Maine is the northernmost state in the Northeastern United States. Maine is the 12th smallest by area, the 9th least populous, and the 13th least densely populated of the 50 U.S. states. It is located in New England, bordered by New Hampshire to the west, the Atlantic Ocean to the southeast, and the Canadian provinces of New Brunswick and Quebec to the northeast and northwest, respectively.
As a small state in the United States, Maine has consistently maintained a steady GDP growth of about 2.1% year-over-year and its key economic sectors are in finance, insurance and real estate.
The United States Census Bureau estimates that the population of Maine was 1,344,212 on July 1, 2019. The state's population density is 41.3 people per square mile, making it the least densely populated state east of the Mississippi River. As of 2010, Maine was also the most rural state in the Union, with only 38.7% of the state's population living within urban areas.
Maine does not have an official language, but the most widely spoken language in the state is English. The 2000 Census reported 92.25% of Maine residents aged five and older spoke only English at home. French-speakers are the state's chief linguistic minority; census figures show that Maine has the highest percentage of people speaking French at home of any state: 5.28% of Maine households are French-speaking, compared with 4.68% in Louisiana, which is the second highest state. Although rarely spoken, Spanish is the third-most-common language in Maine, after English and French
According to the Maine Constitution, Maine Branches of Government consists of three branches: The executive, the legislative, and the judicial.
The Bureau of Economic Analysis estimates that Maine's total gross state product for 2017 was $61.4 billion, representing a 1.4% growth rate over the previous year. Per capita personal income in 2017 was $45,072, ranking 31st nationally.
The increase was 2.2% over 2016 results. GDP CHART 2017The largest industry in Maine was the category of finance, insurance, real estate, rental and leasing, representing almost 21% of the total and accounted for 1.2% of real growth.
The second largest segment was government (and related enterprises) representing 14%, and experienced a decline of .06%. The largest contributor to real GDP growth in 2017 was educational services, health care and social assistance, which accounted for .30% of the total growth in real GDP. While declining, Maine is still a leading producer of paper and wood products, which are the most valuable of all manufactures in the state.
United States Dollar (USD)
Maine does not separately impose exchange control or currency regulations.
The financial services industry has become a key component of Maine's economic strength and growth. The state has been home to many banks, insurance and financial services companies for years due to tax regulation on interest rates.
Maine has a common law system. The business laws of Maine are familiar to many lawyers both in the United States and internationally.
One IBC provides incorporation in Maine service with the common type Limited Liability Company (LLC) and Corporation (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 and corporation cannot be the same as or deceptively similar to an existing limited liability company or corporate name.
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";
Personal information such as telephone numbers, email addresses, and social security numbers of business entity members (e.g., officers, directors, managers, members, partners, agents, and employees) is not made of a record with the Maine Secretary of State.
Just 4 simple steps are given to start a business in Maine:
*These documents are required to incorporate a company in Maine:
Read more:
How to start a business in Maine, USA
There is no minimum or a maximum number of authorized shares since Maine incorporation fees are not based on the share structure.
Only one director is required
Minimum number of shareholders is one
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.
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.
Maine law requires that every business have Registered Agent in the State of Maine who may be either an individual resident or business that is authorised to do business in the State of Maine
Maine, 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 Maine 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 Maine Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in Maine must pay the $800 minimum franchise tax
Read more:
All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay yearly $800 minimum franchise tax.
A Statement of Information must be filed with the Maine 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 Maine Franchise Tax Board each year. Maine 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. Maine 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 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.