Ackerman-sponsored legislation making it easier to do business in Rhode Island is signed into law
STATE HOUSE — Pro-business legislation introduced by Rep. Mia Ackerman (D-Dist. 45, Cumberland, Lincoln) that simplifies the process for out-of-state companies doing business in the state has been signed into law by Gov. Gina Raimondo.
The law (2017-H 5647Aaa), which Representative Ackerman introduced at the behest of the Secretary of State, would simplify the application process of a foreign corporation to obtain a certificate of authority by requiring it to produce only a certificate of good standing or legal existence by a proper officer of the state or country where it was incorporated.
“This will make it easier for companies to do business in Rhode Island by providing a less costly method of providing information to the state,” explained Representative Ackerman. “Prior to this legislation, the law required out-of-state entities to gather information at great expense, that didn’t really tell us much. It’s another part of our efforts to make Rhode Island a more business-friendly state by removing some of the red tape that tends to bog business down.”
Before this law, foreign businesses were required to submit articles of incorporation along with any amendments to the secretary of state. The information that was procured from articles of incorporation is now part of Rhode Island’s application process. Additional information about a corporation’s standing is now readily available in the corporate records of other secretaries of state.
“This legislation is going to help reduce the filing burden, making it easier for them to do business in Rhode Island,” said Secretary of State Nellie M. Gorbea. “I want to thank Representative Ackerman for her leadership in getting this legislation passed and helping to enhance commerce in our state.”
This law is the latest pro-business legislation to be championed by Representative Ackerman. In 2014, she introduced legislation that lowed the business corporation tax from 9 percent to 7 percent of net income. She also supported legislation that led to the decrease of the minimum corporate tax, which was reduced from $500 to $450 in 2015, then further reduced to $400 in 2016.
For more information, contact:
Daniel Trafford, Publicist
State House Room 20
Providence, RI 02903