscal-year returns are due the 15th day of the third month after the end of the tax year.