Arizona Corporation Commission
| To: Editors, News Directors | Date: January 5, 2006 |
| For: Immediate Release | |
Corporations Division Launches New Online Tools Corporate/LLC Filers Have More Options |
PHOENIX – In its continuing efforts to expand public access to information and make it easier to do business with the Corporation Commission, the Corporations Division is launching three new options. ü Customers can now reserve a corporation or limited liability company (LLC) name through the Corporations Division website (www.azcc.gov/corp). ü Certificates of Good Standing can be printed from the site. ü E-Filers of Annual Reports can take advantage of a new Expedited E-File option through the website.
“The Commission embraces the idea of continuous improvement,” Chairman Jeff Hatch-Miller said. “Technology, especially Internet access, can be a tremendous asset to the public. These advances we are launching today make it simpler and easier to do business with the Commission.”
The Corporations Division is the collection point for information on corporations and LLCs that do business in or from Arizona.
“There is an almost exponential increase in the number of corporations and LLCs launched in Arizona,” Commissioner Marc Spitzer said. “In two years, corporate and LLC filings have surged by more than 26 percent.”
At the end of fiscal year 2003 [June 30, 2003], there were more than 342,000 businesses in Arizona. By the end of fiscal 2005, there were nearly 433,000 businesses registered here.
“Prior to launching the Online Name Reservation feature, people forming a business had to wait as much as a week to find out if the name they wanted to use was available,” Commissioner Bill Mundell explained. “Now someone can go online, find out if the name is available and process the reservation on the spot. Then they have 120 days to file their official paperwork.”
The fees for Online Name Reservation total $45. There is a $10 fee to reserve a name and a $35 expedite fee to lock in the name online. The business name expires and becomes available again if the applicant fails to file Articles of Organization or Articles of Incorporation within 120 days. Since the “soft launch” of this feature in December, the Commission has taken more than 1200 online name reservations.
Many financial, regulatory and insurance-related activities require a company to provide a Certificate of Good Standing. For example, before a contractor can renew his or her license with the Registrar of Contractors, the business must provide the state agency with a Certificate of Good Standing. This is essentially proof that a company’s paperwork is in order and they are properly registered to conduct business in or from Arizona. There are many reasons that a company may need a Certificate quickly, such as closing a loan or buying a building.
Checking a company’s status is free and can now be done online. An official printed Certificate of Good Standing costs the regular $10 fee, plus the $35 fee for expedited online service.
Since this feature’s “soft launch” in December 2005, more than 800 people have used this feature to print a Certificate of Good Standing.
In February 2004, the Commission launched online E-Filing of business corporation Annual Reports. Today, the Commission officially launched the Expedited E-File option. For a variety of reasons, a corporation may need to file the required Annual Report and have it processed in less than a week. An example would be a company with an imminent or past-due filing date that is also trying to obtain a license, win a government contract or close on a loan.
Since its “soft launch” last month, more than 300 corporations have used the Expedited E-File option. The regular fee for E-Filing is $45 with a $35 expedite fee for what is generally a 3 to 5 day turnaround.
The E-File option is not available for non-profits at this time but the Division hopes to implement it in the future. Non-profit corporations are required to submit a Statement of Financial Condition to comply with Arizona’s corporations laws.
“These new features put the business community in the ‘driver’s seat’ so to speak,” said Commissioner Mike Gleason. “There’s no waiting in line, no need to drive to our Phoenix and Tucson office. You can sit in the comfort of your home or office and get what you need.”
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Fun Facts & Figures about ACC Technology & Web Enhancements
Total Corporations & LLCs in 2003 342,440 Total Corporations & LLCs in 2005 432,700 E-File Debuts February 2004 Launch of Live Audio Webcasting of ACC Meetings December 2004 Launch of Dedicated Domain name changes to www.azcc.gov Summer 2005 E-Docket Debuts September 2005 Online Name Reservation Debuts January 2006 Online Certificates of Good Standing Enabled January 2006 Expedited E-Filing of Annual Reports Starts January 2006 |
