Establishing a company in New Jersey

New Jersey is a small U.S. state located in the Northeast along the Atlantic coast. New Jersey borders on New York to its north and east, Pennsylvania to its west, and tiny Delaware to its southeast. It has 9 million residents, and is the fourth smallest state in terms of area, although densely population. Despite being an independent state, New Jersey is actually situated between the huge metropolitans of nearby New York and Philadelphia. During the early days of Western settlement in the 17th century, the Dutch and Swedes established small towns in the region, and later the British took control of the land and named it for the Isle of Jersey, located between England and France.

The majority of the population resides in the north part of the state near Manhattan, and many citizens commute daily to New York but return to home New Jersey where the price of living is much lower. The number of people drops more southward you travel, and the landscape becomes more natural and wooded. The climate in this small state is different in each county, but generally summers are hot and humid, and winters particularly cold with temperatures dropping below zero. The capital is Trenton, and the largest city is Newark. In addition to English, which is obviously the official language, New Jersey also has a number of ethnic minorities that each speak their own language, including Hispanics, Italians, Poles, Koreans and Indians.

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Four things you did not know about New Jersey:

  • Although Las Vegas in the west is well-known as the gambling and casino capital of the U.S., Atlantic City in New Jersey offers all those delights in a resort city in the northeast. From 1978 onwards gambling has been legal in this beach town on the Atlantic coast, and it has a wealth of casinos, luxury hotels and tourist attractions.
  • New Jersey has more restaurants per square mile than any other state in the U.S., mostly diners. The most popular and recommended specialities include native-grown tomatoes, sweet corn, and berries (the state is the world blueberry capital).
  • Bruce Springsteen and Frank Sinatra were both born in New Jersey and began their musical careers there.
  • The “Six Flags Great Adventure” park was officiously declared the largest amusement park in the world in 2013, offering dozens of rides, including the highest rollercoaster ever recorded.

New Jersey’s economy

GDP is 487 billion USD and per capita income is 54,700 USD; the state is regularly ranked among the highest in per capita income in the U.S. The major industries are the medical and pharmaceutical industry, a developed financial sector, chemical sector, media, food manufacture, oil storage, a shipping and docking port for huge liners and containers, electric products and printing. Furthermore, tourism provides a significant revenue source, and there is still a huge and developed agricultural sector. The state has dozens of Fortune 500 companies that have determined their headquarters there, so it offers a high-quality and efficient business environment for offshore companies wishing to incorporate there.

New Jersey is ranked among the highest in terms for per capita contribution to U.S. federal taxes (taxes paid to the federal government), but ranked almost last in terms of public spending of the state itself. This means that for every dollar paid by New Jersey taxpayers they only get 0.61 dollars back.

Additional information about establishing offshore companies in New Jersey:

General
Type of company
LLC
Relevant Companies Law
New Jersey Business Corporation Act
Offices
New Jersey law requires companies to provide a local office address
Language of original incorporation documents
English
Finance and Taxation
Currency
USD
Corporate tax rate
0% - On the condition that company owners are not residents, do not conduct business in the U.S., and have no sources of income from within the U.S.
Standard share capital
Irrelevant
Office Holders
Secretary
Obligation to appoint company secretary
Not required
Obligation to appoint local secretary
Irrelevant
Type of entity that may function as company secretary
Irrelevant
Director
Obligation to appoint company director
Required (called “manager” – not “director”)
Obligation to appoint local company director
Not required
Minimum number of directors
1
Type of entity that may serve as company director
Individual
Shareholders
Obligation to register shareholders
Required (called “members” – not “shareholders”)
Obligation to register local shareholders
None
Minimum number of shareholders
1
Type of entity that may register as shareholder
Individual and/or company
Type of shares
Irrelevant
Accessibility of Information
Company registrar
information regarding office holders is accessible to the public
Annual Assembly and Reporting
Obligation to hold annual assembly
Required
Obligation to prepare financial reports
Required
Obligation to submit financial reports
Required