Why invest in South Carolina

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"Swiss eye care company Alcon Inc. is investing $25 million to build a 74,000-square-foot expansion of its manufacturing site in Huntington. The expansion is expected to create more..."

Swiss eye care company Alcon Inc. announces expansion
Huntington, West Virginia

Why invest in South Carolina

 

 

South Carolina – The Perfect Business Location

South Carolina is ideally located along the east coast of the United States halfway between New York City and Miami. Its preeminent logistics network includes five interstate highways, efficient rail service and the Port of Charleston – one of the busiest container ports in the United States.  South Carolina offers efficient and reliable business logistics.

South Carolina’s business and regulatory climate is designed to support success. In fact, the state is consistently ranked among the top 10 in the nation for its business climate and for its worker training programs offered through readySC™.  South Carolina has fair wage rates, no local income tax, a right-to-work policy, easy access to government, trade secret protection, one-stop permitting, minimal start-up costs and incentives that reward job creation and investment.

BASIC BUSINESS TAXES:

Corporate Income Tax:
5% of taxable income derived from South Carolina operations; phasing in single-factor sales formula for apportionment

Sales and Use Tax:
6% on gross receipts from retail sales or leases of tangible personal property;  construction materials used for manufacturing or distribution facility exempt if $100 million invested over 18 month period;  manufacturing production machinery, manufacturing materials and industrial electricity and other fuels used in manufacturing are all exempt

Property Tax:
No state tax on real or personal property; assessed value and millage rates set locally;  5-year county property tax abatement for new manufacturing, distribution, research and development and corporate headquarters;  all inventories, intangible property and pollution control equipment exempt.  Fee-in-lieu of tax available that can reduce property tax between 43-62%

BUSINESS INCENTIVES: 

  • Job Development Credits
  • Fee-in-Lieu of Property Tax
  • Corporate Income Tax Credits
  • readySC™ (nationally recognized customized workforce training program)
  • InvestSC, Inc. (Designated Investor Group for the Venture Capital Investment Authority)
  • Jobs-Economic Development Authority:
    • Taxable Industrial Development Bonds
    • Tax-Exempt Industrial Development Bonds
  • Foreign-Trade Zones


National recognition in recent months includes:

  • #1 Strongest State in the Southeast for Manufacturing. Business Facilities
  • #1 in Customer Satisfaction, Port of Charleston. World Trade Magazine
  • #2 Most Business Friendly State. Pollina Corporation
  • #4 for Best State Worker Training Program, readySC™.  Expansion Management Magazine
  • #5 Most Dynamic State for Entrepreneurs. Entrepreneur Magazine

The State of South Carolina European Office in Munich, Germany assists European companies in their efforts to establish, relocate and expand business operations in the United States.

     

     If you are interested, please feel free to contact the Munich office:

    State of South Carolina European Office

    Mr. Ian Forbes-Jones, Managing Director
    Mr. John Stilwell, Assistant Director

    Karlstraße 35, 80333 Munich, Germany
    Phone.: +49-89-2919 170
    Fax: +49-89-2919 17 10

     

    Email: Europe@sccommerce.com


     
    www.SCcommerce.com