                                 CODE OF VIRGINIA

ANNUAL REGISTRATION FEES TO BE PAID BY DOMESTIC AND FOREIGN CORPORATIONS;
PENALTY FOR FAILURE TO PAY TIMELY (§ 13.1-936.1)

A. Every domestic corporation and every foreign corporation authorized to
conduct its affairs in the Commonwealth shall pay into the state treasury on or
before the last day of the twelfth month next succeeding the month in which it
was incorporated or authorized to conduct its affairs in the Commonwealth, and
by such date in each year thereafter, an annual registration fee of $25,
provided that for a domestic corporation that became a domestic corporation by
conversion from a domestic stock corporation or by domestication from a foreign
corporation that was authorized to transact business in the Commonwealth at the
time of the conversion or domestication, the annual registration fee shall be
paid each year on or before the date on which its annual registration fee was
due prior to the conversion or domestication. At the discretion of the
Commission, the annual registration fee due date for a corporation may be
extended, on a monthly basis for a period of not less than one month nor more
than 11 months, at the request of its registered agent of record or as may be
necessary to distribute annual registration fee due dates of corporations as
equally as practicable throughout the year on a monthly basis.
			The annual registration fee shall be irrespective of any specific license tax
or other tax or fee imposed by law upon the corporation for the privilege of
carrying on its business in the Commonwealth or upon its franchise, property, or
receipts. Nonstock corporations incorporated before 1970 that were not liable
for the annual registration fee therefor shall not be liable for an annual
registration fee hereafter.

B. Each year, the Commission shall ascertain from its records each domestic
corporation and each foreign corporation authorized to conduct its affairs in
the Commonwealth, as of the first day of the second month next preceding the
month in which it was incorporated or authorized to transact business in the
Commonwealth and shall assess against each such corporation the annual
registration fee herein imposed. Notwithstanding the foregoing, for a domestic
corporation that became a domestic corporation by conversion from a domestic
stock corporation or by domestication from a foreign corporation that was
authorized to transact business in the Commonwealth at the time of the
domestication, the assessment shall be made as of the first day of the second
month preceding the month in which its annual registration fee was due prior to
the conversion or domestication. In any year in which a corporation&#8217;s
annual registration fee due date is extended pursuant to subsection A, the
annual registration fee assessment shall be increased by a prorated amount to
cover the period of extension. A statement of the assessment, when made, shall
be forwarded by the clerk of the Commission to the Comptroller and to each such
corporation.

C. Any domestic or foreign corporation that fails to pay the annual registration
fee herein imposed within the time prescribed shall incur a penalty of $10,
which shall be added to the amount of the annual registration fee due. The
penalty shall be in addition to any other penalty or liability imposed by law.

D. The fees paid into the state treasury under this section shall be set aside
as a special fund to be used only by the Commission as it deems necessary to
defray all costs of staffing, maintaining and operating the office of the clerk
of the Commission, together with all other costs incurred by the Commission in
supervising, implementing and administering the provisions of Part 5 (&#xA7;
8.9A-501 et seq.) of Title 8.9A, this title, except for Chapters 5 (&#xA7;
13.1-501 et seq.) and 8 (&#xA7; 13.1-557 et seq.) and Article 7 (&#xA7; 55.1-653
et seq.) of Chapter 6 of Title 55.1, provided that one-half of the fees
collected shall be credited to the general fund. The excess of fees collected
over the projected costs of administration in the next fiscal year shall be paid
into the general fund prior to the close of the fiscal year.

HISTORY: 1988, c. 405; 1991, c. 311; 1997, c. 216; 2007, c. 925; 2010, c. 753;
2021, Sp. Sess. I, c. 487.