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. |
