A Message from the Secretary of State - Jeffrey W. Bullock

Last year proved to be another period of strong growth for Delaware’s franchise, with formations continuing to trend upward in nearly every category. More than two thirds of the Fortune 500 continue to call Delaware their corporate home, along with four out of every five new companies that go public in the United States.

Once again, the team of professionals in our Division of Corporations proved their ability to handle the growing volume of filings and formations without sacrificing speed, efficiency or customer service. I’m proud to say the Division has been recertified as ISO 9001-2008 compliant, the gold standard for organizations that fulfill complex business servicing needs. As an example of the Division’s commitment to continuous improvement, last year it launched a new exit survey function as part of its online service application that allows customers to provide real-time feedback and enables us to ensure we are meeting their needs.

On the legislative side, this year saw updates to Delaware’s foreign corporation statute in preparation for the online filing of annual franchise tax reports for foreign corporations, as well changes to the structure of the franchise tax itself. A new “Large Corporate Filer” tier was established that now applies to public companies with at least $750 million in revenues or assets and no less than $250 million in revenues or assets. A new maximum franchise tax payment associated with the new tier was projected to generate approximately $115 million in revenue for FY 2018.

Photo of Secretary of State Jeffrey W. Bullock

Image representing 66.8 percent of all Fortune 500 companies are incorpated in Delaware and more than 1.3 million legal entities are incorporated in Delaware.

Image representing More than 198,450 entities were formed under Delaware's corporate and alternative entities laws in 2017
Image representing 80% of U.S. based Initial Public Offerings in 2017 chose Delaware as their corporate home.

Image representing 2.5% Total General Fund Revenue growth for FY 2017

Division of Corporations General Fund Revenue

  2015 FY 2016 FY 2017 FY
Net Business Entity Taxes 919.8 976.5 998.8
Business Entity Fees 102.7 104.8 110.8
UCC Fees 18.3 19.3 19.5
Total Revenue 1,040.80 1,100.6 1,129.1

Total Uniform Commercial Code (UCC) Transactions CY 2015 - 2017

  2015 CY 2016 CY 2017 CY
UCC 1 116,756 113,808 121,457
UCC 3 128,360 133,581 141,588
Searches 206,404 223,796 240,824
Total Number of Transactions 451,520 471,185 503,869

Business Entity Formations CY 2015-2017

  2015 CY 2016 CY 2017 CY
LLCs 128,042 128,852 143,996
LPs/LLPs 10,746 10,337 11,517
Corporations 38,288 40,253 41,553
Statutory Trusts 1,645 1,724 1,391
Totals 178,721 181,166 198,457

This page and its contents serve to fulfill the stipulations of Title 8 Delaware Code § 515, Annual Report of the Secretary of State.

Corporations Skyline