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Arkansas is a state in the south central region of the United States. The capital and most populous city is Little Rock, located in the center of Arkansas, a hub for transportation, business, culture, and government. Arkansas borders Louisiana to the South, Texas to the Southwest, Oklahoma to the West, Missouri to the North, and Tennessee and Mississippi to the East.
Arkansas covers an area of 53,179 square miles (137,733 km²) and ranks as the 29th largest state by size.
Arkansas is home to more than 3 million people as of 2019.
English is the official state language of Arkansas and spoken by the majority of the population.
As with the federal government of the United States, political power in Arkansas is divided into three branches: Legislative, Executive, and Judicial. Each officer's term is four years long.
In 2019, the GDP of Arkansas was about 119.44 billion USD, per capita GDP of Arkansas was 39,580 USD.
Agriculture is the earliest industry in Arkansas and accounts for a major part of the state's economy. Forestry remains strong in the Arkansas Timberlands, and the state ranks fourth nationally and first in the South in softwood lumber production. Other important sectors include tourism, transportation and logistics, aerospace, etc.
Currency:
United States Dollar (USD)
The business laws of Arkansas are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of Arkansas are familiar to many lawyers both in the US and internationally. Arkansas has a common law system.
One IBC supply incorporation in Arkansas service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
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.
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";
No public register of company officers.
Read more:
How to start a business in Arkansas, USA
Share Capital:
There is no minimum or a maximum number of authorized shares since Arkansas incorporation fees are not based on the share structure.
Director:
Only one director required
Shareholder:
Minimum number of shareholders is one
Arkansas 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.
Local Agent:
Arkansas law requires that every business have Registered Agent in the State of Arkansas who may be either an individual resident or business that is authorised to do business in the State of Arkansas
Double Taxation Agreements:
Arkansas, 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 minimised by providing credits against Arkansas taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
The application fee for obtaining a business license will vary between $50 to more than $1,000 depending on the type of business and amount and kind of inventory. Generally, business licenses are renewed annually.
The Arkansas (AR) state sales tax rate is currently 6.5%.
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Payment, Company return due date
Arkansas corporation income tax returns are due by the 15th day of the 4th month following the end of the tax year. For calendar year taxpayers, this date is generally April 15. Getting a state tax extension will extend this filing deadline for 6 months, to October 15.
The State of Arkansas requires you to file an annual franchise tax report for your LLC. The report is associated with the state's franchise tax that applies to most LLCs. The tax, payable to the Secretary of State, is $150. The franchise tax report, including the $150 tax payment, is due each year by May 1. There are penalties for late reports.