Introduction – Why North Carolina?
If your business is ready for expansion and growth, or you are planning to launch a new business, then choosing a location is very important. Selecting the right location depends on several factors including taxes, customer segment, infrastructural support, logistics, competition, import and export, cost-effectiveness, and state small business incentives. North Carolina offers support programs that are attractive to domestic and foreign entities, as well as for relocating a business to North Carolina. Today, NC is home to several top companies including Bank of America, Honeywell, Lowe’s, Truist Financial, and Duke Energy among others. There are many ways to move your company to this state including entity domestication in North Carolina, but first let us identify the numerous benefits this state has to offer.
Favorable business climate
One of the biggest reasons for moving your business to North Carolina is the favorable business climate. North Carolina is ranked #1 on the list of top states for business, as well as states with the best business climate. Some of the reasons for this top ranking are:
- The state has one of the lowest corporate income tax rates
- It has one of the lowest overall business costs
- The construction costs in the metro areas of the state are 15 percent lower than in other states
- The legal climate and regulatory environment is also considered to be extremely favorable
- The state offers an unparalleled quality of life
- North Carolina is centrally located in the East-Coast region of the USA
The overall business climate in North Carolina is driven by several other smaller factors including infrastructure. The state’s public and commercial infrastructure have been growing at a steady pace making it favorable for relocating an LLC or moving a corporation to North Carolina. The state is home to 4 major international airports and 2 seaports that enable trade. It’s also home to the largest consolidated rail system and the Second-largest state-owned highway system in the USA, thus providing transportation advantages to businesses and their workforce.
Quality workforce and education
A good education is one of the main driving factors of growth and expansion for any company because it creates competent employees and a strong workforce. Today, North Carolina is considered to be a high-skill, knowledge-based economy driven by innovation and technology. This type of economy also demands a workforce that is adaptable and skill oriented. Hence, they emphasize quite a bit on science, technology, engineering and math (STEM) education. Relocating a business to North Carolina means that your company will have access to a strong, skilled, and professional workforce. This is due to several of the top local educational institutions like The University of North Carolina, Wake Forest University, and Winston-Salem State University among others. The state also has a workforce infrastructure for promoting training and education continuation programs to help employees learn on the job.
Business incentives and assistance
North Carolina has several kinds of assistance and support programs established for small businesses and medium-sized enterprises. Amongst them are the performance-based incentive programs that have been created to help entrepreneurs with relocating a corporation or moving an LLC to North Carolina. These programs also help lighten the overall tax burden and lower the initial costs for the entity. Some of the top business incentive and assistance programs in the state are: