With one of the lowest corporate tax rates in the nation, highly competitive wages for workers and low unionization, it’s no wonder South Carolina is consistently ranked among the most business-friendly states in the U.S. South Carolina also provides a variety of customized incentive programs to meet the needs of any company.
- Corporate income tax credits – Job Tax, Corporate Headquarters, Research and Development, Investment, Biomass Resources and Ethanol or Biodiesel.
- Discretionary income, license or withholding tax incentives – Job Development, Job Retraining, Corporate Income Tax Moratorium International Trade Incentive and Port Volume Increase.
- Discretionary property tax incentives – Negotiated fee in lieu of property tax.
South Carolina also keeps companies connected to each other through BuySC, a material and service locator program for South Carolina vendors and buyers.
The result: Controlled costs, a competitive environment and successful organizations.
In addition to the pro-business environment, companies come to South Carolina for its advantageous labor climate - ranked number 3 for low labor costs and number 5 for workforce development programs.
- A stable job market – South Carolina is a right-to-work state with a low unionization rate of 3.2 percent overall, ranking 3rd lowest in the United States. South Carolina’s unionization rate for the private sector is 1.9 percent. South Carolina has the lowest percentage of total employed workers covered by a collective bargaining agreement of any state in the nation
- Higher education – More than 246,000 students are enrolled in the states public and private learning institutions. What’s more, South Carolina is home to one of America’s 17 national laboratories.
- Opportunities abound – With low corporate tax rates and competitive wages, SC’s job market has consistently outpaced national growth levels.
More than 1,200 international firms have facilities in South Carolina, and this number continues to grow. Foreign-affiliated companies (majority-owned) employ more than 104,300 South Carolinians - seven percent of the state's private industry employment.
What's more, South Carolina has a presence in Europe and Asia - to help companies establish, relocate and expand business operations in the U.S. and North American markets. (South Carolina Commerce Magazine)
Remzi G.Kulen Esq.
Kulen Law Firm P.C.