Compare other American popular States in 2022

Summary at a Glance Delaware Texas New York Florida BVI
Total company engagement set up costs US$11,500 US$7,300 US$8,700 US$6,100 US$16,842
Subsequent annual costs (incl audit and tax) US$5,075 US$4,500 US$3,600 US$4,500 US$2,650
How long to set the company up? 1 week 1 week 8 weeks 1 week 1 week
How long to open company bank account? 4 weeks 3 weeks 3 weeks 3 weeks 3 weeks
Issued share capital required US$1 US$1 US$1 US$1 US$1
Corporate bank account location Bank of America Wells Fargo GE Capital Bank of America Europac Bank
Tenancy agreement required before incorporation? No No No No No
Do you travel for company incorporation? No No No No No
Resident director required? No No No No No
Legal considerations
Resident shareholder required? No No No No No
Minimum number of directors 1 1 1 1 1
Minimum number of shareholders 1 1 1 1 1
Resident company secretary required? Yes Yes Yes Yes No
Individual shareholders allowed Yes Yes Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes Yes Yes
Corporate director(s) allowed Yes Yes Yes Yes Yes
Public register of shareholders and directors No Yes Yes No No
Tax and accounting considerations
Corporate tax payable % 0-35% 0-35% 0-35% 0-35% 0%
Statutory audit required No No No No No
Annual tax return to be submitted Yes Yes Yes Yes No
Access to how many double tax treaties 67 67 67 67 No
Tax exempt free zones available No No No No No
Resident company for local tax purposes Yes Yes Yes Yes No
Withholding tax payable 30% reduced by DTAs 30% reduced by DTAs 30% reduced by DTAs 30% reduced by DTAs No
How long to get work permit approved 3 months 3 months 3 months 3 months N/A
Can the entity hire expatriate staff in the country? Yes Yes Yes Yes Yes
Logistics considerations
Allowed to sign sales contracts with local clients Yes but taxed Yes but taxed Yes but taxed Yes but taxed No
Allowed to invoice local clients Yes but taxed Yes but taxed Yes but taxed Yes but taxed No
Average monthly salary of skilled labour US$4,500 US$4,200 US$4,800 US$4,500 US$3,000
Average monthly salary of unskilled labour US$1,500 US$1,300 US$1,700 US$1,500 US$1,000
English spoken by what % of the population (estimate) 96% 96% 96% 96% 90%
Literacy rate % 99% 99% 99% 99% 98%
Office rental per square meter per month US$15 US$10 US$18 US$15 US$10
Warehouse rental per square meter per month US$6 US$4 US$8 US$6 US$5
Country credit rating AA+ AA+ AA+ AA+ N/A
Internet connectivity rating Strong Strong Strong Strong Fair
GDP per capita (US$) 49,965 49,965 49,965 49,965 38,500
Government liberal or controlling of daily business Liberal Liberal Liberal Liberal Liberal
Population % tertiary enrollment 95% 95% 95% 95% N/A
Global competitiveness ranking (1-6) 5.48 5.48 5.48 5.48 N/A
Ease of doing business global ranking (lower the better) 4 4 4 4 N/A
Population 1 million 26 million 19.6 million 19.3 million 23,000
Unemployment rate 7.3% 6.4% 7.6% 7% 3.6%
Inflation rate (2013) 1.5% 1.5% 1.5% 1.5% N/A
GDP 2012 US$ billion US$60.12 bn US$1.14 tr US$1.15 tr US$734 bn US$839 bn
Average annual growth (2012) 2.2% 2.2% 2.2% 2.2% N/A
Estimate of engagement costs US$ US$ US$ US$ US$
Healy Consultants engagement fees 2,890 1,590 1,700 1,590 1,550
Company secretary fees 1,400 1,100 1,100 1,100 1,200
Government fees 310 660 200 6,60 982
Corporate bank account opening 5,950 3,950 4,950 2,750 5,950
Estimate of total outgoings in Year 1 11,500 7,300 8,700 6,100 16,842
Draft sales invoice attached View invoice PDF View invoice PDF View invoice PDF View invoice PDF View invoice PDF

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For additional information on our America company incorporation services, please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal