For the aspiring global brand, setting up shop in the City of New York can be the key to success. It is a dynamic, competitive market, with a diverse, wealthy, well-educated, cosmopolitan population base, good infrastructure, great universities/colleges, and easy access to the entire world via JFK and Newark airports. New York City is truly the business capital of the world and one of the planet’s financial centers.
Setting up a business New York can be done quickly, either by incorporating your company in the State of New York, or incorporating in another state like Delaware then registering to do business in the State of New York.
Like all US jurisdictions, New York offers both corporations and LLCs. Benefits of New York LLCs include:
- Fast incorporation
- No annual government fee
- No minimum capital to start, no registered capital requirement to maintain
- No New York annual report – just a biennial report asking for mailing address
- No citizenship or residency requirement for members or managers
- Members and Managers can be any type of person: natural person, company (US or foreign), trust, partnership, etc.
- No New York tax of any kind if all activities of the company are outside New York and there are no New York-resident members
- Apostilled documents available – the US is a Hague Convention member, and apostilled documents can be quickly and easily obtained
- Company seal is not required
- Company can choose to become a corporation for tax purposes if it needs to become tax-resident in the US