North Carolina

North Carolina is a state in the south eastern region, the 28th largest and 9th-most populous of the 50 United States. It lies on the Atlantic coast midway between New York and Florida and is bounded to the north by Virginia, to the east by the Atlantic Ocean, to the south by South Carolina and Georgia, and to the west by Tennessee.

North Carolina's economy is focused on industries such as food processing, banking, pharmaceuticals, technology and vehicle parts. The Charlotte metropolitan area is the most-populous metropolitan area in North Carolina, the 23rd-most populous in the United States, and the largest banking center in the nation after New York City.

Population

North Carolina's population grew to an estimated 10.5 million people as of July 1, 2019. This state currently has a very healthy growth rate of 1.13%, which ranks 14th in the nation. North Carolina has the second largest rural state population in the U.S. with 34% of the state's residents living in rural areas.

The total surface area is 53,819 square miles (139,390 square kilometers) and there is an average of 196 people for every square mile. This makes North Carolina the 15th most densely populated state in the US.

Language

English is the official language of the State of North Carolina.

The government of North Carolina is divided into three branches: executive, legislative, and judicial.

• The legislative branch: The legislative arm of the state is the North Carolina General Assembly. Like the federal government and almost all the other states, North Carolina has a bicameral legislature, consisting of two houses: the Senate and the House of Representatives.
• The Executive branch: The Office of Administrative Hearings, the Office of the State Controller, and the State Board of Elections are three of the state's independent executive agencies. There are also well as over 50 licensing boards that regulate specific occupations.
• The Judicial branch: The North Carolina Constitution establishes the General Court of Justice to constitute a unified judicial system for purposes of jurisdiction, operation, and administration.

North Carolina had the 11th largest economy by GDP in the U.S. in 2018 at nearly $566 billion, increasing 2.9% from 2017 - level with U.S. GDP growth and higher than NC's 2017 rate (2.2%).

The two largest contributors to the state's GDP are the Finance, insurance, real estate, rental, and leasing sector and the Manufacturing sector.

Currency:

United States Dollar (USD)

• Florida economy

The corporate laws of North Carolina are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of North Carolina are familiar to many lawyers both in the US and internationally. North Carolina has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in North Carolina service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of North Carolina or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Read more:

• Florida business laws

Just 4 simple steps are given to start a business in North Carolina:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in North Carolina is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in North Carolina:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in North Carolina

• Start a business in Florida

Share Capital:

There is no minimum or a maximum number of authorized shares since North Carolina incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

North Carolina company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

Local Agent:

North Carolina law requires that every business have Registered Agent in the State of North Carolina who may be either an individual resident or business that is authorised to do business in the State of North Carolina

Double Taxation Agreements:

North Carolina, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against North Carolina taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License Fee & Levy:

For corporations, limited partnerships and limited liability companies, who must file with the State, the filing fee is US$ 25, though corporations must also pay an additional county- specific fee. The corporation county fee is $100 for any county in North Carolina City and US$ 25 for any other county in North Carolina State. Filers with the State may also choose to pay an extra fee for expedited processing, which will be either US$ 25, US$ 75 or US$ 150 depending on the speed of processing chosen.

Read more:

• North Carolina trademark
• North Carolina business license

Payment, Company return due date:

Fiscal-year returns are due the 15th day of the third month after the end of the tax year.