Small Business Information
- Capital Formation Alternatives For Small Business in Virginia
This guide focuses on issuing securities as a means of raising capital
for small and developing businesses. It outlines the process involved
in issuing securities, reviews federal and state regulations governing
securities, and describes the exemptions available for small issuers.
The guide also reviews other potential sources of small business capital
and provides a list of related Internet sites of interest to a small
business.
- Business Registration Guide
This guide is designed for new business operating in or deriving income
from Virginia sources. The State Corporation Commission (SCC), the Virginia
Employment Commission(VEC) and the Department of Taxation have developed
this guide to assist in completing the initial registration process
with several state and local agencies.
- CR-Equity
This is a uniform nationwide program for multi-state registration of
public offerings of corporate equity securities where a registration
statement has been filed with the U.S. Securities and Exchange Commission.
Registration is by coordination under § 13.1-509 of the Code of Virginia.
An issuer files an application with all the states they intend to use
the CR-EQUITY process along with the fees applicable to each of those
states. A filing is also made to the state of Pennsylvania, the national
program administrator, who then designates a lead disclosure state and
a lead merit state. The lead disclosure state coordinates all disclosure
comments and the lead merit state coordinates all merit comments. The
two lead states generate one comment letter on behalf of all jurisdictions.
CR-EQUITY utilizes established North American Securities Administrators
Association (NASAA) Statements of Policy for substantive (merit) issues
and all participating jurisdictions agree to an immediate review of
the application. The program provides a more predictable standard of
review for issuers and establishes compulsory time periods for state
review and comments. To access the CR-EQUITY application form, standards
and filing requirements, visit the Pennsylvania Securities Commission
site shown above.
- Small Company Offering Registration (SCOR)
SCOR is a program for registration of a public offering by qualification
under § 13.1-510 of the Code of Virginia and is administered under 21
VAC 5-30-90 of the Virginia Administrative Code. Virginia has adopted
the use of the Form U-7 and the set of instructions for form U-7. SCOR
is available to corporations and limited liability companies selling
securities which are exempt from federal registration. Small businesses
who qualify to use the SCOR program will find it easier and far less
expensive than a traditional public offering. To access the Form U-7
Disclosure Document and the Manual of instructions for completing the
form, visit the North American Securities Administrators Association
(NASAA) site shown above.
- CR-SCOR-Mid-Atlantic
This regional review program was established to assist small businesses
that want to file a SCOR or SEC Regulation A registration and sell securities
in several jurisdictions. Participants include Virginia, Delaware, Maryland,
New Jersey, Pennsylvania, West Virginia, and District of Columbia. An
issuer files an application with two or more states along with the fees
applicable to each of the registering states. In Virginia, the laws,
rules and filing fees are the same as any other qualification application.
A filing is also made to the state of Maryland who acts as the program
administrator. Maryland will designate the lead state for the filing
who will be the focal point for comments among the examining states
and the issuer. CR-SCOR-Mid-Atlantic simplifies the administrative process
for the issuer and imposes an established time-line on the review states.
To access the application form, standards and filing requirements, visit
the Pennsylvania Securities Commission site shown above.