Wisconsin foreign C corporations that are certified as Qualified New Business Ventures (QNBV) will no longer have to pay additional state fees after a new state law went into effect June 1, the Wisconsin Economic Development Corporation (WEDC) announced recently.

According to a release, variable fees associated with the filings of certificates of authority, annual reports and applications of withdrawal with the Wisconsin Department of Financial Institutions (DFI) are eliminated for foreign corporations–those legally incorporated in other states–that are certified as a QNBV by the WEDC.

“It is common practice for companies raising outside capital and addressing national or global markets to incorporate outside of their home state,” WEDC Vice President of Entrepreneurship & Innovation Aaron Hagar said in a statement. “This change will benefit Wisconsin tech startups regardless of the location of their legal incorporation.”

The new law is expected to save foreign C corporations about $7,500 in fees.