Why start doing business in New York?

Have you ever planned on doing business in New York and wondered “what do I need to start a business in New York”? Here is a summary of its business environment and what you need to know before running an offshore company in this state.

New York - A vibrant business community

There are more than 2 million SMEs in the state of New York. Finance, high technology, real estate, insurance, and healthcare are major sectors of New York City's economy. The city is also the nation's most important hub for social media, journalism, publishing and a famous art center in the United States. It can be said that this is a vibrant state, thus, attracting many foreign companies doing business in New York.

Foreign companies chose doing business in New York thanks to its vibrant economy

In 2020, the Gross Domestic Product (GDP) of New York was about 1.7 trillion U.S. dollars, which ranks 3rd in the USA. For taxable years in 2021-2023, the New York State corporate income tax rate increases from 6.5% to 7.25%. However, small businesses, qualified NY manufacturers, and emerging technology companies can maintain their current respective preferential tax rates.

New York City and its surrounding metropolitan area make up the majority in the state's economy. Among them, Manhattan is widely known as the leading center of banking, finance and media in the USA, also, it is home base for the New York Stock Exchange (NYSE) on Wall Street and Times Square.

The economic landscape for doing business in New York offers many opportunities, as well as challenges for entrepreneurs who first get a foot in the door.

Large professional talent pool

New York is a populous state on the East Coast, famous for its metropolitan area and economic activities. The competitive atmosphere makes businesses crave for talented employees. To meet this challenge, many companies are developing more attractive compensation packages and other benefits for employees to better attract, recruit and retain top talent.

A competitive labor market is a strong plus of doing business in New York

Luckily, the state has a large professional talent pool. New York is home to many top universities and a diverse population of skilled workers. This means that even though skilled labor is in high demand, companies can still recruit potential employees from that large talent pool. For example, a foreign LLC doing business in New York will likely hire local professionals, as it is much easier than hiring people from elsewhere.

Aside from students, there are a ton of individuals, who are very talented, migrating from other countries to New York. “Research shows that over 20% of New York residents are immigrants, while one-third of adult immigrants had a college degree or even more education. Offshore companies won’t have an issue with finding talent while running business here in New York”, said Mr. Tyler Wong - Operations Director of One IBC Group.

What do I need to start a business in New York?

You may already read lots of articles about steps to set up a company in New York. It is easy to get overwhelmed by various information on the Internet, therefore, we suggest that you should find an expert to guide you through the complicated incorporation process.

This is when One IBC comes into the picture - we are an international business consultancy specializing in forming offshore companies. You only need to follow our 4 simple steps to set up a company and start doing business in New York.

One IBC has solid experience in offshore business services

• Step 1: Select basic Founder nationality information and other additional services (bank account opening, trademark registration, business license, serviced office, etc.) that you want.
• Step 2: Register or log in your One IBC account here. After that, fill in 3 valid company names, director(s)/shareholder(s), billing address and special requests (if any).
• Step 3: Choose your payment method (For more details, please visit here). Once payment is fully processed, we start to register your company. The incorporation time frame is normally from 1 to 3 days.
• 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 is now ready to start doing business in New York.

In addition, there are some remarks that you need to know before doing business in New York:

• New York businesses must have a registered agent. A registered agent can be a person or a business entity that has a physical address in New York and is willing to accept service of process and official mail on behalf of your business. You can designate your own agent or specifically designate One IBC.
• A foreign corporation or a foreign LLC doing business in New York is required to file a Biennial Report. The due time is by the end of registration anniversary month.
• Depending on your industry, business licenses and permits are compulsory. Some permits are as low as $25, while certain licensing fees are several hundred dollars.

To find out more about what you need to start a business in New York, please contact One IBC via Hotline +65 6591 9991 or email [email protected] to have a talk with our dedicated experts. Let’s stay ahead of the curve and take the business opportunity today.