Oklahoma Foreign Qualification
If your business exists in another state but you plan on beginning operations within Oklahoma, it’s important that you go through the process of foreign qualification. This ensures that your business stays fully compliant as you begin your new strategy in Oklahoma. The process of foreign qualification is important for any business leader to understand.
What is Foreign Qualification?
Foreign qualification is the process of registering a business to operate in a state other than the one it was formed in. “Foreign” in this case refers to any business that exists in another state, not another country. Since the business was formed under the laws of its home state, it must foreign qualify to ensure that it’s compliant with the laws of Oklahoma.
Why Does A Company Need Foreign Qualification?
Why You Need To Do It – Any business that plans on having a physical presence of any kind in Oklahoma that currently exists outside of the state will have to foreign qualify. This includes opening a store, a warehouse, an office, or simply having one or more representatives working within the state.
When Should You Do It? – As soon as you decide that you’ll be operating in Oklahoma, you should begin the process of foreign qualification. Starting early ensures that you aren’t impacted by any potential delays or speed bumps on the road to qualification. Generally, you will need to receive Oklahoma foreign qualification if your company falls under any of the following criteria:
- Has a physical presence in Oklahoma
- Buying a property there
- Have remote employees
- Accepts orders in Oklahoma
- Owns a bank account in Oklahoma
What Happens If Your Entity Does Not Foreign Qualify?
If you fail to foreign qualify your business will be held liable for fees and penalties associated with not doing so. Additionally you may face tax related fees and fines. And finally, your business will be unable to bring forth a lawsuit in the state.
Steps To Obtain Foreign Qualification
Businesses must follow several steps to complete the process of Oklahoma foreign qualification. These include the following.
1. Obtain Certificates – For foreign qualification, LLCs must file an Application for Registration Foreign Limited Liability Company form. Meanwhile, corporations must file a Certificate of Qualification. Both forms are available on the Secretary of State website for download. You will also have to obtain a Certificate of Good Standing from the state where you formed your company.
2. Collect And Submit Information – The form will request basic business-related information about your company. Provide all the information as requested on the form.
LLC
- LLC name registered in the home state
- An alternate name if you cannot use the original
- Name of the home state
- The original date of LLC formation
- Name and address of the registered agent
- Office address in the home state, if required
- Principal office address
- The email address of the primary contact person
- An authorized signature
Corporation
- Corporation name registered in the home state
- An alternate name if you cannot use the original
- Name of the home state
- Principal office mailing address
- Name and address of the registered agent
- Purpose of your business in Oklahoma
- An estimate of all assets and liabilities of the corporation
- Verify if corporation is profit or nonprofit
- The aggregate number of authorized shares, itemized by class, par value or without, and series within the class
- Contact email address
- Signature of President or Vice President
- Signature of Secretary or Assistant Secretary
3. Appoint Registered Agent – You’ll have to name a registered agent as well. This individual is responsible for handling the paperwork and basic processes involved in compliance and foreign qualification. To take the burden off their shoulders, most businesses turn to a third party organization like DoMyLLC to serve as their registered agent.
4. File The Application – Upon completion of the forms, file them with the secretary of state along with a $300 minimum filing fee for a Corporation and $300 for an LLC.
5. Ongoing Maintenance – Oklahoma businesses must file an annual report to remain fully compliant. This is due by July 1st for corporations and the fee depends upon their overall revenue for the year. For LLCs, the forms are due by the end of the business’ anniversary month and will include a $25 fee.
What Is the Difference Between Foreign Qualification And Incorporating?
Incorporation creates a brand new business. Foreign qualification merely provides the ability for an existing LLC or corporation to legally operate in another state – Oklahoma in this case.
How DoMyLLC Can Assist With Streamlining The Process
We take the hard work off your shoulders. Instead of spending time dealing with the minutiae of Oklahoma foreign qualification, you can focus on other things while we do the process for you. We handle everything and offer:
- Name availability checks
- Full registration and filing service
- Dedicated account managers
- Ongoing customer support
If you’re ready to start doing business in Oklahoma, contact us today to learn more.
Oklahoma Foreign Qualification FAQs
What Paperwork Is Required?
Oklahoma requires an Application for Registration along with a Certificate of Good Standing to both be filed when you register.
What Fees Are Needed?
There is a filing fee of $300 minimum for a Corporation and $300 for an LLC.
Who Can File For Foreign Qualification?
Any business that currently operates outside of Oklahoma that wishes to begin doing business within the state.
Do You Need An Attorney For Foreign Qualification?
No attorney is needed to foreign qualify. However, you should consider discussing any business strategy or plan with your attorney to ensure full legal compliance.
What Information Is Needed For The Certificate Of Authority?
The application will request a variety of information from businesses including things like:
- Business name
- State of formation
- Type of business
- Current mailing and physical addresses
- Registered agent information
What If My Name Is Not Available?
Then you must file under a fictitious name and operate that way. This has no influence on the name you operate under in any other state.
Oklahoma Business Resources
Oklahoma Office of Secretary of State
Phone:
(405) 521-3912
Address:
Oklahoma Secretary of State
2300 N. Lincoln Blvd., Room 101
Oklahoma City, OK 73105-4897
If you’re interested in more info on foreign qualification, call 888-366-9552.