Company Formation in Hungary for US Entrepreneurs
Company formation in Hungary offers access to the EU market, low taxes, and residency options. Learn about the steps, costs, and compliance rules.
You don’t need to start a new company to do business in New York. But you do need permission.
Before you start operating, there are a few legal requirements you’ll need to meet. Registering as a foreign LLC with the New York Department of State—also known as foreign qualification—allows your existing company to do business in New York without forming a new LLC from scratch.
This guide provides a detailed overview of how to form a foreign LLC in New York, explains the state’s unique requirements, and outlines what you need to do to stay compliant. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.
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To register your foreign limited liability company in New York, follow these key steps:
Before initiating the process, determine if your company is transacting business in New York. Common triggers include operating a storefront, maintaining an office, or having employees in the state. If your business activities have a consistent presence in New York, registration as a foreign entity is required under limited liability company law.
New York requires a Certificate of Good Standing from your home state—this document verifies that your company is compliant and authorized to do business. The certificate must be recent (typically within 30 days of filing) and submitted with your application.
To apply, submit the Application for Authority to the New York Department of State1. This form asks for:
Be aware that foreign corporations must also follow a similar process, but with distinct forms and requirements under corporate law.
You can file online or by mail to:
New York Department of State – Division of Corporations
One Commerce Plaza
99 Washington Avenue
Albany, NY 12231
The filing fee for foreign LLC registration in New York is $250. Checks should be made payable to the “Department of State.” Additional expedited processing2 options are available for a fee: 24-hour, same-day, or two-hour service.
One of New York’s unique requirements for both domestic and foreign limited liability companies is its publication rule3. Within 120 days of approval, you must publish a notice of registration in two newspapers (one daily and one weekly) in the New York county where your LLC is located. The two newspapers must be selected based on guidance from the county clerk in the county you listed on your application.
After publication, submit a Certificate of Publication and affidavits from both newspapers to the Department of State, along with a $50 filing fee.
While New York does not require a registered agent in the traditional sense, the Secretary of State acts as the statutory agent for all foreign corporations and LLCs. However, you may designate an additional registered agent to receive legal documents and government notices more efficiently.
Once registered, your foreign entity must comply with New York’s annual reporting requirements. This includes filing a Biennial Statement with the New York Department of State every two years, due during the anniversary month of registration.
Once you have established your business with an LLC, you’ll need a business account to manage your US finances. A Wise Business account is easy to open online and comes with no monthly fees. You can convert funds from your home currency to USD with low, transparent fees.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to countries.
Some key features of Wise Business include: |
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Open a Wise Business account online
Pros | Cons |
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Grants legal authority to conduct business in one of the largest U.S. economies | Mandatory publication adds time and cost |
Protects your company under New York’s limited liability company law | Higher compliance burden than some other states |
Access to NYC’s global finance, media, and tech sectors | Complex legal environment for foreign corporations and LLCs |
Even if your company’s owners or managers are not located in New York, your LLC must meet ongoing state requirements to remain active. This includes:
If you fail to comply, your registration may be revoked, preventing you from enforcing contracts or doing business in New York legally.
It’s a good idea to register a foreign LLC in New York if your company plans to:
The process doesn’t convert your business into a domestic LLC—instead, it allows your existing business to operate as a foreign entity under New York foreign qualification law.
Feature | New York | Delaware | Florida | Texas |
---|---|---|---|---|
Filing Fee | $250 | $200 | $125 | $750 (includes franchise tax prepayment) |
Publication Requirement | Yes – two newspapers, within 120 days | No | No | No |
Annual/Biennial Report | Biennial – $9 | Annual – $300 (LLC tax) | Annual – $138.75 | Annual franchise tax report |
Registered Agent Required | Yes – Secretary of State acts as agent, an optional additional agent allowed | Yes – a commercial registered agent is required | Yes | Yes |
Privacy Protection | Low – owners/managers often appear in filings | High – minimal public disclosure | Moderate – optional manager/member disclosure | Moderate – some disclosure required |
Business-Friendly Environment | Moderate – high regulation, large opportunity | Very high – ideal for holding companies | High – strong for e-commerce and small business | High – favorable tax climate, fewer formalities |
Franchise/State Tax | No franchise tax; general corporate income tax may apply | Franchise tax applies | No income tax at the state level | Franchise tax applies based on the margin or revenue |
Best For | Businesses expanding into NYC or state-based operations | Investment firms, IP holding companies, and startups seeking privacy | Retail, tourism, and digital businesses | Companies are prioritizing tax savings and operational simplicity |
New York is best for companies expanding into NYC, but it has higher compliance and publication requirements. Delaware suits startups and holding companies seeking privacy and strong legal protections. Florida is ideal for service and retail businesses thanks to low costs and no state income tax. Texas offers tax advantages and simple compliance, great for high-revenue or growing companies.
If you're expanding your business into New York, a foreign LLC is mandatory. Follow the steps, meet the publication and filing requirements, and you’ll be authorized to operate legally in the state. Stay compliant, and you'll avoid penalties while unlocking access to one of the most powerful markets in the country.
Not necessarily, but you must list the company’s principal office address and provide a valid mailing address in the state for service of process, often through your registered agent.
Yes, through the NYS Department of State’s online filing system4. You may also file by mail.
Yes. While both are foreign entities, foreign corporations must follow corporate law rules instead of those for limited liability companies.
If you regularly transact business, registration is required. Occasional or isolated activities may be exempt, but this is determined case-by-case basis under limited liability company law.
Processing typically takes a few business days. If you choose expedited processing, you can receive approval in as little as two hours.
The New York Department of State website offers forms, instructions, and contact details. You may also hire a third-party registered agent service or attorney for assistance.
Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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