TOP 5 U.S. STATES TO START YOUR BUSINESS

Thinking of starting a business in the U.S.? Here are the most business-friendly states you should consider when choosing a location for your company!

Texas – tax heaven for entrepreneurs?

Texas is the place with the most favorable business climate in the country, as there are no personal or corporate state income taxes. Though the sales tax rate can go up to 6.25%.?Still, this is a perfect state for starting a business.

Delaware – for online and large businesses

Delaware allows registering an online business, which is extremely helpful to foreign entrepreneurs. This state doesn’t have any sales tax, yet the corporate and individual income taxes are as high as 6.6% and 8.7% respectively, which is why it’s not so desirable for small businesses and startups. However, Delaware is the best state for large businesses and for entrepreneurs, who prioritize privacy and asset protection.

Florida – for businesses of all sizes+franchise

This is one of the most desirable states for foreigner-owned businesses. The income tax rate is one of the lowest in the country, resting at 5.5% as of 2022. Plus, there’s no individual income tax in Florida, however, the sales tax rate goes up to 6%. Generally, starting a business in Florida will cost you $100 for an LLC and $965 for a limited partnership.?

For those who are willing to set up a franchise, there is no tax whatsoever, which can mean thousands of dollars in profits annually.?

Wyoming – startup-friendly state?

Just like Texas, Wyoming has zero corporate and individual income tax liability, but also no franchise tax. The state sales tax rate at 4%, which is below the national average. All that put together allows business owners to spend more money on their businesses and less on taxes.?

Nevada – provides privacy protection for the business?

Nevada state lives off Tourism Industry, which allows operating without a personal or corporate income tax. Another source of revenue is sales taxes, which reach 6.8%. Just like Delaware, it provides privacy for a business, protecting the identity of directors and investors. Nevada’s tax climate is attractive to new business owners.