Deciding what state to form your business is one that should be given careful consideration. This decision can impact your businesses from day one, on. For residents of South Carolina, forming your business in South Carolina may seem the natural choice. For residents of other states, South Carolina may not even come to mind. However, South Carolina is one of the most business-friendly states in the nation. As seasoned business lawyers in South Carolina, we can attest to the friendliness of South Carolina’s business landscape. Here’s why.
South Carolina Consistently Ranks in the Top 5 Business-Friendly States
According to Area Development, South Carolina repeatedly makes the top-5 list for its business-friendly environment. But, what makes a state business-friendly? Factors that are taken into account include:
- Overall Cost of Doing Business – this category takes into account things like corporate taxation, labor environment, incentive programs, access to capital, regulatory environment, and utility rates.
- Corporate Tax Environment – a major subset of the overall cost of doing business, South Carolina maintains a commitment to reducing taxes for businesses.
- Business Incentive Programs – South Carolina leads the nation in business incentive programs, including reducing corporate taxes, job development credits, workforce development incentives, and multiple grant options that are customizable to specific company needs.
- Access to Capital & Project Funding – When it comes to access to capital, South Carolina falls short, but the state makes up for this deficiency in other areas to assist companies in succeeding regardless.
- Competitive Labor Environment & Workforce Development – South Carolina maintains a strong technical college system that produces a high volume of production-oriented workers each year. That, combined with the lowest unionized labor rates in the country make SC an attractive state for employers.
- Shovel-Ready Sites Program – SC ranks #4 in the nation for shovel-ready sites, which are often deal-makers for developers and other land-intensive companies.
- Cooperative & Responsive Government – SC ranks #2 in this category, with one of the most responsive governments when it comes to corporate needs. SC is committed to easing the location and expansion process for businesses, as well as offering assistance to local governments to improve local development programs.
- Favorable Regulatory Environment – Again, SC ranks #4 for regulations favorable to companies, including reduction in red tape, favorable workers’ compensation laws and favorable legal rulings.
- Utility Rates – South Carolina’s industrial power rates are 9% lower than those in other states, helping them come in at #5 in this category.
South Carolina also offers a decent cost of living, combined with a temperate environment that encourages an active lifestyle.
Choosing Your Company’s Home
When it comes to deciding where to bring or start your business, there are many things to consider. Working with an experienced South Carolina business attorney can make the decision easier. If you’re considering staring a business, contact Willcox, Buyck & Williams, PA to learn the facts about the South Carolina business environment.