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Invest in New York
A short guide for companies expanding into New York: the economy at a glance, the rules and steps to set up, and who can help, each with its source.
1. New York at a glance
PopulationEstimate
20 million
The population was 20,002,427 as of July 1, 2025.
Source: Census Bureau, state population estimates, July 2025 (opens in a new tab) · as of 2025
GDP
US$2.47 trillion
GDP was US$2,465,749.3 million in 2025, in current dollars.
Source: BEA, GDP by state, 2025 (annual update, September 2026) (opens in a new tab) · as of 2025
GDP per personEstimate
US$123,273
GDP per person was US$123,272.5 in 2025, in current dollars, computed from BEA's GDP and the Census Bureau's population estimate.
Source: BEA, GDP by state, 2025 (annual update, September 2026) (opens in a new tab) · as of 2025
Real GDP growth
2.5%
Real GDP growth was 2.5 percent in 2025, as BEA publishes it.
Source: BEA, GDP by state, 2025 (annual update, September 2026) (opens in a new tab) · as of 2025
Currency and inflation: see the United States at a glance
2. Before you set up
The body that handles foreign investment, any one-stop route, New York’s limits on foreign ownership, the zones and other rules for investors, as the guide found them.
Empire State Development, New York's chief economic development agency, is the state's economic development organization, as SelectUSA lists it.
Source: SelectUSA, state economic development organizations list (opens in a new tab) · as of November 3, 2026
New York Business Express handles sales tax, unemployment insurance and withholding registration, but entities register separately with the Department of State.
Source: Tax Department, register as a sales tax vendor, July 2025 (opens in a new tab) · as of July 25, 2025
Real Property Law section 10 lets noncitizens hold real property as citizens do; no enacted state limit on foreign ownership was found, and bills for one sit in committee.
Source: New York State Senate, Real Property Law section 10 (opens in a new tab) · as of December 16, 2022
The Foreign-Trade Zones Board's 2024 annual report lists 14 foreign-trade zones in New York.
Source: Foreign-Trade Zones Board, annual report, 2024 (opens in a new tab) · as of 2024
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Bills S9665 and A3440 would bar foreign adversaries from acquiring agricultural land, but both remain in Judiciary committees. Check bill status before you buy farmland.
Source: New York State Senate, bill S9665, agricultural land (opens in a new tab) · as of November 3, 2026
Senate bill S8722 would bar sales or leases of farm, forest and real property near military or critical infrastructure sites to foreign countries of concern; it sits in committee.
Source: New York State Senate, bill S8722, real property (opens in a new tab) · as of November 3, 2026
Since January 1, 2026, non-exempt LLCs formed under a foreign country's law and authorized in New York file beneficial ownership disclosures with the Department of State.
Source: Department of State, beneficial owner disclosure (opens in a new tab) · as of November 3, 2026
A disclosure names each person who owns 25 percent or more of the LLC or exercises substantial control, and the statutory filing fee is US$25.
Source: Department of State, beneficial owner disclosure (opens in a new tab) · as of November 3, 2026
A reporting LLC files its disclosure within 30 days of filing its application for authority, and annually after that.
Source: New York State Senate, LLC Law section 1107 (opens in a new tab) · as of September 4, 2026
Investment rules across the United States: see Invest in the United States
3. Steps to set up
The main steps, in order, each with the body responsible and its official page.
Setting up in New York
- Apply to the Department of State for authority to do business, as a foreign business corporation or a foreign LLC, with a Certificate of Existence under a year old.New York State Department of State, Division of CorporationsUS$225 for a corporation; US$250 for an LLC.Official page (opens in a new tab)
Source: Department of State, foreign corporation application for authority (opens in a new tab) · as of November 3, 2026
- If you are a foreign LLC, publish your application in two county newspapers within 120 days and file the certificate of publication.New York State Department of State, Division of CorporationsUS$50 to file the certificate of publication.Official page (opens in a new tab)
Source: New York State Senate, LLC Law section 802 (opens in a new tab) · as of September 4, 2026
- If your LLC was formed under a foreign country's law, file a beneficial ownership disclosure with the Department of State within 30 days of applying.New York State Department of StateUS$25 statutory filing fee.Official page (opens in a new tab)
Source: New York State Senate, LLC Law section 1107 (opens in a new tab) · as of September 4, 2026
- Register with the Tax Department through New York Business Express before you do business, and get a sales tax Certificate of Authority if you sell taxable goods or services.New York State Department of Taxation and FinanceOfficial page (opens in a new tab)
Source: Tax Department, register as a sales tax vendor, July 2025 (opens in a new tab) · as of July 25, 2025
Show 2 more set-up steps
- Register for unemployment insurance, withholding and wage reporting with the Department of Labor, online through New York Business Express, once you pay wages in New York.New York State Department of LaborOfficial page (opens in a new tab)
Source: Department of Labor, register for unemployment insurance (opens in a new tab) · as of November 3, 2026
- Ask Empire State Development about tax-based incentives, such as the Excelsior Jobs Program, before you commit to a site.Empire State DevelopmentOfficial page (opens in a new tab)
Source: Empire State Development, Excelsior Jobs Program (opens in a new tab) · as of November 3, 2026
Steps that apply across the United States: see Invest in the United States
4. Organizations that help investors
Start with ESD. Each card links to the organization’s own site.
