* State beneficiary registers are open
Rhode Island is located in the New England. The other name of this state is “Ocean State”. Neighbors are Connecticut and Massachusetts. The main administrative unit is Providence.
Favorable areas for registering a company on Rhode Island are medicine and pharmaceuticals. Behind them is tourism, providing 39 thousand jobs. The third promising area for starting the entrepreneurship in Rhode Island is manufacturing.
Initially, jurisdiction (in view of the vast oceanic water area) was focused on fishing. Recently, this jurisdiction was also not inferior to other states in the textile industry.
Planning to establish a commercial firm in Rhode Island, it should be borne in mind, that for some types of activities you should obtain a US business license.
Rhode Island tax system
A corporate tax on companies and a sales tax are 7% each.
An income tax for individuals is 5,99%.
Property taxes in jurisdiction are ranked 7th among states, 6th in the ranking.
Historically, the Rhode Island income tax has taken 25% of the federal tax as the basis. But such rates did not give the opportunity to develop entrepreneurship. Then the state legislature reduced tax revenues and, thus, the competitiveness of this jurisdiction increased. In 2010, tax income taxes settled at a rate of 5.99%. This was the final decision.
You can set up a company in Rhode Island in such legal forms:
- FZ LLC;
Documents for the company should include the unique name of your firm (at the end should be indicated a legal form). 1 or more directors/shareholders are entitled to register a company in America - individuals or legal entities, residency does not matter. A local agent is also required. It is necessary to enter information about the enterprise in the open register, to provide a tax report.
Where is it better to fulfill the most important requirement of the regulator - to open a US bank account? YB Case specialists provide advice on opening opening a corporate account in the American bank from this list:
- HarborOne Bank;
- Centerville Bank
As you already understood, our company provides advice on opening an account and obtaining licenses in the USA. Also, YB Case experts will provide assistance at all stages of registering a business in Rhode Island.