How Much Does It Cost to Form an OK Corporation?
Legal business registration — and keeping your business in good standing — involves necessary expenses and investment. Some of these costs are payable to the OK Secretary of State, while others are due to additional state entities or the federal government. Here are some common requirements and fees.
Please note that fees for a State of Oklahoma business license or permit may be due when you first form your business, on an ongoing schedule or on an ad hoc basis. Find more details below.
Initial Oklahoma Corporation Filing Fees
When starting a business in Oklahoma State, you’ll need to file a form and pay a filing fee. Here are the current Oklahoma corporation filing fees and times:
When you use Bizee to register a business in Oklahoma, we charge you the state filing fee and forward it to the Secretary of State when we file your incorporation paperwork.
Employer Identification Number
Every corporation in the country should have a unique EIN (Employer Identification Number) from the Internal Revenue Service. You'll use it when you open a business bank account, file taxes and pay employees. You can get one directly from the IRS, or Bizee can get one for you.
If you want to do business in a state other than the one where your business is based, you must create a Foreign Corporation.
Oklahoma Foreign Corporation Registration
Before you can bring an arm of your business from another state into Oklahoma, you must request Oklahoma Foreign Qualification. This means the state gives you permission to conduct business there.
To request registration of an Oklahoma Foreign Corporation, you must complete a Certificate of Qualification and pay a processing fee of $300. The state may have additional registration requirements, so contact the Oklahoma Secretary of State directly for more information and to ensure you're in compliance with OK corporation law.
Foreign Qualification to Operate in Another State
If you plan to expand your Oklahoma corporation into another state, you’ll first need Foreign Qualification or a Certificate of Authority from that state. This is necessary before you can create a physical presence, hire employees or bank in that state.
You'll likely have to complete at least one application and pay a filing fee, but each state has its own requirements. Before you start the process, compare state filing times and state filing fees so you can plan accordingly.
Above all, contact the state government entity that administers business (usually the Secretary of State) to confirm their requirements and for specific instructions.
If you need assistance, Bizee provides a complete Foreign Qualification service for all states.
Oklahoma Annual Report Requirements
Most states require business entities to file an annual (or other periodic) report. Oklahoma requires an annual certificate to be filed once a year with the OK Secretary of State.
When you complete your annual certificate, you may file it online accompanied with a minimum filing fee of $10.
State of Oklahoma Business License and Permit Requirements
Before you start doing business, you must secure the necessary state, federal or local business licenses and permits to operate your corporation. Some of the fees will only need to be paid once, while others may be ongoing charges.
Permits and licenses vary based on:
You are required to have Oklahoma corporation bylaws if you form a corporation in the state. You don't need to file them with the Oklahoma Secretary of State, but make sure you have them with your documents and by all means, continue to follow them.
This document outlines rules for carrying out tasks related to managing your corporation including, but not limited to:
- The number of directors the corporation has
- How they'll be elected, their qualifications and the lengths of their terms
- When, where and how your board of directors can call and conduct meetings
- Voting requirements
The bylaws must then be adopted (and amended, if necessary) by the board of directors and shareholders.
Drafting a set of bylaws can be extremely helpful in making sure you’re organized and can help protect your business from any future changes and events that may affect your business.
Other OK Corporation Filing Requirements and Fees
The State of Oklahoma requires you to complete a few more tasks before you can begin conducting business.
Appoint a Director
Some states require corporations to appoint a full board of directors. OK corporation law requires all corporations to have a minimum of five directors, and no more than fifteen. In addition, one director can not hold the position for longer than a 3-year term.
In Oklahoma, the board of directors must elect a president as well as one or more vice presidents, a secretary and a treasurer. Any number of offices may be held simultaneously by a single person.
Issue Stock to Shareholders
To raise business capital and keep it separate from company owners' money, every Oklahoma corporation must sell stock to its shareholders. The Certificate of Incorporation must authorize the sale of at least one class of share, and the corporation cannot sell more shares than are authorized.
Hold Annual General Meetings
In Oklahoma, it is required that corporations hold annual meetings, however if you fail to do so, Oklahoma Statutes Title 18, § 18-441-506 states, "Failure to hold an annual members meeting does not affect the validity of any action by the limited cooperative association."
Change the Registered Agent
If your corporation is based in Oklahoma, then you must have a Registered Agent in the state. You'll need to appoint one when you file your Certificate of Incorporation. You can also change to a new Registered Agent later by filing a form and paying a fee of $25.
Reserving a Name for Your Corporation
If you're not quite ready to start your business, you can reserve a name for 60 days with the Secretary of State by making the reservation online and paying a fee of $10. First, conduct an OK corporation search and learn the state's business naming rules to ensure you choose a name that meets legal requirements.
Amending Facts About Your Corporation
When you incorporate, the Oklahoma business forms you fill out include certain facts about your business at that time. Through the years, some or all of this information may change. If it does, you'll need to file an Amended Certificate of Incorporation with the Secretary of State along with a filing fee of $50. You can do this yourself or Bizee can do it for you.
You'll need to file an Amended Certificate of Incorporation when you:
- Change the company's name
- Add, remove or change a director
- Change the Registered Agent
- Change the number of shares your corporation is authorized to issue
- Change any other facet of your business that was listed on the original Certificate of Incorporation
Get a Certificate of Good Standing
Some organizations may request that you prove your corporation's compliance with laws and tax requirements. In most states, including Oklahoma, this proof is provided with a Certificate of Good Standing.
If you need to prove you have met your commitments, you’ll need to request an OK Certificate of Good Standing from the Secretary of State. You can complete this order online via the Secretary of State website and pay a filing fee of $20.
The information listed above details many of the fees a standard corporation will be required to pay in Oklahoma. In some circumstances, there may be other one-off, periodic or ad hoc fees not listed above.
Of course, your corporation will also probably need to pay federal, state, self-employment (if it's an S Corp) and other taxes. You'll find more information on the Oklahoma taxes page.