Each card says what it can help with:Get adviceFind financeMeet requirementsResearch markets
Investment and business setup
- Get advice
State economic development agency
ESD
Empire State Development
Runs state tax-based incentives such as the Excelsior Jobs Program and has an international investment team for foreign companies setting up in New York.
Visit ESD (opens in a new tab)Source: Empire State Development, International Investment (opens in a new tab) · as of November 3, 2026
State business filings office
Department of State
New York State Department of State
Files business entities, including applications for authority from foreign corporations and LLCs, and receives beneficial owner disclosures from foreign-formed LLCs.
Visit Department of State (opens in a new tab)Source: Department of State, beneficial owner disclosure (opens in a new tab) · as of November 3, 2026
Customs and tax
- Meet requirements
State tax authority
Tax Department
New York State Department of Taxation and Finance
Collects state taxes, registers businesses for sales tax through New York Business Express and publishes data on the corporate franchise tax.
- Meet requirements
Bistate port authority
Port Authority
Port Authority of New York and New Jersey
Runs the marine terminals and facilities of the Port of New York and New Jersey, which moved 5,955,798 loaded twenty-foot equivalent units (TEUs) in 2025.
Visit Port Authority (opens in a new tab)Source: New York and New Jersey Port Authority, 2025 annual report (opens in a new tab) · as of November 3, 2026
Show 1 more organization
- Meet requirements
Public port authority
Port of Albany
Albany Port District Commission
Operates the Port of Albany-Rensselaer, an inland port of entry with an on-site customs office and bonded warehouse.
Visit Port of Albany (opens in a new tab)Source: Port of Albany, home page, May 2026 news (opens in a new tab) · as of November 3, 2026
Chambers and industry associations
- Get advice
Export mentoring council
NYDEC
New York District Export Council
Connects small and mid-sized New York companies with mentors and trade resources, and hosts the World Trade Week NYC events.
Visit NYDEC (opens in a new tab)Source: World Trade Week NYC, 2026 events hosted by NYDEC (opens in a new tab) · as of November 3, 2026
- Get advice
Manufacturers association
MACNY
Manufacturers Association of Central New York
Advocates for manufacturers in Central New York and the Mohawk Valley, and takes part in the Manufacturers Alliance of New York, a statewide group of manufacturing associations.
Visit MACNY (opens in a new tab)Source: MACNY, Manufacturers Alliance of New York (opens in a new tab) · as of November 3, 2026
Show 1 more organization
- Get advice
Chamber of commerce
Greater New York Chamber
Greater New York Chamber of Commerce
Prepares export documents such as certificates of origin and free sale for members and runs member events in New York City.
Visit Greater New York Chamber (opens in a new tab)Source: Greater New York Chamber, export documentation, 2026 (opens in a new tab) · as of November 3, 2026
5. Worth knowing
Reserved sectors
New York has no enacted limit on foreign ownership of real property in the sources checked, and bills S9665, A3440 and S8722 sit in committee.
What to do: Check the legislature's bill pages for changes before you buy land.
Sources: New York State Senate, Real Property Law section 10 (opens in a new tab); New York State Senate, bill S9665, agricultural land (opens in a new tab) · as of November 3, 2026
Beneficial ownership filing
Since January 1, 2026, LLCs formed under a foreign country's law and authorized in New York file beneficial owner disclosures with the Department of State.
What to do: Confirm whether you are exempt, and file within 30 days of applying for authority.
Sources: Department of State, beneficial owner disclosure (opens in a new tab); New York State Senate, LLC Law section 1107 (opens in a new tab) · as of November 3, 2026
Foreign LLC publication
A foreign LLC must publish its application for authority in two county newspapers within 120 days or its authority to do business is suspended.
What to do: Budget for the publication and file the certificate of publication on time.
Sources: New York State Senate, LLC Law section 802 (opens in a new tab); Department of State, foreign LLC certificate of publication (opens in a new tab) · as of November 3, 2026
State business tax
As of January 1, 2026, the Tax Department lists a top corporate franchise tax rate of 7.25 percent, before the MTA surcharge and New York City's tax.
What to do: Confirm your rate and filing basis with the Tax Department before you price.
Source: Tax Department, corporate taxes, rates as of January 2026 (opens in a new tab) · as of November 3, 2026
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Electricity
NYISO reported in June 2026 that reliability margins are declining and that large energy-intensive projects make load growth rapid and hard to forecast.
What to do: Ask your utility and NYISO about interconnection timing before you commit to a site.
Source: NYISO, Power Trends 2026 release, June 2026 (opens in a new tab) · as of November 3, 2026
Across the United States: see Worth knowing in Invest in the United States
6. How Promote:Global helps
- Compare the United States with other countriesSet the United States beside other countries on investment momentum, fundamentals and trade access, before site, tax and legal work.
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- Organize your next stepsKeep each product and market in a project, with a roadmap of steps you work through.
Turn this guide into your New York project.
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Promote:New York is an independent guide by Promote:Global, not an official government portal. The organizations named here are independent public and membership bodies, not Promote:Global partners, and every link goes to their own site.
Facts read from public sources, with an editorial cut-off of November 3, 2026. Nothing here is investment, legal, tax or sanctions advice. Check current status with the organization before you rely on it.