Cheapest States for Starting a Business
The cheapest state to start a business is Wyoming, with no corporate income taxes, low utility costs, and reasonable annual wages. New Mexico and Utah also rank among the most affordable states.
Comparison of Startup Costs by Country
When comparing to monthly income, the UK, Denmark, Ireland, South Korea, Chile, Canada, and New Zealand have the most affordable startup costs, ranging from 1%-5%. Costs for blogging and online businesses can also be affordable at under $100 in countries like Vietnam if using free platforms.
Top 10 Best States for New Businesses in 2023
Overall the top 10 best states for new businesses in 2023 are:
- Texas for low costs
- Utah for financing
- Kentucky for its $40 LLC filing fee
- Arkansas
- Arizona for high growth despite pandemic struggles
- South Dakota for no corporate tax and affordable rentals
- New Mexico
- North Dakota for incentive programs
- Wyoming for no corporate taxes
- Louisiana for tax credits
Cheapest States for Opening an LLC
The best states to form an LLC in 2023 are Delaware, Nevada, Wyoming, and New Mexico Nevada and Wyoming offer advantages such as low taxation, privacy protections, and streamlined formation processes, making them attractive options for LLC formation
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