If you have built up your own business over the last few years and it’s starting to thrive, you may be considering expanding and setting up locations in other states, such as Delaware. If so, then you will be in excellent company, as the majority of Fortune 500 companies are located in the First State.

This is because Delaware offers a number of advantages for businesses of all sizes, including certain tax benefits, more opportunities to acquire ‘angel’ investors, rapidly processed filings, and heightened privacy.

Keen to take advantage of the business-friendly benefits in Delaware? Here is a quick and concise guide to setting up a branch of your business in the First State.

Do Your Research

Before you begin the complex process of expanding your company into Delaware, it’s important that you conduct some research to be sure that this transition will really be suitable for your business.

First and foremost, you need to ensure a viable market for your products or services in the state, and you should also consider how much competition there will be. You should also carefully assess what resources and potential obstacles you may encounter as you set up your Delaware branch.

Sort Out Your Registration

As part of the legal process of setting up a business in Delaware, you will need to make sure your company is correctly registered. This includes appointing a Delaware-based Registered Agent who can accept government and legal documents on your behalf.

You will also need to acquire a Delaware Business License, which needs to be renewed yearly, and an employer identification number. The latter is something many banks ask for before they will allow you to open a business bank account, even if you don’t currently have employees.

Have Your Own Delaware Virtual Address

If your business does not have a physical presence in Delaware yet – and therefore no Delaware addresses – you can still opt to receive business-related mail by obtaining your own virtual address in Delaware.

Physicaladdress.com offers cost-effective and convenient virtual address services in Wilmington, providing you with your own dedicated mail suite and the ability to effortlessly access your mail from anywhere in the world using the internet, iOS or Android devices.

Get Insured

It’s a good idea to get business insurance for your Delaware operations, as you never know when you may need assistance. Several types of insurance policies are available, including professional liability insurance, product liability insurance, and workers’ compensation insurance. While it is to be hoped that you will not need to make a claim, having ample coverage can give you peace of mind.

Follow Local Zoning Laws

If you do obtain a physical Delaware site for your business, you need to make sure that you research local zoning laws so you can comply and avoid a penalty. Zoning laws differ from one municipality to the next, so it’s worth checking with local authorities regarding the zoning regulations in your chosen area.

Final Thoughts

While there are a number of legal hurdles to surmount before your company establishes a foothold in Delaware, it is to be hoped that the various advantages the state has to offer will make the effort worthwhile, and your new Delaware branch will flourish in the days to come.