Location – Situated on the north – east coast of the United States, about one hour’s flying time south of New York City. Main Cities Dover is the capital; Wilmington is the biggest city.
Population –About 875,000
Languages – English (US)
Legal System – English Common Law. Political System Delaware was the first state to ratify the US Constitution, on December 7, 1787
Currency – US Dollar
Economy – As part of a modern and well developed Western economy, the Delaware Division of Corporations provides prompt, friendly and professional services. Its strategies include global outreach and expansion
Time Zone – Zone GMT -4
International Banks – Wide range of international and local banks is situated in Delaware
Principal Corporate Legislation – General Corporation Law
LLCs – Limited Liability Company Act
Over the past seven years, Delaware has been very successful in promoting its corporation services by introducing user-friendly services such as expedited service, online filings and searches. Incorporation revenue accounted for 22% of the State’s general funds in fiscal year 2007. The popularity of Delaware is evident from the fact that it is the corporate home to 63% of the Fortune 500 companies and half of all US firms traded on the New York Stock Exchange and NASDAQ.
Delaware officials stay on the top of trends in the international business world and are able to understand and respond to rapidly changing corporate needs. They also strive to continuously expand Delaware’s global market share by carrying out official visits to other countries, e.g., China, India, the UK, etc., and also by participating in international conferences about economic affairs, corporate governance, etc. Chief Justice Myron Steele has described Delaware as: “…at heart a customer-service organization”. Delaware aims to be a customer-service organization, constantly focused on serving customers.
FEATURES AND BENEFITS
A well developed political, legal and economic society.
Back-up provided by comprehensive and mature professionals, financial institutions and providers of legal services.
Privacy – no disclosure of beneficial owners.
No income taxis assessed on corporations’ offshore income.
Non-resident shareholders pay no Delaware state tax on shares.
Annual franchise tax is low.
Wide variety of types of entities fit for different purposes, e.g., “C” Corporation, LLC, “S” Corporation, Close Corporation, etc.
Simple company structure, e.g., for a “C” Corporation, one person can act as the director, shareholder and officer.
User-friendly – timely registration, expedited service, online filing and search, etc.
Simple administration – corporate books and records are not required to be located in Delaware.