A Virginia certificate of good standing confirms that a limited liability company (LLC) or corporation was founded lawfully and is being properly maintained.
In our Certificate of Good Standing Virginia tutorial, we will go over the qualifications for good standing as well as how to get one in Virginia.
How Do I Obtain a Virginia Certificate of Good Standing?
Request your certificate of good standing, also known as a proof of fact of existence for Virginia LLCs, from the State Corporation Commission.
There are two major processes involved in obtaining your certificate of good standing:
1. Maintain your LLC’s compliance
2. Request a certificate of good standing.
What exactly is a good standing certificate? A certificate of good standing is a state document that confirms your company was created lawfully and has been properly maintained.
Step 1: Ensure that your Virginia business is in compliance.
To be eligible for a certificate of fact of existence or a certificate of good standing, your company must meet the following state compliance requirements:
Permits and Licenses
To run a company in Virginia, you must adhere to federal, state, and municipal licensing requirements. Regulations such as health permits and construction permits are examples of this.
The Virginia Department of Professional and Occupational Regulations website has further information on state licensing requirements.
Depending on your company activity, you may be required to register for several types of Virginia state tax. Sales tax, withholding tax, and Unemployment Insurance (UI) tax are all examples of this.
Fee for Annual Registration
Every Virginia LLC and company is required to pay an annual registration fee. This may be done in person, via mail, or online. The State Corporation Commission must be paid by the final day of the month in which the company was founded or registered to do business in Virginia.
LLCs must pay a $50 yearly registration cost. Corporations pay a yearly registration cost depending on the amount of authorized shares.
Reports on a Year
Every company in Virginia is required to produce an annual report. This report validates the fundamental details of the company, such as its major office address and director information.
The annual report is due by the final day of the month in which the company was established to conduct business in Virginia. It may be submitted online or by obtaining a hardcopy form. There are no filing costs.
Step 2: Obtain a Virginia Certificate of Good Standing.
Once your company is in good standing with the state, you may apply to the State Corporation Commission for a Virginia LLC certificate of fact of existence or a corporate certificate of good standing. This may be done in person, via mail, or online.
Is a Certificate of Good Standing Required in Virginia?
While you don’t always need a certificate of existence to operate a company in Virginia, there are a few situations when you may. These are some examples:
Purchasing commercial insurance
Applying for commercial loans
Setting up a business checking account
Getting a business license in another state