Corporation Personal Held Foreign In Virginia
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§ 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.
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).
If a foreign corporation transacts business in the Commonwealth without a certificate of authority, each officer, director, and employee who does any of such business in the Commonwealth knowing that a certificate of authority is required shall be liable for a penalty of not less than $500 and not more than $5,000.
Consequences of transacting business without authority.
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.
A foreign corporation that maintains an office or place of business in the United States must generally file Form 1120-F by the 15th day of the 4th month after the end of its tax year.
