Registered Agent Services
Registered Agent Services in Virginia
What is an Annual Report?
The Annual Report in Virginia refers to a submission made by specific business entities to the Virginia State Corporation Commission (SCC) in order to modify or refresh the information associated with the entity, such as the names of directors or officers. By filing the annual report, a business ensures its compliance and good standing with the state of Virginia. It is important to note that Virginia's annual report for businesses should not be confused with the annual reports created by businesses for their investors or shareholders, which typically include details about the company's expenses and activities. Regardless of the size of an LLC or corporation, there is a requirement to either file a Virginia annual report, pay the Virginia annual registration fee, or fulfill both obligations.
What is a Registration Fee?
The annual registration fee in Virginia is a payment that certain business entities must make every year to the Virginia SCC to remain in compliance with the State of Virginia.
What are the requirements for filing in Virginia?
Virginia LLCs do not have the obligation to submit an annual report. However, they must pay an annual registration fee amounting to $50, which is due by the end of the LLC's anniversary month, beginning the year following its formation. If the fee is not paid on time, a penalty of $25 is incurred, and the LLC's standing with the state will be compromised.
On the other hand, Virginia corporations are obligated to both file an annual report and pay the annual registration fee. The specific registration fee amount depends on the number of authorized shares and is also due by the end of the corporation's anniversary month, starting from the year after its formation. Failure to pay the fee on time will result in a penalty equal to 10% of the corporation's total annual registration due or a minimum of $10 (whichever is greater), and the corporation's standing with the state will be adversely affected.
What should be included in an Annual Report?
The Virginia SCC will send an annual report form to your registered agent, containing the current information of your corporation. You will need to review or revise the information on the report, which usually includes the following details:
Corporation name
SCC (State Corporation Commission) ID number
Registered agent information
Number of authorized shares
Principal office address
Director and officer information
When should I file my Annual Report?
The deadline for submitting your annual report is on or before the final day of your corporation's anniversary month each year, beginning from the year following your incorporation. Alongside the annual report, you are required to file the annual registration fee. If you prefer to submit your annual report ahead of time, you may do so no earlier than 3 months before the deadline.
If you need to confirm the specific anniversary month for your corporation, you can find this information on the Virginia State Corporation Commission website.
How do I file my Virginia Annual Report?
You have the option to submit your Virginia annual report either online through the Clerk's Information System (CIS) on the Virginia State Corporation Commission website or by sending it through postal mail. We suggest filing online as it is the fastest and most secure method. Similarly, you can make the payment for your annual registration fee online or via postal mail, using separate forms available on the CIS.
If you prefer to file by mail, you can utilize the pre-filled form that is automatically sent to your registered agent. Alternatively, you can request a form online or by phone to be sent to your registered agent.
Virginia State Corporation Commission
PO Box 1197
Richmond, VA 23218
Telephone: (804) 371-9733 or (866) 722-2511
Email: sccefile@scc.virginia.gov
Is there an Annual Report filing fee?
The Virginia annual report does not require a fee on its own. However, for corporations, there is a separate annual registration fee that is due along with the annual report. It is important to note that the annual registration fee also applies to LLCs, even though they are not required to submit an annual report.
How Much is the Annual Registration Fee?
The Virginia annual registration fee differs based on the type of business entity. In the case of LLCs, the fee remains constant at $50. However, for corporations, the annual registration fee is determined by the number of authorized shares they have:
1 – 5,000 = $100
5,001 – 10,000 = $130
10,001 – 15,000 = $160
15,001 – 20,000 = $190
20,001 – 25,000 = $220
25,001 – 30,000 = $250
30,001 – 35,000 = $280
35,001 – 40,000 = $310
40,001 – 45,000 = $340
45,001 – 50,000 = $370
50,001 – 55,000 = $400
For each additional 5,000 shares, the annual filing fee increases by $30. The maximum allowable fee is $1,700.
Who can file a Virginia Annual Report?
Anyone who is authorized by the corporation can file a Virginia Annual Report.
What is the penalty for not filing on time?
Failure to submit your annual report and/or make the payment for your annual registration fee by the specified deadline will result in penalties and a loss of good standing with the state of Virginia, which could ultimately lead to the dissolution of your business.
For LLCs that fail to pay the registration fee on time, a penalty fee of $25 will be imposed, causing the LLC to lose its good standing with the state of Virginia.
Corporations that miss the deadline for the registration fee payment will face a penalty equal to 10% of the total annual registration due or a minimum of $10 (whichever is higher). Additionally, if the corporation fails to file the annual report, it will no longer be in good standing with the state of Virginia.
Does Virginia require an Initial Report?
In Virginia, LLC's and corporations are not required to file an initial report, after incorporation in Virginia.
Greenprint Solutions Registered Agent Services
By engaging Greenprint Solutions for business formation or as your registered agent, we can handle all your annual compliance requirements. Our aim is to ensure that you avoid any late penalties by managing all the necessary paperwork during regular business hours, allowing you to focus on your work. Additionally, we prioritize your privacy by utilizing our local registered agent address instead of disclosing your personal addresses. Our offering provides you with a wide range of benefits at a competitive price, making it the best value proposition in Virginia.