USA - Delaware


ESSENTIAL FACTS
LOCATION: 38 27 N 75 3 W
Delaware is on the Atlantic coast, bordered by the states of Maryland and Pennsylvania.

POPULATION: 783,600

CURRENCY: US dollar (USD)

LANGUAGE: English

CLIMATE: Delaware’s climate, greatly affected by the Atlantic Ocean, is a mix of continental and humid subtropical, with the southern part of the state staying milder.

EDUCATION: A little less than 100 percent of those over age 15 can read and write.

PUBLIC HOLIDAYS: Independence Day, 4 July (1776)

HISTORY AND GOVERNMENT

HISTORY
Originally home to Algonquin Indians, Delaware was first settled by the Dutch in the early 1700s. IN 1664 the British threw out the Dutch settlers, who gave it to William Penn, who incorporated it into his land of Pennsylvania as the “lower counties.” Although Delaware celebrates the American holiday of Independence Day, it became the first official state of the United States of America in 1787, once the US Constitution was ratified.

POLITICAL SYSTEM
The United States has a constitution-based federal republic, with a President, Vice President and Cabinet appointed by the president. The legislative branch consists of a bicameral Congress with the Senate and the House of Representatives.

In Delaware, the state legislature is called the Delaware General Assembly with its own House and Senate.

JUDICIAL SYSTEM
The American legal system is based on English common law; in addition, each state has its own unique legal system. Within Delaware is the Court of Chancery for corporate cases .

COMMERCE AND TRADE

COMMERCIAL ACTIVITY
Agriculture: Poultry, soybeans, dairy, corn
Industry: Chemical products, processed foods, paper products, rubber, plastic

BANKING, FINANCE AND INVESTMENT

FINANCIAL FACTS
Economically, Delaware is stronger than the US as a whole. Its GSP as of 2003 was USD$49 billion. It is in the top 10 of US states for per capita income as well as weekly wages.

BANKING
Delaware is renowned for extreme banking privacy. Incorporation information, ownership details, names and addresses as well as a variety of other data is not registered into any nationally or internationally searchable database. Registered agents and a “director shield” protect your assets from any claims or settlements. No public notice is necessary to transfer stock holdings.

Banks who have their headquarters in Delaware include Deutsche Bank, Barclays plc, Bank of America, JPMorgan Chase, AIG and Citigroup.

STOCK MARKET (US)
Market value of publicly traded shares: $17 trillion

MEMBERSHIPS (US)
ADB (non-regional members), AfDB, ANZUS, APEC, Arctic Council, ARF, ASEAN (dialogue partner), Australia Group, BIS, BSEC (observer), CBSS (observer), CE (observer), CERN (observer), CP, EAPC, EBRD, FAO, G-5, G-7, G-8, G-10, IADB, IAEA, IBRD, ICAO, ICC, ICCt (signatory), ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, ISO, ITSO, ITU, ITUC, MIGA, MINUSTAH, NAFTA, NATO, NEA, NSG, OAS, OECD, OPCW, OSCE, Paris Club, PCA, PIF (partner), SAARC (observer), SECI (observer), SPC, UN, UN Security Council, UNCTAD, UNESCO, UNHCR, UNITAR, UNMEE, UNMIL, UNOMIG, UNRWA, UNTSO, UPU, WCL, WCO, WHO, WIPO, WMO, WTO, ZC

REAL ESTATE
Delaware does not impose taxes on property, although it is taxed on a federal level.

LABOR
Chemicals, pharmaceuticals, education, banking, and manufacturing employ the great majority of Delaware citizens.

BENEFITS/PENSION
The type of benefits and pension one receives depends on a variety of factors, not the least of which is one’s employer. Benefits can include any of the following: Full health and dental insurance; reimbursements for travel, public transportation and commuting; continuing education and training; extended vacation time; overtime; discounts at local businesses, restaurants, etc.; company car; and moving costs covered as part of the hiring process. Others include stock options, profit sharing, pension fund matching contributions, year-end bonuses and other monetary benefits.

PAID HOLIDAYS
Again, this greatly depends on one’s employer; for corporations, the normal rate is one to two weeks paid vacation per calendar year, although some use the employee’s anniversary date of employment to determine vacation schedules. Some work contracts can be negotiated for more vacation time. There are also three to 10 days sick time allocated per year.

EMPLOYMENT TERMINATION
Once again, this greatly depends on one’s employer and the type of work contracted. In general, there is no notice given when employment is terminated unless stipulated in negotiations with the employer.

BUSINESS

BUSINESS ENTITIES
Delaware company incorporation is open to anyone regardless of US citizenship status, nor does one have to be present in Delaware at time of incorporation. Your corporation or LLC does not have to have a physical presence in Delaware other than an official address, which can be that of your registered agent.

TAXATION

CORPORATE TAXATION
Limited Liability Companies registered in Delaware are tax-exempt, and are subject only to USD$200 franchise tax as long as the corporation conducts all business transactions outside of Delaware. Otherwise, Delaware’s six income tax brackets ranfe from 2.2 percent taxation to 5.95 percent.

OTHER TAXATION/DUTIES
Delaware has no sales tax on any goods or services.