A guide to help you understand the ins and outs of business in Virginia
Virginia is a Mid-Atlantic state that is located on the east coast of the US. Its capital is Richmond, but its largest city is Virginia Beach. However, the largest metropolitan area in the state is the Washington, DC – Arlington – Alexandria area. Virginia’s GDP in 2019 was $556,905,000,000.
Virginia’s top industries are corporate services, food and beverage processing, IT, life sciences, manufacturing, supply chain management, and unmanned systems. The food and beverage industry in Virginia has over 50 packing and bottling companies and over 160 major warehouses and distribution centers. Brands like Coca-Cola, Gatorade, Cargill, Frito-Lays, Hersey’s, Tyson, and Nestle have headquarters or branches in the state, which employ 42,000
onship with Qatar In 2019, Virginia imported $3,265,091 from Qatar. Its top imports are: Misc. chemical products Mineral fuel, mineral waxes, bitumin substances Special classification provisions In 2019, Virginia exported $30,147,649 to Qatar with its top exports being: Food industry residues and waste prep animal feed Electric machinery, sound/tv equipment Meat Qatar has connections to Virginia. Northrop Grumman entered a joint venture with Lockheed Martin for a $170.5 million contract to provide the US, Qatar and two other countries with Apache gunship radar upgrades. Orbital ATK (since acquired by Northop Grumman) entered a joint venture with Barzan to modernize Qatari armed forces. In 2004 Bechtel was awarded a $5 billion contract for engineering, and project and construction management for the Hamad International Airport. In 2013 Bechtel built the Al Sajeel Petrochemical facility in Ras Laffan, Qatar. Also, Virginia Commonwealth University has a branch campus in Education City in Qatar.
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Virginia has a flat corporate income tax of 6%. There are five free trade zones in the state, in Norfolk, Dulles, Culpeper, Richmond and Dublin. There are also 52 incentive programs. Such programs include the Waste Motor Oil Burning Equipment Credit, the Virginia Leaders in Export Trade, and the Virginia Economic Development Incentive Grant.