A guide to help you understand the ins and outs of business in North Dakota.
North Dakota is one of the Midwestern states that shares its northern border with Canada. The state’s other borders include Minnesota to the east, Montana to the west and South Dakota to the south. Fargo is the largest city, but Bismarck is the capital. North Dakota is the 19th largest state in terms of land mass, but it has a population of a mere 762,000 people, making it the 4th least populated state. North Dakota’s 2019 gross domestic product was $57,181,000,000.
Key industries in North Dakota manufacturing, energy, agriculture, technology, aviation, and life sciences. North Dakota accounts for 325 million gallons of ethanol, 85 million gallons of biodiesel and 2,500 megawatts of wind power. Also, there are 30,000 farms in the state, which exports $4.1 billion.
In 2019, North Dakota imported $254,037 from Qatar. Its top imports are: Aluminum and articles thereof In 2019, North Dakota exported $3,800,993 to Qatar with its top exports being: Nuclear reactors, boilers, machinery, etc. Electrical machinery, sound/tv equipment Aircraft, spacecraft and parts thereof
Thank you to our valued sponsor
North Dakota has a graduated corporate income tax rate: for income of $25,000 or less the tax rate is 1.41%; for $25,001-$50,000 the tax is $352.50 plus 3.55%; for all income in excess of $50,000 the tax is $1,240 plus 4.31%. North Dakota also has two free trade zones, one in Grand Forks and one in Fargo, as well as 69 incentive programs. Some examples of the incentive programs include the Small Employer Loan Fund (SELF), the Tourism Main Street Expansion Grant Program and the Renewable Energy Program.