Start an Alaska Corporation

Step 1: Name Your Alaska Corporation

Naming your corporation is the first step you’ll take to form your company officially. You might have a name in mind or several ideas swirling around in your head. We recommend writing down any names you or your partners are interested in pursuing, so you can run them through the next step.

Check if your name is available

Once you have your list, it’s time to see if your business name options are available. In Alaska, your corporation name should be distinguishable from other corporations. This means you’ll want to perform a quick search to ensure no other Alaska company has already secured your name.

You can do this by searching the Alaska Department of Commerce, Community, and Economic Development corporation database. Keep in mind that corporations in Alaska cannot contain certain words such as “city,” “village,” or “borough” and should not contain offensive words according to Alaska Corporation Statutes and Regulations.

Add a Corporate Designator

After you find an available name that you and your partners have agreed upon, it’s time to add a corporation designator to the end of your name. This designator can be “Corporation,” “Incorporated,” “Company,” or “Limited.” You can also opt for abbreviations of these four words. For example, “Last Frontier Fishing” could become “Last Frontier Fishing, Corp.” or “Last Frontier Fishing, Incorporated.”

Reserve a Corporation Name in Alaska

Now that you have your official corporation name chosen, you can reserve it if you wish, so no one else takes it before you’re ready to register officially. You’ll visit the Alaska Division of Corporations, Business, and Professional Licensing website to reserve your name. You can reserve your corporation name directly online for $25. Once reserved, your corporation name will be held for 120 days. If you need to extend this reservation, you can do so twice, for an additional $25 per renewal.

Additional Considerations

Here are some other factors to consider once you have your corporation name:

• DBAs – If you intend to do business under another name, you may want to secure a DBA (“doing business as”) name, often referred to as a trade name or assumed name. You can handle this online with the Alaska Division of Corporations, Business and Professional Licensing’s website by filing for a new business license for your trade name. We’ll cover business license questions later in this guide, so stay tuned if you have questions.
• Trademarks – Consider trademarking your name. For broader protection — especially if you plan on doing business outside of Alaska — you can register any trademarks on the federal level, but you’ll need to conduct a quick search using the U.S. Patent and Trademark Office (USPTO) database to see if your name is already federally trademarked. It’s often easier and quicker to file for a trademark on the state level. If no trademarks exist for your business name, you can register a state trademark for $50 through the Alaska Division of Corporations, Business, and Professional Licensing.

Step 2: Appoint Directors

The next step you’ll take is appointing directors to your corporation. You’ll need to specify at least one director (by Alaska law) to oversee your corporation’s interests. Your director(s) will help manage the corporation and must act in the best interest of the company and the shareholders.

Director Requirements and Considerations

Some states have requirements on who can serve as a director, but Alaska does not have any restrictions. You’ll need to have at least one director selected before you can file your Articles of Incorporation, although you do not have to specify your director(s).

Incorporator

You’ll also need to specify an incorporator, who will serve as the person to sign the Articles of Incorporation. An incorporator can also be a director in Alaska but does not have to be. An owner in the company will typically serve as the incorporator.

Step 3: Choose an Alaska Registered Agent

Now that you have a corporation name, an incorporator, and directors, you’re ready to select an Alaska registered agent. Your registered agent will serve as a third party between your corporation and the Alaska Division of Corporations, Business and Professional Licensing’s office, receiving important paperwork and communications on your behalf. You must designate a registered agent to register your corporation with the state of Alaska.

Registered Agent Requirements

The registered agent must be an individual resident of Alaska or a corporation authorized to transact business in Alaska. To become a registered agent in Alaska, you must have a primary operating address within the state and be available between the hours of 9 a.m. and 5 p.m. to receive sensitive documents in person. You cannot use a P.O. box as your registered agent’s operating address.

Benefits of Using a Registered Agent Service

While you (or a director in your corporation) can act as your company’s registered agent, you might want to work with an outside party. Although it’s legal to serve as your own registered agent, partnering with an outside agent service has its benefits. A few to consider include:

• Setting your own working hours. By Alaska law, your registered agent will need to be available and at their primary office in Alaska between 9 a.m. and 5 p.m. Acting as your own agent may leave you tied to a location or specific working hours.

• Protecting you from public subpoenas. Since legal documents can be delivered to your registered agent, having an outside party ensures these documents will be served to your agent on your behalf. If you act as your own agent, you could be served paperwork in front of clients or prospective investors, which could hurt your business deals and relationships.

Step 4: File the Alaska Articles of Incorporation

Once you’ve selected a registered agent, you’re ready to file your Articles of Incorporation. This document legitimizes your business with the state of Alaska and allows the government to officially recognize you as a corporation, so you can begin handling business.

Domestic vs Foreign

If you are forming your business in Alaska, you’ll file as a domestic corporation (standard). If you already have a corporation that was formed outside Alaska and now want to register to do business in Alaska, you’ll file as a foreign corporation (less typical). 

How to File

You can file your Articles of Incorporation online through the Alaska Department of Commerce, Corporations, Business, and Professional Licensing portal. To file this document, you’ll need:

• The corporation name. This will include your designator.
• Your North American Industry Classification System (NAICS) code. This code designates your corporation’s industry. You can find the correct code for your business by reviewing Alaska’s full list of NAICS codes.
• Your registered agent’s name and address. You’ll need their full, legal name and operating address (must be in Alaska).
• Alien affiliates’ names and addresses. If the incorporator or directors are located outside of the U.S., they’re considered alien affiliates. If everyone is located in the U.S., you’ll write “none.”
• The number of authorized shares. You’ll need to decide on your total number of  authorized shares, which will also be included in your bylaws. There must be more than zero.  If there’s more than one class or series of authorized shares, you need to indicate that on the form. 
• The incorporator’s name, mailing address, and signature. At least one incorporator must supply this information and sign.

