Establishing a company in New York

New York is located in the Northeast of the U.S., sharing its southern borders with New Jersey and Pennsylvania, its eastern borders with Connecticut, Massachusetts and Vermont, and international borders with the Canadian provinces of Ontario to the west, and Quebec to the north. Additionally, it has maritime borders with the miniscule state of Rhode Island on the Atlantic coast. The region was first settled by native Indians, Dutch settlers (the first Western arrivals) and finally controlled by the British from 1664 until gaining independence and ratifying the U.S. Constitution in 1777.

The state capital is Albany, the sum population is 19.5 million inhabitants, with roughly 8.5 million living the New York City, the most densely populated of the state cities. The climate includes radical weather shifts – from hot and muggy summers to cold and heavily snowed winters. The state, and particularly NYC, include a huge range of minorities and nationalities.

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Five things you did not know about New York:

  • There is one memory, evoked by thoughts of skyscrapers and planes, which will forever be marked by remembrance of the September 11 events and the collapse of the Twin Towers. However, there one incident in 1945 that predates that tragedy, when a B-25 U.S. military plane crashed into the 79th story of the Empire State Building. This caused serious damage to the building but it remained intact.
  • New York State, and specifically New York City, has the largest Jewish community outside of Israel; this congregation includes millions of native Jews, as well as many Israeli immigrants to the U.S.
  • The New York Stock Exchange (NYSE) is the largest in the world in terms of number and worth of listed companies. NYC is also home to the NASDAQ Stock Market, so that both city and state are assured their role as a leading financial global center.
  • The economy of the state, were it to be assessed independently, would be ranked 16th in the world, after the Turkish economy.
  • New York is home to several successful, iconic and beloved sports teams, including the Knicks in basketball, the Yankees and Mets in baseball, the Giants and Jets in football, and the Rangers in ice hockey.

New York’s economy is one of the strongest and most significant economies in the U.S., mostly thanks to New York City. State GDP is 1.6 trillion USD and per capita income is 47,000 USD. The bulk of state revenue stems from NYC, and most of these monies are generated by the colossal financial sector in Wall Street, including the stock exchanges, banks, hedge funds and investment funds, trade and diamond industry companies, investment management firms, and a huge array of financial goods and service providers. NYC is also a central business center and houses a number of main offices and HQs of companies from various industries (telecommunications, media, technology, advertising, retail and many more).

New York's economy

The state also relies on an extensive industrial sector, including printing, production and manufacture of technological and mechanical equipment, food processing and chemicals. Two additional sources of state revenues are the tourism and agricultural sectors, contributing significantly to the economy. Establishing an offshore company is New York is an appealing opportunity offering an excellent and global business environment and a wealth of possibilities for business activity within and outside the U.S.

Additional information about establishing offshore companies in New York:

General
Type of company
LLC
Relevant Companies Law
NY Business Corporate Law
Offices
New York 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 and/or company
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 not 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