Business & Financial Services
With fewer taxes, Nevada’s business environment is one that is difficult to match. Its pro-business stance extends through Nevada Constitution to the business courts that uphold the laws. Many businesses have chosen to incorporate in Nevada because the state grants directors more flexibility to make decisions regarding business transactions and it also provides stronger personal liability protection to officers and directors. And, the Nevada’s Business Court works to ensure a predictability of legal decisions in commercial matters.
Apart from the laws that govern business structure and taxes, Nevada also has unique advantages that support business sectors such as insurance and financial services. Click here to hear the story of an innovative company growing in Nevada.
When it comes to insurance, Nevada is the fastest growing captive domicile and currently ranks 4th in the nation. Captive insurance is a form of self-insurance, in which the insurer is owned wholly by the insureds. Historically, companies have looked to offshore for domiciles for three reasons: risk, regulatory adaptability and tax benefits. Nevada has become the Desert Domicile with its competitive captive program and significant corporate benefits.
Nevada is one of only a handful of states that has no usury limit on personal loans or any other type of lending. This early competitive advantage facilitated Nevada to become a recognized financial services center with Citibank, Harley Davidson Motor Credit, Ford Motors, Household Finance and others establishing operations in the state.
Because there is no franchise, income or intangibles tax, Nevada is an excellent place to establish “back office” operations, particularly for companies that collect large sums of money from outside Nevada such as credit card operations. For the many of the same reasons, companies such as Microsoft Licensing have established their licensing operations in Nevada.