According to Forbes magazine, Delaware is currently ranked as the 11th best state in the country to do business in. Most people would agree that number 11 out of 50 is pretty good, but in my humble opinion it should probably be ranked just a smidge higher, perhaps fourth or fifth, and I’m not the only one who thinks this either. Based on factors such as the low cost of doing business and the bountiful supply of both skilled and unskilled labor, there are some definite advantages to doing business in Delaware.
Alright, Corporate tax rates certainly could be lower, but all things considered the price of setting up shop and running a business in Delaware is quite low compared to other places like Massachusetts, New Jersey, Connecticut and so forth. One of the things that irks me however is the personal income tax rate of 6.6%. I just don’t understand why any state needs to tax it’s citizens this much, especially when those of us in the top brackets are already paying 40% of the money we earn to the federal government, before we even talk about Social Security or Medicare taxes. How can these practices be defended? What on earth are our elected officials doing with the billions of dollars we are giving them? Why can’t they at least fix our schools so we don’t have to pay tens of thousands of dollars more per year to get our children a decent education? Okay, I’m going off on a tangent, but sometimes I need to vent about this stuff. However, all things considered Delaware schools are pretty good depending on the community that you reside in.
What industries have historically prospered in Delaware? Well, of course there’s the aircraft industry, healthcare, finance and tourism. These industries contribute massively to the states economy and all the available evidence indicates that these industries will continue to thrive in DE.
Two other industries which can really been exploding lately are Internet Marketing and Environmental Protection. While many people probably understand that environmental companies work with businesses and the government to find new “green” ways of modifying and growing infrastructure, internet marketing is something less widely understood. While there are many types of Internet marketing, from media buying to digital publishing, this is most definitely an industry that will continue to grow and evolve for many years to come. After all, lets face it – people are using the Internet for just about everything these days, and this isn’t a trend that is going to go away anytime soon. One of the most attractive things about establishing an Internet marketing business out of Delaware is it’s close centralized location between NYC and Austin Texas which is in many ways the hub of Internet marketing in the US.
While there are pros and cons to every location, Delaware is nearly as good as it gets, and definitely an option you will want to consider if you are starting or relocating an existing business.