Incorporate In Hawaii

The newest American state, Hawaii is one of the world’s greatest tourist destinations thanks to its magnificent natural beauty picture, perfect beaches, warm tropical climate and dramatic active volcanoes.

Apart from tourism, the state excels in sandalwood, pineapple, sugar cane and whaling industries, as well as military and educational services.

Benefits of incorporating in Hawaii:

Protection of personal assets

Foreign entrepreneurs incorporating in Kentucky should rest assured knowing that their personal assets are well protected. Corporations and limited liability companies separate the assets and liabilities of companies from the personal assets of the business owner.

Enhanced credibility

Whether starting a new business or incorporating an existing one, incorporation makes a business appear more credible to potential customers, suppliers and investors. You also have the security of operating under US law.

Ability to Open a Bank Account

Forming a company is the first step for foreign entrepreneurs wishing to open a bank account. A US bank account gives businesses access to a debit card, and the potential to open a merchant service account. Internet commerce is made much easier with a US bank account because companies like PayPal, Amazon and EBay considered you more qualified as a vendor.

Your corporate name can boost your brand

Hawaii requires that a C corporation or an LLC must not have a name that is the same or could be confused with a business already in existence. To make sure your business name is eligible Inc. Plan can help you select a unique C-Corp or LLC name. A distinctive corporate name enhances your company’s reputation and also helps protect the identity of your brand.

Tax flexibility and benefits

In Hawaii, the type of business entity you choose determines the nature of the charges your incorporation will be subject to. C corps are assessed taxes based on the net income of the business. LLCs are subject to taxes based on its members’ personal income return.

Residency Requirements

There is no legal specification which implies that business owners choosing to form a company in this American state must own a Hawaii physical address. However, before your firm is legally eligible to operate, make sure you possess all the required business licenses, permits, and tax registrations. If you need help, Inc. Plan can help you with all the hassle.

Other incorporating requirements

The number of C Corporation members must be directly proportional to the number of shareholders and directors must be at least 18 years old. However, there are no age restrictions imposed for LLCs, and the number of members must be at least one, regardless of the number of shareholders. The names and addresses of members are not required to be listed in the incorporation documents.

Requirements for forming an LLC in Hawaii:

When forming a Limited Liability Company certain steps must be taken on an ongoing basis to keep the business in compliance.

Name requirements for LLCs

LLC names must end with the term “Limited Liability Company” or the abbreviations “LLC” and “L.L.C.”. The term “Bank” or any of its variations needs an approval from the Commissioner of Financial Institutions. Any use of words like “Partners” or which indicates geographical locations, used inside the corporation name is prohibited in Hawaii.

LLC filing requirements

If you decide to form an LLC in Hawaii, then the formation document you are required to file is called the Articles of Organization. Additionally, Hawaii-based LLCs are required to submit an annual report which has a due date tied to the incorporation date. You can contact Inc. Plan for a 30 minute consultation to find out more information on the filing requirements.

Required information for the Articles of Organization

The Articles of Organization must contain the name and address of a registered agent which resides in Hawaii, and which is available to manage legal and tax business documentation. For more help with the incorporation filing or for registered agent services feel free to contact Inc. Plan (USA).

LLC taxes and fees

Hawaii LLCs are not taxed based on the company’s net income but based on its members’ taxable adjusted gross income. Therefore, for tax purposes, Hawaii LLCs are treated as partnerships. However, you can choose your LLC to be taxed as a C Corporation.

Requirements for forming a C corporation in Hawaii:

Each of the 50 American states has its requirements for incorporating. The essential requirements for C- corporations established in Hawaii are as follow.

Name requirements for C corporations

The names of incorporations in Hawaii must be unique and can use the endings “Incorporated”, “Corporation”, “Limited”, along with their abbreviations. However, if the name contains the terms “Bank” or any variations of it, then the company needs an approval from the Commissioner of Financial Institutions. Any use of words like “Partners” or which indicates geographical locations, used inside the corporation name is prohibited in Hawaii.

Filing requirements in Hawaii

In order to form a corporation in Hawaii, entrepreneurs must file an incorporation document called Articles of Incorporation and an annual report which has the due date on the incorporation date. Contact Inc. Plan for a 30 minute consultation to find out more information on the filing requirements.

Required information for the Article of Incorporation

The Articles of Incorporation require a listing of the company’s authorized shares and per value, as well as the name and address of a registered agent with a physical Hawaii address. Inc. Plan (USA) can help you with the necessary filings and also with qualified registered agent service.

Taxes and fees requirements

Corporations must pay an annual corporate tax based on the company’s taxable income. The minimum tax rate is 4.4% for incomes less than $25 000, and the maximum tax rate is 6.4% for business revenues over $100 000.

If you are ready to get started you can fill out our application or call 1-302-428-1200 for a Free 30 Minute Live Consultation.

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