Articles of Incorporation Filing Fee

There is a $250 filing fee ($350 for foreign corporations), which can be paid online or via the mail. Filing online will ensure fast authorization while filing via mail can take 10 to 15 days (or longer, depending on the time of year you file).

You can mail payments to:

State of Alaska 
Department of Commerce, Community, and Economic Development 
Division of Corporations
Business and Professional Licensing 
P.O. Box 110806Juneau, AK 99811 

Step 5: Create Corporate Bylaws

Next, you’ll want to hold a meeting with all shareholders, directors, and the incorporator. Here, you should discuss how your company will be run, set up shareholder rules and regulations, and denote any additional operational agreements or clauses. This discussion should be put into writing when finalizing your corporation’s bylaws. 

Bylaw Requirements and Considerations

While Alaska does not legally require corporations to have bylaws, this important document can help you secure business bank accounts and loans. You’ll also want to set up a corporate records book to keep all of your corporation’s important papers together, such as the minutes of director or shareholder meetings, stock certificates, and stock certificate stubs.

Step 6: Draft a Shareholder Agreement

Another contract you’ll want to create is a shareholder agreement.

What a Shareholder Agreement Should Include

This document will contain the rules and regulations that exist between the company and its shareholders. A shareholder agreement helps ensure that shareholders are treated fairly and that their rights are protected. This is a private document that can only be accessed by the parties involved.

Your shareholder agreement should fall in line with your company bylaws and cover additional topics, such as shareholder rights and obligations, voting structures, financial regulations, and terms of adding or removing shareholders. Every shareholder must sign and agree to this document.

Step 7: Issue Shares of Stock

Next, it’s time to issue shares of stock for your company. This is a requirement and requires company oversight. When filling out your Articles of Incorporation, you noted the number of shares authorized by your company. You’ll want to make sure you issue shares at or below this amount.

Capital

To get started with issuing stocks, you’ll need capital (or funding). It’s important to understand how much capital you need to get started. From there, you can divide this amount across the available number of shares you’ll issue.

Public or Private Stock

You can choose to issue your company’s shares privately or publicly. If you opt for private stock, the shares are typically dispersed across the company’s founders, shareholders, or investors, while anyone in the marketplace can purchase public stock.

Shares can only be issued one time and must be indicated on your biennial reporting. Once issued, shares can be sold or traded. 

Quarterly Statements

If you choose to issue public stocks, you’re required by Alaska law to file quarterly statements with the U.S. Securities and Exchange Commission (SEC). These filings will keep track of how many stocks are being issued and the parties who purchase them. You can file this form online or via the mail.

Step 8: Apply for Necessary Business Permits or Licenses

Next, it’s time to apply for a general business license. Just about every corporation in Alaska must apply for a business license or permits before engaging in business activity. You can apply for a business license online or via mail.

How to get a corporation license

To obtain your corporation’s license, you’ll need to fill out the business license application denoting your corporation name, operating address, phone number, license term, and type of company (corporation). You’ll also need to provide the NAICS code you provided in your Articles of Incorporation.

There is a $50 filing fee to obtain your state license each year. (Note that due to the current pandemic, fees are suspended through Nov. 15, 2020, or when the disaster declaration expires, whichever is sooner.)

If you choose to mail your application, you’ll send it to the below address:

State of Alaska 
Department of Commerce, Community, and Economic Development 
Division of Corporations, Business and Professional Licensing 
P.O. Box 110806
Juneau, AK 99811 

Additional Documentation

Depending on your industry, you may need additional licenses or permits. You can learn more on the Alaska corporations licensing page and perform a search to determine if your industry requires additional filings. It’s important to note that there are licenses and permits on the federal, state, and local levels, so you’ll have to do some research to determine what licensing your company needs or hire a service to do it for you.

Step 9: File for an EIN and Review Tax Requirements

Now, it’s time to set your corporation up with the Internal Revenue Service (IRS). This gets your business set up to file taxes and move money around. To get started, you’ll request an Employer Identification Number (EIN) for your corporation. 

This is a mandatory step that will allow the government to identify your corporation. Think of it as your company’s Social Security number — you’ll use this number to open financial accounts, hire new employers, and fill out tax paperwork.

Applying for an EIN is fast and easy and can be completed online. Get started by visiting the IRS website and filling out the online form. The entire process takes minutes, and you’ll receive your EIN directly afterward.

Step 10: Submit Your Corporation’s First Report

To stay compliant with Alaska state laws, you’ll need to file regular reports with the state. Alaska requires corporations to file an Initial Report six months after filing your Articles of Incorporation. After that, you’ll be required to file biennially by Jan. 2. 

Your Initial Report can be filed online (recommended) or via mail. You’ll need to include your corporation’s name; your operating address; directors’ names, addresses, and signatures; your registered agent’s signature; and share information. There is no fee to file this report.
Your Biennial Report can be filed online (recommended) or via mail. You’ll need to include the name of your corporation; your operating address; directors’ names, addresses, and signatures; your registered agent’s signature; and share information. There is a $100 filing fee.