Alaska has a lot to offer investors considering setting up a new business abroad. The state’s laws are ultra-progressive by US standards and provide unique state planning and tax savings benefits that aren’t available in most other states.
Alaska first passed legislation which authorized self-settled domestic asset protection trusts (Alaska Trusts) and is still in the forefront of updating and improving its statutes offering protection for individuals, families and family owned entities.
Alaska is one of the top states being chosen for the location of trusts and family Limited Liability Companies (LLC).
Starting a business in Alaska is a relatively easy process. Here’s how:
One of the first decisions facing an investor when starting a business in a new country is choosing the company form. The main types of company in Alaska are:
- Sole proprietorship
- General partnership
- Limited partnership
- Limited liability Company
- Business Corporation
To file and obtain a Certificate of Organization or Certificate of Incorporation, you simply apply online at www.corporations.alaska.gov.
You must file articles of incorporation for an Alaska Corporation or if your business is to be an LLC, you must file articles of organisation. New companies formed or registering to do business in Alaska have to file an initial report within 6 months of the incorporation or formation date.
The next stage is to obtain a federal tax ID number (FEIN or EIN) with the IRS. This must be done after you have filed articles with and have confirmation from the State of Alaska showing your approved Alaska business.
To form an Alaska corporation you need to file Alaska articles of incorporation costing $250 and apply through the Secretary of State Division of Corporations.
Alaska corporations require:
• The Alaska Corporation must end in incorporated, corporation or an abbreviation.
• The number of shares the Alaska Corporation is authorised to issue.
• Name of the registered agent in Alaska and registered office address.
• Name and address of the directors and Alaska incorporators who must sign the articles of incorporation.
• Name and address of person preparing the Alaska Corporation articles of incorporation.
Alaska LLC requirements:
• File Alaska articles of organisation
• The chosen business name must be significantly different from any other registered Alaska businesses.
• The duration of the Alaska LLC is usually perpetual.
• Registered agent and physical address.
• Names and addresses of initial members.
• List the names and addresses of LLC managers if there are one or more.
• The stamped form will be mailed to the Alaska corporate agent.
Other things to remember when establishing a business in Alaska: register with the Alaskan department of revenue if you are going to employ staff at your company.
Most cities or counties don’t have a general license but you may need to obtain one if the area you are interested in states this as a requirement.
If you are opening an office or shop, you might need approval from the city zoning for your type of business.