* The information from the registers of beneficiaries and directors is available only after a fee of $4
Minnesota is located in the Midwestern USA, bordered by Canada and Lake Superior, the largest of the Great Lakes.
Minimum wage is $9,86 per hour (as of January 1, 2019), which must be taken into account, when you plan to register a company in Minnesota. It borders on North and South Dakota, Iowa, Wisconsin and Michigan, Canadian Ontario, Manitoba and Saskatchewan, and has no access to sea latitudes. “Star of the North”, as the state is called. The metropolitan area is St.Paul, the most populous city is Minneapolis.
Priority areas of the economy, in which it is profitable to establish a commercial company in Minnesota
In the primary sector (an agriculture, a forestry) less than 1% of the population is employed.
In the secondary (industrial) sector:
- Minnesota is a computer technology center in the United States. In particular, it produces military computer systems and biomedical computer equipment. If you have the desire, the necessary knowledge and capabilities, we advise you to set up innovative projects in IT in Minnesota;
- A great importance for the state economy have the woodworking industry and a paper production;
- A chemical production;
- An engineering, a production of snowmobiles, all-terrain vehicles;
- An oil refining industry;
- A wind energy and the development of other renewable energy sources.
The services sector (third sector) covers 80% of the employed population.
- these are financial services;
- a trade (retail);
- logistic services;
- developed own lottery business;
- Promisingly open commercial companies in medical insurance in Minnesota. St.Jude Medical is the main center for the development of biomedicine. The Mayo Clinic, which the whole world knows about, is operating in Rochester. UnitedHealth Group ranks 2nd as an insurance company in the USA.
Minnesota’s tax system
The progressive “temperament” of the tax sphere fully emphasizes the essence of the state. Prescription drugs, clothing, food are exempt from tax.
Excise taxes are levied on items that were purchased outside the state but used on its territory, as well as the tobacco and alcohol industries.
- Sales and use tax is 7,43%;
- As elsewhere in the US, Minnesota has a 21% federal income tax;
- Tax for individuals (an individual income tax and wages) is one of the highest in the United States (9,85%);
- One of the highest corporate tax rates is 9,80%;
- Dividend tax of 35% is also relevant here.
You can make big profits by deciding to register a business in Minnesota. YB Case experts will provide professional advice on how to start a business in Minnesota. We also offer clients mediator services in the USA, if you are interested in the registration of an American company remotely, opening a corporate account, obtaining an American license and other issues, related to establishing a company in the USA.
A company REGISTRATION procedure
- to establish a company in Minnesota, 1 director and 1 shareholder are enough, but their number, nationality is not limited by law;
- you need to register a unique trademark in the USA with the legal form of a company (a firm of a special economic zone (FZ LLC/LLP/SP/S-Corp/С-Corp/PLC/LLC/RO) and open a corporate account in an American bank:
- TCF Bank;
- Minnesota Bank & Trust;
- First Minnesota Bank;
- Minnesota National Bank;
- Citizens Bank Minnesota;
- Flagship Bank Minnesota;
- Security Bank Minnesota;
- United Minnesota Bank.
If you are considering America for the registration of a business project, Minnesota is a good solution for both new entrepreneurs and experienced business players. YB Case team of professionals will provide you with support at all stages of registering a business in Minnesota. We also advise on obtaining licenses and opening an account in the USA.
- YB Case shall not be liable for any direct, indirect or consequential loss arising from the use of the information and material contained in this website.
- Please, consider contacting our experts for possible solutions for your business.
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