Once you have your Virginia corporation legally established or your out of state corporation authorized to do business in Virginia, there are two things you need to do on an annual basis to keep that good standing:
- Pay your annual renewal fee to the Treasurer of Virginia. The amount of the annual renewal fee is calculated based on the number of authorized shares of stock your corporation has, which is typically found in your Articles of Incorporation. The lowest fee is $100 per year (for 5,000 or fewer authorized shares of stock) and increases from there. The fee schedule can be found on the Virginia State Corporation Commission web site.
- File your annual report that updates the State Corporation Commission on the location of your principal office (can be anywhere in the world) and the identity of your directors and officers.
Your Virginia registered agent will receive both your annual renewal invoice and your annual report form each year so make sure you have a good one. If you don't pay the renewal fee or file the annual report form on time your authorization to transact business in Virginia will be terminated.Spread the Word