Bordered by the southernmost U.S. States and the Gulf of Mexico, Florida has flourished as a profitable offshore business ground. With the capital city of Tallahassee, the country has become one of the attractive destinations with flexible tax structures, administrative advantages, and a business environment. With an area of 65,757 square miles, Florida is the 22nd largest state in the United States of America.
So, if you look forward to setting up an offshore company in any tax-haven jurisdictions, you can count on Florida to take the process along. This guide highlights the essential criteria that are required to follow for establishing a Florida business formation.
Business Entities in Florida
Now, an investor has got the following possibilities to choose the business structure while proceeding with offshore company incorporation in Florida, which includes:
- Sole Proprietorship
- General Partnership
- Limited Partnership
- Limited Liability Company (LLC)
- Corporation (C & S Corporation)
When it comes to the incorporation process, most business investors prefer Florida LLC formation for the business.
How to Incorporate a Company in Florida
Need advice on launching a business, or are you considering doing so? The steps to starting a new business in Florida are listed here!
Research the Area of Business
First and foremost, do profound research on the business you want to proceed with. Market research will always help you in the process of company incorporation.
Select a Business Name
Choose a unique business name not already used by another firm in the state before incorporating your company in Florida. Registering a business name before starting a new venture is not permitted. The words "Company," "Incorporated," or "Corporation," as well as the initials "In," "Corp," or "Co," must appear anywhere in the name of your corporation.
Finalize the Business Type
Finally, decide what kind of business you wish to start. Would you want to:
How can I register a DBA (fictitious name) to start a partnership or single proprietorship?
Create an LLC (Limited Liability Company) or a corporation. Find out more on a guide to Florida Limited Liability Company.
Register the Business
Whatever option you decide, you must register your business with the state and the county and open a business bank account. You must follow these requirements even running an internet or home-based business. For instance, you must follow these measures if you frequently make booth sales at flea markets or sell beauty goods at home parties.
Draft the AOA
When you submit the Florida Articles of Incorporation to the Department of State Division of Corporations, your corporation will be formally established.
The following details must be included in the articles:
- Name of the corporation
- Address of the business
- The organization's goal
- The registered agent's name, signature, and address for service of process
- The name and location of the individual who formed the company.
Obtain the Employer Identification Number (EIN)
A federal Employer Identification Number (EIN) is required if you want to hire staff or create a bank account (EIN). Learn more about the benefits of Florida company formation with a bank account.
Get the License
Your organization might need to apply for additional city-specific or state business licenses, depending on the nature of your industry and the location of your company. For example, most counties in Florida require a business license, occupational license, or business tax receipt to grant permission to operate a business there. Check with your local tax collector's office to learn what they demand.
Clear the Payment
What is the cost of incorporating in Florida? It may depend on several factors, including your location and the type of business you run. The Division of Corporations of the Florida Department of State may additionally require payment of additional fees. Several typical corporate fees are as follows:
- Cost of a certified copy
- Statement of Status
- Renewing a foreign name,
- Restoration of a non-profit
- Restoring status for a business
- Resignation of the registered agent for a corporation in existence,
- The registered agent for a dormant corporation resigns.
Why Choose Us?
In a nutshell, offshore company incorporation in Florida is a smart move, which can be backed by expert advice.
At Business Setup Worldwide, we have dealt with business incorporation processes across popular offshore business destinations. Our experienced advisors have been dealing with business advisors since inception and thus are well-versed in providing customized solutions suiting business needs.
If you plan to set up your offshore company in Florida, feel free to talk with our experts. Contact us today-we’d be glad to assist!