Wisconsin early-stage companies that are certified as Qualified New Business Ventures and incorporated as C corporations in other states will no longer have to pay additional assessment fees under a new state law that takes effect today.

Until today, state law required “foreign” C corporations – those legally incorporated in other states – to pay variable fees associated with the filings of certificates of authority, annual reports and applications of withdrawal with the Wisconsin Department of Financial Institutions (DFI). Many C corporations are incorporated in Delaware but have significant operations or headquarters in Wisconsin.

Under the new law, Wisconsin Act 156, those additional fees are eliminated for foreign corporations that are certified as a Qualified New Business Venture by the Wisconsin Economic Development Corporation (WEDC). Those firms will be required only to pay a flat fee with DFI.

“It is common practice for companies raising outside capital and addressing national or global markets to incorporate outside of their home state,” said Aaron Hagar, vice president of Entrepreneurship & Innovation at WEDC. “This change will benefit Wisconsin tech startups regardless of the location of their legal incorporation.” Read the full release here.