New Jersey (United States of America)

The government of the State of New Jersey, like that of the United States, is divided into three coequal branches: the legislative, the executive, and the judicial. The principal function of the Legislature is to enact laws. The Executive Branch (the Governor, Lieutenant Governor and State agencies) carries out the programs established by law. The Judiciary (the Supreme Court and lower courts) punishes violators, settles controversies and disputes..

New Jersey had the eighth largest economy of the 50 states in 2017, as measured by Gross Domestic Product. The state had $60,684 in GDP for each person in its population in 2018, the tenth highest of the states, compared to the national average of $56,717.

New Jersey is a major industrial center, an important transportation corridor and terminus, a leading state in agricultural income per acre and a long-established playground for summer vacationers. Nineteen Fortune 500 companies are based in New Jersey, four of which are Fortune 100 companies.

Currency:

United States Dollar (USD)

Exchange Control:

New Jersey does not separately impose exchange control or currency regulations.

Financial services industry:

The financial services industry has become a key component of New Jersey'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.

New Jersey has a common law system. The business laws of New Jersey are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of New Jersey are familiar to many lawyers both in the US and internationally.

Type of Company/Corporation:

One IBC supply incorporation in New Jersey service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

More than a million corporations have been incorporated in New Jersey and lots of U.S. publicly-traded companies. Businesses choose New Jersey because it provides modern and flexible business laws and a business-friendly State Government.

Business Restriction:

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.

Company Name Restriction:

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";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of New Jersey or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in New Jersey:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• 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 in New Jersey is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in New Jersey:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in New Jersey, USA

Share Capital:

There is no minimum or a maximum number of authorized shares since New Jersey incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

New Jersey 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.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return

There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.

Local Agent:

New Jersey law requires that every business have Registered Agent in the State of New Jersey who may be either an individual resident or business that is authorized to do business in the State of New Jersey

Double Taxation Agreements:

New Jersey, 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 minimized by providing credits against New Jersey taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimized through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License Fee & Levy:

The New Jersey Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in New Jersey must pay the $800 minimum franchise tax

Read more:

• New Jersey trademark
• New Jersey business license

Payment, Company return due date

All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay the $800 Annual Franchise Tax every year.

• Corporations:

A Statement of Information must be filed with the New Jersey Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months

Most corporations must pay a minimum tax of $800 to the New Jersey Franchise Tax Board each year. New Jersey Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation's tax year. New Jersey S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation's tax year.

• Limited Liability Company

Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.

Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.