Corporation changes in Nevada that you need to know about

Corporation changes in Nevada that you need to know about

There have been some recent changes to Nevada’s incorporation fee structure.

A new law has gone into effect for all Nevada companies. This law changes Nevada’s fee and tax structure for corporations formed within the State. These changes now mean that the Nevada fees for incorporating or renewing an existing corporation have greatly increased, making it cost-prohibitive for many businesses to remain there. It also adds a gross receipts tax for certain Nevada businesses.

For more details go to this link –

There are a couple of cost-effective options available to deal with this issue.

1. You can move your current company to Wyoming – a Continuance.

The advantage of getting a certification of continuance is that you maintain your original company name and incorporation date. You maintain your Employer Identification Number (EIN). All the assets within the company stay the same. You can even keep your current bank account (check with your bank to see if you will need to send them a new copy of your Articles). You also keep any corporate credit or trade lines you may have established.

The disadvantage to a Continuance is the initial fees are a little more – ($595 plus a fee to your existing state) – than starting a new company. Also, your company must be in Good Standing in its current State. We typically need about 30 days lead time to move an entity and it must be in good standing during the time it is being moved. This time requirement can be reduced in some States for a small expedited fee to that state.

2. You can start a new company in Wyoming and in many instances use the same company name (if it is available in the State of Wyoming). The advantage to starting a new company is a “clean break” from the old company and State of origination. And the initial fees are a little less – $495. The disadvantage is you will have a new date of incorporation, need to get a new EIN#, and may need to establish a new bank account and/or credit. The time frame to establish a new entity is 7-10 working days.

In either case, most renewal fees each year thereafter are $135 (auto-billed) for our Registered Agent service and $62 for the State filing fee.

You can move a business to Wyoming from ANY state, not just Nevada. Moving or starting a new company in Wyoming provides all the many benefits and advantages that Wyoming offers. No State income tax, privacy, and some of the best asset protection laws in the nation.

For more detailed information on Nevada corporate taxes or Nevada corporation fees please visit our page on moving your company.

Wyoming Corporate Services, Inc.