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Registering a company in Utah (USA) in 2020
Key business benefits of Utah state are:
- High level of economic development;
- Income tax rate – 4.95%;
- 100% foreign ownership;
- A favorable environment for the establishment of a mining company, as well as a company in the field of IT and high technology;
- The minimum package of documents.
Support in company registration – from €1,700
Approximate terms of company registration – from 3 weeksDetailed information
* State beneficiary registries are open
Utah is located in the western United States. This is the 13th largest and 30th largest state population. A developed infrastructure mainly characterizes in Watchak and Washington County. Utah borders on New Mexico, Colorado, Arizona, Wyoming, Idaho and Nevada. The main administrative unit is Salt Lake City.
Opening a business in Utah is a promising solution, because this jurisdiction is characterized by the dynamic development of the economy, which is based on the globalization of business processes, the development of entrepreneurship, information technology, knowledge. 5 years ago, Utah led the Forbes Top Businesses List.
This staff is a leader in the development of innovative management, logistics, research, government support, training programs, and the open-air tourism center.
Setting up a commercial firm in Utah is promising, in terms of favorable conditions. So, in 2014 this jurisdiction according to the above indicator, occupied the top of the rating based on data from more than 12 thousand firms.
It is sufficient to profitably register a company in Utah, because this is the state with one of the lowest corporate taxes (4,95%), compared with Iowa, Alaska, Illinois, Pennsylvania, Minnesota and New Jersey, where this rate is 12%.
An income tax for individuals is 5%.
A sales tax is 6,94%.
A federal tax is 21%.
Sales, as well as property taxes, are subject to additional local duties, which vary by jurisdiction. Utah does not levy taxes on the intangible property, the inheritance.
To open a business in the USA is possible, if there is at least 1 shareholder and 1 director (of any nationality, a legal entity or an individual), you just have to open an account in America banks, to register a unique trade name in Utah (at the end of which a legal form is indicated: PLC, FZ LLC, SP, LLP, S-Corp, C-Corp, LLC, RO). The most common in the state is Bank of Utah, we can also arrange opening an account with First Utah Bank, Bank of American Fork, Central Bank, Capital Community Bank. If you need help to open a corporate account in Utah remotely/on a personal visit, contact IQD Consulting specialists: this will solve the problem quickly and easily. Our lawyers will help you to obtain a business license in the United States, as well as to provide advice on paperwork and full support for opening a business in America.