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Virginia, officially the Commonwealth of Virginia, is a state in the Southeastern and Mid-Atlantic regions of the United States between the Atlantic Coast and the Appalachian Mountains. It was named for Elizabeth I, the Virgin Queen. The capital of the Commonwealth is Richmond and Virginia Beach is the most-populous city, and Fairfax County is the most-populous political subdivision.
History and nature make Virginia a leading tourist centre. Within its borders lie many important historical monuments. By the early 21st century Virginia was among the most prosperous states in the South and in the country as a whole.
In August 2020, the Virginia’s population is estimated at 8,626,210, a growth rate of 1.15%, which ranks 13th in the United States.
Nearly three-fourths of Virginia’s residents are of white European descent. African Americans constitute a substantial minority—about one-fifth of the population.
85.9% of Virginia residents age five and older spoke English at home as a first language.
Like the U.S. Constitution, the Constitution of Virginia established three branches of Virginia government. The three branches and their primary responsibilities are:
Virginia's economy has diverse sources of income, including local and federal government, military, farming and high-tech. This state has developed a well-balanced economy far beyond its original agricultural base, and since the 1960s the state’s annual economic productivity usually has been slightly higher than that of the United States as a whole.
Virginia ranks among the top states in per capita distribution of federal funds and has one of the highest per capita incomes in the Southern region.
United States Dollar (USD)
Virginia does not separately impose exchange control or currency regulations.
The financial services industry has become a key component of Virginia's economic strength and growth. The state has been home to many banks and financial services companies for years due to tax regulation on interest rates.
Because of its friendly business climate, many companies that you would not associate with Virginia are incorporated in the state.
The corporate laws of Virginia are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of Virginia are familiar to many lawyers both in the US and internationally. Virginia has a common law system.
One IBC supply incorporation in Virginia service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
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.
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";
No public register of company officers.
Just 4 simple steps are given to start a business in Virginia:
* These documents required to incorporate a company in Virginia:
Read more:
How to start a business in Virginia
There is no minimum or a maximum number of authorized shares since Virginia incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Virginia 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.
Local Agent:
Virginia law requires that every business have Registered Agent in the State of Virginia who may be either an individual resident or business that is authorised to do business in the State of Virginia
Double Taxation Agreements:
Virginia, 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 Virginia 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.
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 $100 for any county in Virginia City and US$ 25 for any other county in Virginia 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.
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Fiscal-year returns are due the 15th day of the third month after the end of the tax year.