Establishing a Business in New York
New York is renowned for its banking and financial services but also has various successes in manufacturing.
Applying to set up a business is fairly quick process in New York, with applications of documents being processed in about a week. These can then be forwarded to any address worldwide.
A local office is required for New York businesses and you will have to decide whether you are going to have a serviced office or a virtual office. Serviced offices are fully equipped to your requirements, such as a secretary, receptionist, conference room, and computer set up. Virtual offices do not have a physical office space but manages all the company communication. So all calls and emails are sent from New York to your chosen address, wherever that might be in the world. This means you can control and keep track of your New York business from the other side of the globe if necessary.
Office space in New York’s central business district in Manhattan is vast, but incredibly expensive. There are many business districts in Brooklyn, the Bronx, Queens and Staten Island which might also suit your needs and your budget. If you need to set up a factory or warehouse/distribution facility there are industrial parks where tax incentives may be offered for qualifying businesses, such as for electricity and hiring local employees.
Setting up a local bank account is essential during your New York incorporation. This will allow you to transfer money between the US and your home country, making business operations and finances easier to control.
Setting up business in New York at a glance:
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