Simple Cost Sharing Agreement With Foreign Companies In Virginia
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FAQ
A Virginia foreign corporation is a corporation that was formed in another state and has been given permission to operate within Virginia's state lines.
If you own an LLC outside the Commonwealth of Virginia and you want to do business here, you need to register your business as a foreign LLC in VA and obtain a Virginia Certificate of Authority.
If you own a corporation in another state and plan to do business in the Commonwealth of Virginia, you must register as a foreign corporation in VA. To get foreign corporation status, you'll have to complete an application for a certificate of authority with the State Corporation Commission (SCC).
In the U.S., business incorporation occurs at the state level for all business owners, regardless of whether you are a citizen or a foreign national.
§ 13.1-919. A foreign corporation may not transact business in the Commonwealth until it obtains a certificate of authority from the Commission.
§ 58.1-400. Imposition of tax. A tax at the rate of six percent is hereby annually imposed on the Virginia taxable income for each taxable year of every corporation organized under the laws of the Commonwealth and every foreign corporation having income from Virginia sources.
An intercompany agreement, or sometimes referred to as an ICA, is a legal document that helps facilitate two or more companies owned by the same parent company in exchange for financing, goods, services, or other exchanges.
