A certificate of good standing is a document that states that a business entity is legally allowed to operate within a particular state. Virginia’s state law requires business entities to be in good standing in order to operate legally in the state.
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The Virginia Certificate of Good Standing can be obtained through the Virginia State Corporation Commission’s (SCC) website or by visiting one of its offices. The certificate process is fairly simple, but there are some particular procedures to be followed before getting your certificate. In this article, we will discuss all the necessary steps for obtaining a Virginia Certificate of Good Standing.
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What is Virginia Certificate of Good Standing?
A Certificate of Good Standing (also sometimes called a Certificate of Existence or Certificate of Authorization) is a legal document that confirms that a business legally exists and has operated in accordance with the laws of the Commonwealth of Virginia. It verifies that the entity is in good standing with certain government requirements and obligations, such as annual reports, tax payments or business license renewals.
Essentially, the certificate validates that the business is legitimized to carry out commercial activities in the state of Virginia. It is crucial for your business to have one because the certificate acts as a reassurance to third parties that your business complies with all the statutory requirements to operate in Virginia without complications.
When is Virginia Certificate of Good Standing Required?
A Certificate of Good Standing is frequently needed to conduct business in states aside from the one in which a company is registered. Such requests may come from state accrediting or licensing agencies that regulate businesses.
In some cases, financial institutions also require that a business provide a Certificate of Good Standing when seeking funding. Without it, the lender may refuse the loan. Additionally, in case your business intends to take part in a merger or acquisition, or if the SEC is requesting for some company’s information, including an IPO or registration of securities, they may ask for a Verification of Entity without Pending Litigation to verify that your business operations are current and up to date.
Steps for Obtaining a Virginia Certificate of Good Standing
To obtain a Virginia Certificate of Good Standing, follow these procedures:
Step One - Conduct Business Entity Search
The initial step for obtaining a Virginia Certificate of Good Standing would be to review business information through a business entity search. This simple procedure can display business information associated with one’s entity, like entity status and standing. You will need at hand the company name or entity ID/ file number to get to such information.
Step Two - Company Standing in Virginia Becomes Officially Forensic
This is the step where assistance from the employ of the Virginia State Corporation Commission (SCC) actually starts. It allows business institutional bodies functioning professionally to analyze preferences and exhaustively trace a record of your company via multiple registers and disclosures at local, state and national levels of jurisdiction. The service helps to hunt unresolved issues affecting the entity.
In addition, depending on the report’s essential traits through the process of securing a Certificate of Good Standing, one can also acquire this crucial document here.
Step Three - Sign in System to Download a Hard Copy
Alternatively, a Good Standing Request can be made straight to the Richmond office, causing a formal probe for Payment.
Go to the Virginia SCC Forms & Publications page https://www.scc.virginia.gov/media/formsdocs/formstrade.html and search for the entity type to reveal the fees for download under Virginia Code. In Virginia, a business certificate usually costs $10.
Step Four - E-commerce Platform
Begin by registering an account www.scc.virginia.gov/topics/register
After registering the requested Virginia Internet Delegate System (VIREGS), a pay scenario appears. You can either pay using your savings or commercial debit card - Visa® or MasterCard® preferred choices with no processing fees involved.
For those who cannot sufficiently operate over the web, standard paper mail on Express Transfers or same-day achievement means that supporting documentation and a $15 fee may also be couriered to the Richmond Office - Department of SCC Clerk’s Physical Address:
State Corporation Commission
Clerk’s Office
Office of Clerk Delivery
P.O Box 1197
Richmond, VA 23218–1222
In this case, the length of the search and services can take approximately 48 hours.
Step Five - Delivery Time
With most delivery methods enlisted and settled for, the document takes an average of two days or comes immediately if it was spontaneously appealed and paid.
Conclusion
All corporations active and idle should obtain the Virginia Certificate of Good Standing upon meeting all statutory obligations. Annual submissions and compliance with similar reports are required, and meeting these regulatory requirements carry obvious weightiness if one is seeking a healthy business atmosphere for one’s business.
Failure to obtain a Certificate of Good Standing or maintaining such registration can harm operational prospects and keep real businesses from doing accurate conveyance of valuable services, participation in competitions, procurement, etc.
In the end, a Virginia Certificate of Good Standing is a valuable asset for conducting legitimate business within the state borders, and it is crucial for the sustainability of the business. Anyone interested in obtaining one should follow the steps highlighted above.
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