Business Climate
Favorable Environment
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Business Week puts the State of Delaware in the top 10 in citing a ranking of states with lowest taxes in 2009 by the Tax Foundation. The Tax Foundation, a nonprofit Washington research group, ranks each state annually to give a sense of states' relative tax climates. The rankings account for tax rates for business profits and personal income, sales tax, unemployment insurance
tax, and property tax. See the full material here
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City of Newark is listed in the best small cities for startups by Business Week article. The magazine explores the principles considered when starting a venture and uses affordability, availability of a talented labor pool, existence of a thriving business community, and quality of life as deciding factors combined with data from ZoomProspector. Read
the article here
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There are no sales and equipment taxes in Delaware, which brings down the cost of doing business in the state at 88% of the national average. Also, the state is ranked as having the third lowest levels of state and property tax levels combined.
Who else is doing business in Delaware?
Over half a million business entities have made Delaware their legal home including 280,000 corporations and 400,000 alternative entities. More than 50% of all publicly-traded companies in the United States, including 60% of the Fortune 500 have also chosen Delaware as their legal home.
Government as a partner
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The partnership between business and government has a long tradition built upon the Delaware General Corporation Law and the functioning of the Delaware Court of Chancery, a unique 210-year-old business court that has written most of the modern U.S. corporation case law.
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State and local authorities have made a clear commitment to work with the businesses to facilitate their operations in the county and thus make possible for them to grow and expand.
New Castle County Advantages
On top of the benefits businesses operating in Delaware can utilize, the profile of New Castle County provides additional value with:
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geographical location
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access to transportation infrastructure
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labor force characteristics
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cost of living
Resources:
The Commercial-Industrial Realty Council of New Castle County, Delaware
Site Selection Tool hosted by Delaware Office of Economic Development
Delaware Business Search