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Blue sky filings for your fund

With Regulation D funds (both 506c and 506b), states require a blue sky filing to be completed the first-time securities are sold to an investor in that state. The below table provides the costs associated with those filings. The filings need to be done within 15 days of taking capital from an investor. Avestor can handle these filings for you at a normal service charge. The below table provides a listing of the fees that states charge.

State Filing Fee State Filing Fee State Filing Fee
Initial EFD Fee $160 Kentucky $250 Oklahoma $250
Alabama $300 Louisiana $300 Oregon $250
Alaska $600 Maine (manual) $300 (manual) Pennsylvania $525
Arizona $250 Maryland $100 Puerto Rico $350-$1500A
Arkansas $100-$500 Massachusetts $750 Rhode Island $300
California $300 Michigan $100 South Carolina $300
Colorado $50 Minnesota $100-$300 South Dakota $250
Connecticut $150 Mississippi $300 Tennessee $500
Delaware $200-$1000 Missouri $100 Texas $0-$500
D.C. $250 Montana $200-$1000 Utah $0-$100
Florida No filing req. Nebraska $200 U.S. Virgin Isl $1500
Georgia $250 Nevada $500 Vermont $600
Guam $500 (manual) New Hampshire $500 Virginia $250
Hawaii $100 New Jersey $500 Washington $300 **
Idaho $50 New Mexico $350 West Virginia $125
Illinois $100 New York $1200 Wisconsin $200
Indiana $0 North Carolina $350 Wyoming $200
Iowa $100 North Dakota $100
Kansas $0 Ohio $100

A – 0.20% of offering size in Puerto Rico; min $350, max $1500

**Reg D funds are considered pooled investments by the SEC if the fund does not own the assets. In that case, Avestor recommends sponsors do not take investors in the state of Washington. Washington State rules have a restriction that advisers of pooled investment funds register as an Investment Adviser as soon as they have more than 5 investors in that state. To verify if your fund is considered a pooled investment, you can look up your fund at SEC.gov | Company Search Page.

Although most states are one-time fees, the following states request annual renewals:

Alaska, Arkansas, Illinois, Minnesota, Mississippi, Montana, Nevada, NY (4 years), North Dakoka, Puerto Rico, South Carolina, Tennessee, USVI, Vermont

​Avestor Service Fees​
Avestor handles blue sky filings at nominal charge compared to attorneys performing the services. We do require all state filing fees and our service fees to be paid up front since we must pay the states at the time the filing is completed.

​Item ​Service Fee Description
Initial EFD Setup No charge Avestor sets up your fund in the NAASA database to accept blue sky filings.
Electronic Filing Fees / state $50 Avestor files the blue sky filing for each state when you get your first investor in that state.
Manual Filing Fees / state Attorney fees of up to $500 A few states continue to use manual filings – Maine, Guam. Given the complexity of these filings, Avestor will request your attorney to file these manual filings. Service fees are attorney dependent.
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