Establishing a Business in New York

The benefits of setting up a company in New York are easy to understand. The Big Apple is widely regarded as one of the most respected cities in the world to launch a company in, providing instant prestige. For European business owners, setting up a company in New York will boost their business brand and increase exposure globally. 

New York is renowned for its banking and financial services but also has various successes in manufacturing. 

Investors looking to reap the benefits of New York may be put off by the thought of lengthy legal processes and paperwork. This is not difficult to navigate with the right knowledge and obtaining the help of a firm of experts specialising in helping foreign investors establish a business in New York will ensure complete compliance.

Applying to set up a business is fairly quick process in New York, with applications of documents being processed in about a week. These can then be forwarded to any address worldwide.

If you are looking to hire a company to support your incorporation, they will probably require an application form, a certified copy of each director and shareholders passport, and two utility bills less than three months old. 

A local office is required for New York businesses and you will have to decide whether you are going to have a serviced office or a virtual office. Serviced offices are fully equipped to your requirements, such as a secretary, receptionist, conference room, and computer set up. Virtual offices do not have a physical office space but manages all the company communication. So all calls and emails are sent from New York to your chosen address, wherever that might be in the world. This means you can control and keep track of your New York business from the other side of the globe if necessary. 

Office space in New York’s central business district in Manhattan is vast, but incredibly expensive. There are many business districts in Brooklyn, the Bronx, Queens and Staten Island which might also suit your needs and your budget. If you need to set up a factory or warehouse/distribution facility there are industrial parks where tax incentives may be offered for qualifying businesses, such as for electricity and hiring local employees. 

 Setting up a local bank account is essential during your New York incorporation. This will allow you to transfer money between the US and your home country, making business operations and finances easier to control.

Setting up business in New York at a glance:

1. Minimum share capital of $1
2. An increase in the shares may cause an increase in the initial filing fee
3. One director is required
4. The directors do not have to live in New York
5. Directors do not have to be listed in the articles of incorporation
6. The company name must contain corporation, incorporation or an abbreviation
7. The name must not be similar to another corporation

 For further information, please do not hesitate to contact us.