Opening a Company in South Carolina LLC or Corporation

To open a company in South Carolina, you must file the Articles of Incorporation and an Initial Administrative Report with the South Carolina Secretary of State. South Carolina Business Law outlines the necessary information for these documents.

South Carolina, especially in the northern part, is known for its strong food industry presence, offering incentives for food sector companies to establish production facilities. The state's unemployment rate is 3.2%, and the GDP is $228.3 billion as of 2022.

Opening Procedure in South Carolina

The Articles of Incorporation for South Carolina must include:

• Company name: "Corporation", "Incorporated", "Company", "Limited" o "Corp" o "Inc"
• Name and address of Registered Agent and Incorporator
• Number of Authorized Shares
• Postponed company opening date, if desired
• Optional Provisions
• Certification Signature of a Lawyer authorized in South Carolina. ExportUSA can manage this part of the process in South Carolina.

Initial and Annual Administrative Report for South Carolina Companies

The Initial Administrative Report is filed using Form CL-1, along with the Articles of Incorporation. The Annual Report and Franchise Tax payment for South Carolina companies are included in the state income tax return.

Taxation in South Carolina

Corporate income tax in South Carolina is a flat 5%.

Personal income tax in South Carolina has two brackets: 3% for annual personal incomes up to $16,040 and 6.5% for incomes over $16,040.

Sales Tax in South Carolina is 6%, with a local surcharge of up to 3%.

Property Tax in South Carolina is 0.55%, and there is no state tax on inheritances.