The fee charged to out-of-state entities that want to withdraw from doing business in Colorado will be slashed from $125 to $10 effective Saturday, April 1.
Secretary of State Wayne Williams said the reduction reflects the continued efficiency within the office, which over the last six years has reduced a number of filing fees. Williams last October reduced the fee for dissolving in-state businesses from $25 to $10.
This latest fee reduction affects what are known as “foreign entities.” Foreign entities are businesses formed outside of Colorado that intend on doing business in Colorado.
As with the prior reduction for in-state businesses, Williams said one goal in reducing the fee is to have a more accurate business registry. Foreign entities that do not withdraw from doing business continue to be listed in the Secretary of State business database even though they might be delinquent or noncompliant.
As of the beginning of the month, 635,332 entities are in good standing in the Secretary of State website, with 66,413 registered as foreign entities.