A guide to help you understand the ins and outs of business in Minnesota
Minnesota is another midwestern state that is along the north border of the country. Its capital city is St. Paul and its largest city is Minneapolis. The two cities are roughly ten miles apart and together they are known as the Twin Cities. Minnesota’s population ranks 22nd with 5.64 billion residents, while it is the 12th largest state in the nation. The state’s GDP for 2019 was $383,777,000,000.
Minnesota’s top industries are manufacturing, healthcare and medical technology, IT, professional business services, clean energy, and food processing. Minnesota is home to some of the largest companies in the country including 3M, Best Buy, Ecolab, Cargill, General Mills, Hormel, Mayo Clinic, Medtronic, Target, US Bank, UnitedHealth Group and Xcel Energy. The medical industry is substantial in the state; in 2019 there were $4.6 billion in medical device exports. There are 33,000 Minnesotans that are a part of the medical device manufacturing industry.
In 2019, Minnesota imported $122,518,003 from Qatar. Its top imports are: Fertilizers Special classification provisions Optic, photo, medical/surgical instruments In 2019, Minnesota exported $31,396,055 to Qatar with its top exports being: Optic, photo, medical/surgical instruments Electric machinery, sound/tv equipment Plastics and articles thereof
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Minnesota has a flat corporate income tax rate of 9.8%. There are three free trade zones: one in Duluth, one in St. Paul, and one in International Falls. The state also has 47 incentive programs, 22 of which are loan programs, 17 are grants, 8 are tax credits, 2 are preferential rates and 2 are tax refunds or rebates.