Michigan is a landlocked state with a population of about 10 million. The capital is Lansing. Michigan has a well-developed infrastructure.
Which industry should you focus on in order to register a company in Michigan?
We recommend starting an enterprise in Michigan in one of the priority areas for the economy: the primary sector (the agriculture, a mining) and the secondary (the industry) are of primary importance to the economy.
A mining plays an important role for Michigan. There are many ore deposits, and in the north and south they produce a natural gas/oil.
Michigan is one of the most important industrial states in the USA. It is a leader in the production of cars. Michigan's industry accounts for 27% of GDP.
The largest sector of services is tourism. This industry annually brings the state 6,3 billion US dollars
Legal forms, in which it is available to establish a firm in the USA
- a Free Zone LLC;
- an LLP Partnership;
- Corporate Forms (C-Corp / S-Corp);
- RO (Representative).
Michigan tax rates
Each state has a federal corporate tax of 21%, Michigan also has to pay a local corporate tax of 8,93%, 7,15% for individuals, and 5,50% for sales. Deductions from % and royalties are 30%, dividends are 35%.
How to open a business in Michigan?
In order to register a company in the USA, you will need to perform the following steps:
- offer a name, that is not repeated among firms indicating the legal form of the company;
- an enterprise in Michigan may have an unlimited number of directors and shareholders. Being a resident, in this case, is not necessary;
- the information about the company must be recorded in the register (open), tax reports are submitted annually.
- a prerequisite is to open an account with a US bank.
YB Case specialists will provide individual advice on opening a corporate account with US Bank, will assist you in obtaining a US license for business activities in the state, and also provide support in registering a company in Michigan remotely, personal advice on how to arrange paperwork and open a company in America.