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DELAWARE IS A WORLD LEADER FOR BUSINESS SERVICES
BY JACOB OWENS
Delaware ranks among the smallest states in the United States by physical size and population, but its economy and service providers punch well above its weight class.
Well-known for being the First State as the first to ratify the Constitution, Delaware is also famous today for being the Corporate Capital of the World.
More than 1.9 million limited liability companies, limited partnerships and franchises have been established
in Delaware, and more than 66% of Fortune 500 companies have chosen to be domiciled here. Filings in Delaware offer privacy to investors, an easy formation process and a range of companies to serve the industry.
According to Delaware Secretary of State Jeffrey Bullock, who oversees the state’s Division of Corporations, there are a number of reasons why business owners should look to Delaware.
“First, Delaware’s General Corporation Law is widely regarded as the most advanced and flexible business formation statute in the nation. Second, our Court of Chancery is a unique, centuries-old business court that has written most of the modern U.S. corporation case law,” he said.
“Third, Delaware’s corporate and legal services community has unparalleled expertise in the application of Delaware Corporate Law and receives strong, bipartisan support from the Delaware General Assembly and our governor for its efforts to continuously improve the state’s laws. Fourth, equally as important, our Division
of Corporations provides prompt, friendly, and professional service and strives to continuously improve based on what we hear from our customers,” he added.
As a highly respected incorporation center, Delaware, and its largest city,
Wilmington, are home to some
of the world’s biggest business services companies, including CSC and Wolter Kluwer’s CT Corporation, as well as dozens of smaller high-quality companies.
“CSC offers a true partnership and industry-leading expertise when it comes to managing global entities. In-country experts who know the ins and outs of these business-critical jurisdictions stand ready to support our clients’ regulatory needs,” said Jennifer Kenton, chief sales and marketing officer at CSC. “We offer clients compliance, security, and transparency, so they can focus on growing their businesses, while we focus on supporting them.”
The process for establishing an entity in Delaware is just four easy steps.
1. CHOOSE YOUR BUSINESS ENTITY TYPE
In Delaware, incorporators have a range of entity options, including corporations, public benefit corporations, limited liability companies (LLC), limited partnerships (LP), statutory trusts and general partnerships (GP) For a basic overview of entity choices and the business registration process in Delaware, visit corp.delaware.gov. If you are planning to conduct business in Delaware or hire employees in Delaware, you may also wish to visit the State’s One Stop Business Registration and Licensing System at onestop.delaware.gov.
2. OBTAIN A REGISTERED AGENT
Delaware law requires that every business entity have and maintain
a Registered Agent in the State of Delaware, who may be either an individual resident or business entity that is authorized to do business in the state. The registered agent must have a physical street address in Delaware.
CITY OF WILMINGTON | PHOTO COURTESY OF ADOBE STOCK
You may view a list of Delaware Registered Agents at corp.delaware. gov/agents/. If the business is physically located in Delaware, then the business may act as its own registered agent. If the registered agent is other than the entity itself, please contact the selected Registered Agent used in your entity formation and inform them of your intentions.
3. NAME RESERVATION
The Delaware Division of Corporations allows for the reservation of an entity name. This is not a requirement to form your entity, but will guarantee that your name is held for you for a period of 120 days. You can reserve your entity name online, or by mail, for $75.
4. CERTIFICATE OF INCORPORATION / FORMATION FORMS
Applications to form entities are available online at corp.delaware.gov, and can be submitted electronically or by mail. Fees for formation range from $90 for an LLC to $500 for a statutory trust. Many registered agent companies will submit the paperwork for you if you pay for their services.
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