The Main Reason You Should Start a Business in Wyoming
Starting your own business can be pretty overwhelming, no matter where it’s situated. There’s so much to think about before, during, and after your organization gets on its feet. That’s why it’s so important to choose carefully when working out where you want to fund your startup.
Because the wrong choice could kill your idea before it even gets off the ground.
First, the tax climate in the state is incredibly business-friendly. Wyoming does not have a corporate income tax, nor does it have an individual income tax or gross receipts tax. Not only that, Wyoming’s sales tax rate is in the top 25% in the United States.
Wyoming also has the fourth-highest rate of new entrepreneurs in the country – meaning there’s a thriving community for you to join if you decide to establish yourself here. There’s a huge opportunity share, and plenty of chances to find business partners and mentors alike. But we’ve saved the best for last.
Of all fifty States, Wyoming has one of the best records of business survival. The ratio of businesses created to those that shutdown is 1.61. Given how rare it often is for startups to survive elsewhere, that’s a pretty huge number, no?
And as one last added benefit, Wyoming is on the upper end in terms of quality of life, ranking 12th out of 50, and 5th in terms of material well-being. Not bad, right? Of course, it isn’t without its drawbacks, too.
Wyoming has an issue with gender equality and family life, with a high divorce rate and a lot male to female income ratio. If you can look past that, however? There’s a very strong argument for putting your roots down here.
It can be intimidating starting your own business – especially if it’s your first time as an entrepreneur. That’s why it’s so critical that you choose very carefully where to found it. A state like Wyoming, with favorable taxes and easy rules of incorporation, is a perfect option.
And if you need help getting on your feet once you’re there, My Company Works has you covered. We have a long history of helping entrepreneurs take their ideas from concept to concrete, and we’re highly-experienced working with the ins and outs of business law. Give us a shout today, and we’ll help you get your dream on its feet.