Delaware ranked as 5th best state to launch business

0

start-up-rankingA bank rate listing firm lists Delaware as the fifth-best place in the nation to start a business. The state ranked seventh last year.

GoBankingRates.com  gave Delaware the high rating, citing the state’s favorable tax climate and its high per person GD (the value of goods and services).

Earning the top ranking was Wyoming, which has no income tax and low sales taxes.

Ranking at the bottom was Hawaii, due in part to the high costs of starting a business on the island chain.

Delaware has ranked both high and low in the business climate, with some Republican legislators claiming that high utility costs, high taxes, burdensome regulations make it difficult for businesses to get off the ground.

The Kauffman Index of start-up activity ranked the state 16th out of 25 smaller states. (Larger states were in a separate category.

Delaware does not have a sales tax, but does levy a gross receipts tax on total sales of business.

Factors that went into ranking included:

  • Startup Activity (based on the rate of new entrepreneurs, opportunity share of new entrepreneurs and density of startups)
  • Business Survival Rates (based on the ratio of business creations to deaths)
  • Productivity (based on per capita GDP)
  • Availability of Employees
  • Education Level of Potential Employees
  • Business Tax Climates
  • Cost of Living

Click on the link below for the full listing:

https://www.gobankingrates.com/personal-finance/10-best-worst-states-entrepreneurs/

Facebook Comments
SHARE
Previous articleWidener Emeritus Professor Reed wins top volunteer award
Next articleDelmarva Power seeks proposals for electric supplies
Delaware Business Now is a four-year-old, five-day-a-week newsletter and website operated by Bird Street Media LLC. Publisher and Chief Content Officer is Doug Rainey, a 30-year veteran of business journalism in the state of Delaware.  Business Now focuses on breaking business news in Delaware and immediate adjacent areas with apropriate background and perspective. Also offered exclusively in our FREE newsletter is commentary on state and regional issues. Have a complaint, question or even a compliment? Send an email to drainey@delawarebusinessnow.com. For advertising information, click on the About tab at the top of the home page Our business hours are 8 a.m. to 5 p.m., Monday through Friday. Call us at 302.753.0691.