General Guide to Company Incorporation in South Carolina
Updated on Wednesday 02nd May 2018
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South Carolina is known as the Palmetto State, it is formed of 46 counties and has an annual economic growth rate of 3.2% according to recent statistics. Located alongside the Atlantic Ocean coastline, South Carolina encourages the trading businesses with countries worldwide and welcomes the foreign investments in all important fields. We have prepared a general guide to company incorporation in South Carolina and we invite you to observe the main requirements when creating a company. We also mention that our team of company formation agents in USA can assist foreigners willing to enter the American business market through all kinds of firms and activities.
Forming an LLC in South Carolina
The most popular business structure in South Carolina is the limited liability company which can be registered with the Business Division of the Secretary of the State of South Carolina. The Articles of Association are the company’s main documents which are formed with complete information about the owners and their activities. The following details are mentioned by the Articles of Association:
- the name of the owners, their nationality and their citizenship;
- the name of the company after a verification in this sense;
- the business address of the company (the owner can control it from outside US);
- the activities and the purposes of such business in the American market;
- the name of the registered agent which act on behalf of the company.
If you want to start a business in USA, you can get in touch with our team of company incorporation consultants in USA for in-depth information and guidance. The same team can perform the activities of the registered agents for businesses in any chosen state in USA.
Do I need an operating agreement?
Yes, an operating agreement is suggested at the time of opening a company in South Carolina. This is an internal document which offers information about the responsibilities of the owners, the voting rights, the capital contribution and details about how the dissolution of the company is made, if it is the case.
The EIN for South Carolina company
If you want to register a company in USA, including South Carolina, you need to observe and consider the requirements in this sense. The Employer Identification Number is the federal tax ID necessary for each company with establishments and activities in South Carolina and shows that the business pays the taxes imposed by the state. The Internal Revenue Service issues the EIN for companies in USA, through the local offices found in each American state.
What is the sales tax in South Carolina?
The sales tax in South Carolina is set at 6%. Municipalities of this state can collect their own sales tax which cannot exceed 1%. Besides that, the lodgings tax, the rental tax and the inheritance tax need to be considered when opening a company in South Carolina.
Do I need the services of an accounting firm?
Yes, an accounting firm in South Carolina can help foreign entrepreneurs deal with the requirements in this sense regarding the financial activities. Payroll, bookkeeping, the annual financial statements and tax minimization methods are only a few of the most representative accounting matters a company needs, whether it is established in South Carolina or in any other US state.
Create a website for your company in South Carolina
The advanced technology and the development of the e-commerce sector make investors and business persons consider placing the operations on the internet. Creating the company’s website will help the owner enter the market and promote his/her activities, the products and the services he/she offers. Using the social media channels will strengthen the business and will help the company find its position in the market.
Important facts about the economy in South Carolina
The agriculture is significantly developed in South Carolina, a state known for its tobacco, cotton, soybeans, rice and swine productions that take the export road for many years. There are numerous foreign enterprises with activities in South Carolina in automotive, tourism, textile or transportation, a few of the representative industries of this state. Columbia is the capital of South Carolina and a major business and financial hub sustained by varied investments. Greenville, Charleston, Rock Hill, Mount Pleasant and Beaufort are representative cities in South Carolina, where foreign investors can set up their firms.
If you want to open a company in USA, especially in South Carolina, we invite you to contact our team of company formation representatives in USA for complete assistance and information.