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Mississippi

Updated time: 19 Nov, 2020, 15:26 (UTC+08:00)

Introduction

Mississippi is smaller than most of the U.S. states, its name derives from a Native American word meaning "great waters" or "father of waters" and is bounded on the north by Tennessee, on the east by Alabama, on the south by Louisiana and the Gulf of Mexico, and on the west by Louisiana and Arkansas.

Mississippi is naturally well suited to agriculture; its soil is rich and deep, and its landscape is laced with many rivers. Mississippi is a low-lying state, its highest point reaching only about 800 feet (240 metres) above sea level.

Population

Situated in the southwest US, Mississippi is the 32nd largest state in the country with an area that covers 48,430 square miles. This state has a very widely spread population with a density of just 63.2 people per square mile, which ranks 32nd in the country. People of white European ancestry-primarily British, Irish, or northern European-account for about three-fifths of Mississippi's residents, while African Americans make up nearly all of the remainder.

Language:

English is the official language of Mississippi and has been since 1987. It is by far the most widely spoken language, with only a minute portion of the population speaking foreign languages such as Spanish or French.

Political Structure

Just like on the federal level, Mississippi has three branches of government: the executive branch, the legislative branch, and the judicial branch. The three branches work together and have checks and balances against each other so that no branch becomes too strong.

Economy

Mississippi has an unemployment rate of 4.7%. The US average is 3.9%.

Manufacturing and services-primarily government (federal, state, and local), retail and wholesale trade, real estate, and health and social services-are the largest sectors of the state's economy.

Currency:

United States Dollar (USD)

Exchange Control:

Mississippi does not separately impose exchange control or currency regulations.

Financial services industry:

The financial services industry has become a key component of Mississippi's economic strength and growth. The state has been home to many banks and financial services companies for years due to tax regulation on interest rates.

Because of its friendly business climate, many companies that you would not associate with Mississippi are incorporated in the state.

Corporate Law/Act

The corporate laws of Mississippi are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of Mississippi are familiar to many lawyers both in the US and internationally. Mississippi has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in Mississippi service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

More than a million corporations have been incorporated in Mississippi and lots of U.S. publicly-traded companies. Businesses choose Mississippi because it provides modern and flexible corporate laws and a business-friendly State Government.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

 

  • May contain the name of a member or manager;
  • Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Mississippi or qualified to do business.
  • May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Incorporation Procedure

Just 4 simple steps are given to start a business in Mississippi:

  • Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
  • Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
  • Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
  • Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Mississippi is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Mississippi:

  • Passport of each shareholder/beneficial owner and director;
  • Proof of residential address of each director and shareholder (Must be in English or certified translation version);
  • The proposed company names;
  • The issued share capital and par value of shares.

Read more:

How to start a business in Mississippi, USA

Compliance

Share Capital:

There is no minimum or a maximum number of authorized shares since Mississippi incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

Mississippi company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

  • Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
  • State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return

Financial statement

There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.

Local Agent:

Mississippi law requires that every business have Registered Agent in the State of Mississippi who may be either an individual resident or business that is authorized to do business in the State of Mississippi

Double Taxation Agreements:

Mississippi, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimized by providing credits against Mississippi taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimized through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License

License Fee & Levy:

The Mississippi Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in Mississippi must pay the $800 minimum franchise tax

Read more:

  • Mississippi trademark
  • Mississippi business license

Payment, Company return due date

All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay the $800 Annual Franchise Tax every year.

  • Corporations:

A Statement of Information must be filed with the Mississippi Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months

Most corporations must pay a minimum tax of $800 to the Mississippi Franchise Tax Board each year. Mississippi Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation's tax year. Mississippi S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation's tax year.

  • Limited Liability Company

Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.

Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.

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