A division of the Hawaii Department of Commerce and Consumer Affairs (DCCA) is the Business Registration Division (BREG). All businesses in Hawaii, including LLCs, corporations, partnerships, and sole proprietorships, must be registered with BREG. The state’s publically accessible company database is additionally kept up by the BREG DCCA.
Hawaii does permit single-member LLCs, if you’re a tiny business owner who is curious. Hawaii is one of the states that permits the formation of single-member limited liability companies, which means that you can create an LLC with just one member. This is a fantastic choice for business owners who want to safeguard their own assets while maintaining a straightforward corporate structure.
Depending on the kind of business you’re beginning and the county where it’s located, Hawaii’s business license fees change. For instance, a general excise tax license can cost anywhere between $20 and $400, depending on the gross revenue of your company. Depending on the nature of your business, you might need to get additional licenses and permits in addition to the general excise tax license.
Hawaii does not mandate business registration, however it is strongly advised. You’ll find it simpler to create a bank account, get a business loan, and sign contracts with other companies if you register your company with BREG DCCA. Additionally, it will safeguard the identity of your company and guarantee that no one else’s intellectual property is being violated.
The state of Hawaii has a progressive income tax system, with rates ranging from 1.4% to 11%. The amount of tax you must pay is based on your income. Hawaii also has a general excise tax (GET), which is levied against your company’s gross revenue. Most firms must pay the GET rate of 4%, however some may have to pay a higher rate.
In conclusion, entrepreneurs may find it quite rewarding to launch a firm in Hawaii. But it’s crucial to comprehend the state’s business registration procedure as well as the numerous fees and taxes related to launching and operating a business in Hawaii. You may make sure that your company is legally registered and set up for success by working with BREG DCCA and other experts.