A guide to help you understand the ins and outs of business in Arkansas
Arkansas is located in the South-Central region of the country. It shares borders with Texas, Oklahoma, Missouri, Tennessee, Mississippi, and Louisiana. The largest city and state capital is Little Rock. The Natural State is the 29th largest in land mass and is the 33rd most populous, with roughly 3.01 million people. The GDP for Arkansas was $130,954,000,000 in 2019.
The state’s largest industries are aerospace and defense, corporate and shared services, distribution and logistics, firearms and ammunition, food and beverage, metals, timber and forest products, technology, and transportation equipment. Arkansas has more than 350 food and beverage companies with 55,000 employees amongst them due to a 13% increase in job growth rate for the industry over the four years prior. Also, the state is the top producer in the US for rice. Furthermore, Arkansas has 300 Fortune 500 companies with offices in the state, including the headquarters for the world’s largest retailer, Walmart.
In 2019, Arkansas exported $4,821,529 to Qatar with its top exports being: nuclear reactors, boilers, machinery, etc.; miscellaneous chemical products; electric machinery, andsound/tv equipment.
Thank you to our valued sponsor
Arkansas has established a graduated corporate tax rate, which follows as such: the first $3,000 are taxed 1%, the next $3,000 are taxed 2%, the following $5,000 is taxed 3%, the next $14,000 is taxed 5%, the following $75,000 is taxed 6%, and anything above $100,000 is taxed 6.5%. There are only two free trade zones, located in Memphis and Little Rock. However, there are 51 incentive programs.