ANNOUNCEMENT 28 Mar 2018
In 2018 the state of Wisconsin enacted a bill that that facilitates foreign investment.
NUMBER OF INTERVENTIONS
On March 28, 2018 the governor of the state of Wisconsin signed into law a bill (now 2017 Wisconsin Act 156) that may facilitate foreign investment in the state. Existing law had required a foreign corporation to obtain from the Department of Financial Institutions (DFI) a certificate of authority before transacting business in Wisconsin. Thereafter, a foreign corporation must annually file a report with DFI, and must obtain a certificate of withdrawal from DFI before withdrawing its operations from Wisconsin.
The fees associated with a certificate of authority, an annual report, and a certificate of withdrawal each consist of a flat fee plus a capital-based variable fee that increases in proportion to the amount of the corporation’s capital that is employed in Wisconsin.
The new law eliminated the capital-based variable fee portion of each of these fees for a foreign corporation that is certified by the Wisconsin Economic Development Corporation as a “qualified new business venture.” To be certified as a qualified new business venture, a business must satisfy the following conditions:
The new law’s effective date was June 1, 2018.