The first step to take is writing a business plan. These are required throughout New Jersey and are a popular requirement across the US in general. No matter what the size of business or which company form you intend to incorporate; a business plan must be drawn up. Within the plan should be details of the business’ intentions in the state including how you plan to manage, fund and operate the company. If business plan writing is new to you, seeking the advice of a professional is recommended as a business plan is crucial to the initial stages of your New Jersey incorporation.

Companies setting up in New Jersey are supported by the New Jersey Small Business Development Centres which are scattered all around the state. They will help with the local requirements that foreign investors may struggle with during the formation process.

There are several types of company to choose when incorporating in New Jersey. Each has advantages and disadvantages and is suited to a range of different types and sizes of business. The main forms include Limited Liability Company, Corporation, Partnership, and Sole Proprietorship.

Second most important is company registration. The filing of authorisation documents is required by certain company forms including limited liability companies, corporations, or limited partnerships. This is then put onto the public record. These company forms are also required to file documentation annually. This registration process may be complete online and a filing fee will be applicable no matter how you complete the process. The fee varies with profit and non-profit businesses.

Tax registration is another important stage of company formation in New Jersey. Again online registration is available. Both tax and employer registration requires completion of the Form NJ-REG. This form ensures accurate tax liability and the issuance of your tax identification number. In addition to the tax ID number, companies must have a federal identification number –FEIN.

Evidence of business registration may be required for some business operations. A Business Registration Certificate is the accepted form of proof in New Jersey. Companies that will be involved in business contracts with New Jersey public agencies, colleges/universities, and local governments will need to obtain and provide a Business Registration Certificate. This should be sent to you after completion of the Form NJ-REG application.

Compliance with all these stages is essential to the successful formation of your company. It will also avoid lengthening the process and costing more money, as well as fines for non-compliance. Gathering the information and resources for a smooth incorporation before embarking on the process will ensure efficiency. Make use of the available support as well, as the advice of New Jersey Small Business Development Centres, local accountants and lawyers, and US company formation specialists will be invaluable in guiding you through the process.