What are Blue Sky fees?
Blue Sky Laws are state-level, anti-fraud regulations that require issuers of securities to be registered and to disclose details of their offerings. Each state has their own regulations and fees.
While Form D is a federal requirement, Blue Sky laws operate at the state level. Most states require a notice filing when residents invest in an SPV — these filings often reference your federal Form D. Deadlines vary by state but usually fall within 15–30 days of the first sale to an investor in that state.
States charge filing fees ranging from roughly $100 to $1,200, which must be budgeted into SPV costs. For a typical SPV, expect $500–$1,500 in Blue Sky fees depending on investor locations. Raising from investors in multiple states means multiple Blue Sky filings, each with its own quirks.
One streamlined workflow
With Allocations, SPV sponsors can handle both Form D and Blue Sky compliance in one streamlined workflow — turning a potential headache into a predictable, automated process.
Deadlines tracked
State notice filings usually fall within 15–30 days of the first sale to an investor in that state — automation minimizes the manual error of tracking each one.
Budget with confidence
State fees range from roughly $100 to $1,200 each; a typical SPV budgets $500–$1,500 in Blue Sky fees depending on where investors reside.
State-by-state filing fees for securities offerings. Blue Sky laws are state regulations designed to protect investors against securities fraud.
State
Code
Fixed Fee
Fee Type
Alabama
AL
$300
Fixed
Alaska
AK
-
None
Arizona
AZ
-
Variable
Arkansas
AR
$250
Fixed
California
CA
$300
Fixed + Variable
Colorado
CO
$200
Fixed
Connecticut
CT
-
Variable
Delaware
DE
$150
Fixed
Florida
FL
-
Variable
Georgia
GA
$250
Fixed
Hawaii
HI
$100
Fixed
Idaho
ID
$200
Fixed
Illinois
IL
-
Variable
Indiana
IN
$500
Fixed
Iowa
IA
$300
Fixed
Kansas
KS
$250
Fixed
Kentucky
KY
$250
Fixed
Louisiana
LA
$300
Fixed
Maine
ME
$300
Fixed
Maryland
MD
$100
Fixed + Variable
Massachusetts
MA
-
Variable
Michigan
MI
$100
Fixed
Minnesota
MN
$200
Fixed
Mississippi
MS
$200
Fixed
Missouri
MO
$100
Fixed
Montana
MT
$200
Fixed
Nebraska
NE
$200
Fixed
Nevada
NV
$500
Fixed
New Hampshire
NH
$350
Fixed
New Jersey
NJ
-
Variable
New Mexico
NM
$350
Fixed
New York
NY
-
Variable
North Carolina
NC
$350
Fixed
North Dakota
ND
$100
Fixed
Ohio
OH
$100
Fixed
Oklahoma
OK
$250
Fixed
Oregon
OR
$250
Fixed
Pennsylvania
PA
-
Variable
Rhode Island
RI
$300
Fixed
South Carolina
SC
$300
Fixed
South Dakota
SD
$250
Fixed
Tennessee
TN
$500
Fixed
Texas
TX
-
Variable
Utah
UT
$200
Fixed
Vermont
VT
$600
Fixed
Virginia
VA
$250
Fixed
Washington
WA
$300
Fixed
West Virginia
WV
$200
Fixed
Wisconsin
WI
$200
Fixed
Wyoming
WY
-
None
Do I need Blue Sky filings if I already filed Form D?
When are Blue Sky filings due?
What is the difference between 3(c)(1) and 3(c)(7)?
How much should I budget?
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Helios Capital
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