Which U.S. state is profitable to open a business in 2022

Choosing where to open a business in the United States in 2022 must be done carefully, considering many things. Each state has its own laws, tax rates, and business climate, in addition to state laws. Read in this article what you need to know when choosing a place to register a business in the United States.

The best U.S. state for a startup: criteria

Experts say that a business should be opened in the state where the owner of the company resides or plans to work. If you are only going to the U.S., you need to take into account the following points:

• GDP. The gross domestic product of each region shows how healthy its economy is. A positive GDP indicates the growth of a region and a favorable climate for business. California (14.7%), Texas (8.5%) and New York (8%) have the highest numbers. The lowest are Vermont, Wyoming, Montana, and Alaska (0.2%);
• Taxes. Pay special attention to taxes at the local level. The rates differ. For a successful business choose a state with low taxes that will not burden the budget of a start-up;
• Venture Capital Investment. For startups, investor capital to fund new ideas is important. Preference should be given to the region with the largest amount of venture capital investment;
• Employees. Without a quality workforce, the company's success is questionable. They are measured by educational attainment, population growth, and average salary;
• Business climate - determined by the number of survival rates of startups, the success rate of a new venture. If more than 90% of startups survive in the state, then your company stands a chance.

Utah

It's a good idea to open a business in Utah in 2022. The state leads in many aspects and is one of the best places for startups in the US. Business taxes are low here. There is also GDP growth and population growth, which is good for startups. Many residents boast quality education. The region has access to significant venture capital. Early stage survival rate of startups is 76%.

Leading industries in Utah:

• aerospace;
• medical technology;
• information technology;
• sporting goods;
• travel and tourism
• eco products.

Washington

The benefits of incorporating a company in Washington 2022 are the positive changes in GDP and population, meaning the state's economy is growing, as is the number of residents. Local businesses have easy access to venture capital, and the state itself ranks 5th in the number of new companies. The survival rate of startups is 63%.

Washington's leading industries are:

• energy;
• media;
• construction;
• hotel business;
• finance;
• real estate.

Massachusetts

Massachusetts has the second highest GDP per capita and education and boasts solid venture capital. The survival rate of startups is 80.53%, so if you decide to start a business in Massachusetts in 2022, the chances of survival are high.

Key industries:

• finance;
• information technology;
• tourism;
• engineering;
• science;
• real estate.

Which U.S. state to open a business in in 2022

If you want to open a business in the US, contact IT-OFFSHORE and we'll help you choose the state and register your business there.