* The information only about corporations and their owners
Illinois is a state in the Midwestern United States without direct access to the ocean, bordering Indiana in the east and the Mississippi River in the west. The state also borders Ohio, Iowa, Kentucky, Missouri and is the state’s main transportation hub. It is profitable for entrepreneurs to open a business in Illinois, because the region is the 5th in the US in terms of GDP and population. The area’s nickname is “the Land of the Prairies,” “a Lincoln Land.” Agricultural land prevails on the territory.
The capital Springfield is both the city and the largest employer of Sangamon County, which employs 17 thousand people. Primarily register companies in Illinois in the healthcare, a trade, a transportation, utility sectors. The official capital actually shares its status with Chicago, one of the largest US cities located on the northeast coast of Lake Michigan. Chicago is recognizable by skyscrapers, including the 442-meter Willis Tower and the neo-Gothic Tribune Tower. Chicago also has the most sought-after airport in the world - O’Hara and the port, from which ships leave on the high seas along the St. Lawrence Sea Route.
Key areas, in which to rationally establish a company in Illinois:
- a nuclear technology;
- a chemical production;
- the extraction of valuable minerals (coal);
- a pumping/refining of oil (№ 1 in the Midwest);
- IT;
- electronics (a Caterpillar headquarters is located in Illinois);
- the assembly of cars and special vehicles;
- a transportation system (Boeing’s headquarters is located in Illinois);
- cargo logistics;
- a trade;
- a finance;
- banking enterprises;
- a tourism;
- a food industry (sausage production, McDonalds, Kraft Foods headquarters is located in Illinois);
- a farming (cultivation of pumpkins, soybeans, corn);
Opening a company in Illinois should take into account tax enterprises at the local and federal levels:
- A corporate tax rate is % 9,5;
- Sales taxes are 6,25%;
- a federal income tax in the USA is 21%;
- Interest and royalties are 30%;
- Dividends are 35%;
Legal forms of business in Illinois
It is possible to register a company in Illinois remotely in the form of:
- PLC (a Public Limited Company);
- Free Zone LLC - a company of the free economic zone;
- LLC;
- LLP - a Limited Partnership;
- S-Corp is a local corporation with sole management;
- C-Corp is a local collective board corporation;
- SP - a sole proprietorship;
- RO - a representation;
In order to set up a company in the USA, the requirements are very simple:
- 1 or more directors, 1 or more shareholders can register a company in Illinois;
- managers can be both private and legal entities of any nationality, at least 1 representative of a resident company is required;
- a company name should not be duplicated;
- a legal address is required (local property tax should be considered);
- timely submission of financial and tax reporting;
It is also required to open an account in American banks:
- First National Bank of Illinois;
- Illinois bank & trust;
- Banesco USA;
- First Mid Bank & Trust Monticello;
- Central Illinois Bank;
- Preferred Bank;
- Southern Illinois Bank;
YB Case will provide legal support in registering a company in Illinois quickly (within 14 business days), legal advice on opening a US corporate account, obtaining a business license in the USA and preparing all necessary documents.
