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It lies on the southern Eastern Seaboard of the United States and is bounded on the north by North Carolina, on the southeast by the Atlantic Ocean, and on the southwest by Georgia. South Carolina is named in honor of King Charles I of England, who first formed the English colony.
South Carolina is the smallest state of the Deep South region, and is roughly triangular in shape. This is the 40th most extensive and 23rd most populous U.S. state, its GDP was $249.9 billion in 2019 . Columbia, located in the centre of the state, is the capital and largest city.
Situated on the southeastern, South Carolina is one of the smallest states in the United States but has a high population density by comparison. South Carolina currently enjoys a growth rate of 1.06%, which ranks 18th in the country.
In 2019, It was confirmed that there were about 5,925,364 people living in the state -- a rise of just over 15% on the figures declared in 2000.
The primary language spoken in South Carolina is English. About 5% of the population speak a language other than English, and of these Spanish or Spanish Creole the most frequently spoken.
Like most southern states, South Carolina is a largely conservative, Republican state. The Governor of South Carolina is the chief executive of the state. The governor is elected to a four-year term and may serve up to two consecutive terms.
In 2019, South Carolina's GDP was $249.9 billion, making the state the 26th largest by GDP in the United States.
During the first half of the 20th century, agriculture was the key to the state’s economy, industrial outputs include textile goods, chemical products, paper products, machinery, automobiles, automotive products and tourism.
Many large corporations have moved their locations to South Carolina. South Carolina is a right-to-work state[80] and many businesses utilize staffing agencies to temporarily fill positions.
United States Dollar (USD)
South Carolina does not separately impose exchange control or currency regulations.
The financial services industry has become a key component of South Carolina's economic strength and growth. The state has been home to many banks and financial services companies for years due to tax regulation on interest rates.
Because of its friendly business climate, many companies that you would not associate with South Carolina are incorporated in the state.
South Carolina has a common law system. The corporate laws of South Carolina are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of South Carolina are familiar to many lawyers both in the US and internationally.
One IBC supply incorporation in South Carolina service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
More than a million corporations have been incorporated in South Carolina and lots of U.S. publicly-traded companies. Businesses choose South Carolina because it provides modern and flexible corporate laws and a business-friendly State Government.
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.
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";
Company Information privacy:
No public register of company officers.
Just 4 simple steps are given to start a business in South Carolina:
* These documents required to incorporate a company in South Carolina:
Read more:
How to start a business in South Carolina
There is no minimum or a maximum number of authorized shares since South Carolina incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
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.
Financial statement
There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.
South Carolina law requires that every business have Registered Agent in the State of South Carolina who may be either an individual resident or business that is authorized to do business in the State of South Carolina
South 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 minimized by providing credits against South Carolina taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimized through allocation and appointment rules related to the income of corporations engaged in multi-state business.
The South Carolina Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in South Carolina must pay the $800 minimum franchise tax
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Payment, Company return due date
All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay the $800 Annual Franchise Tax every year.
A Statement of Information must be filed with the South Carolina Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months
Most corporations must pay a minimum tax of $800 to the South Carolina Franchise Tax Board each year. South Carolina Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation’s tax year. South Carolina S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation’s tax year.
Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.
Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.
We are always proud of being an experienced Financial and Corporate Services provider in the international market. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. Our Solution, Your Success.
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