With a total land area of only 1,948 square miles, Delaware is America’s second smallest state after Rhode Island. It is also one of the least populated in the country, with the number of permanent residents in the last official census standing at just 989,948. That’s tiny when you consider that New York City is home to no less than 8,804,190 – almost NINE times more than the entire state of Delaware.
Some, however, may be surprised to discover that Delaware is actually a major hotspot for business. In fact, over 1.6 million top companies incorporated in Delaware and around 68% of Fortune 500 businesses have chosen the state as their legal home.
Of course, those in the know will no longer be surprised at how the tiny state has become a business mecca.
Why businesses love Delaware
First and foremost, Delaware has more than its fair share of corporate-friendly laws in place.
Business formation is impressively fast and easy because of existing legislation. The low tax rate, for example, is one of the biggest draws for entrepreneurs because, well, it helps them save money. Corporations aren’t even required to have a physical office in Delaware to incorporate. Moreover, the state also has the Court of Chancery, a dedicated court with “unique competence” in handling corporate-related cases.
No wonder, businesses continue to flock to the state because of all the amazing benefits. The list of the top companies incorporated in Delaware includes such giants as Amazon, Apple, Alphabet (Google), Facebook, Coca-Cola, Uber, Lyft, Slack, Tesla, eBay, Walmart, American Airlines, Ford Motor, General Motors, McDonalds, FedEx, Walt Disney and Nike, among many other instantly recognizable names.
In case you are curious, allow us to share with you the stories of some of the top companies incorporated in Delaware. Read on and learn more:
Established in July 1802, chemical company DuPont is not only among the largest businesses located in Delaware but also one of the biggest in its industry. The firm is headquartered in Wilmington and generated revenue of US$22.191 billion in 2021.
To this day, DuPont continues to “keep finding essential innovations to solve the most challenging problems and help people live safer, healthier lives,” the official company website tells us.
One of the world’s leading pharmaceutical firms, AstraZeneca is always aiming to “push the boundaries of science to deliver life-changing medicines.” The company has over 76,100 workers and generated revenue of US$32.816 billion in 2021. AstraZeneca, now very much a global household name due to its COVID-19 vaccine development, has its US headquarters in Wilmington, Delaware.
Integrity Staffing Solutions
Located in the small city of Newark, Integrity Staffing Solutions is a business that specializes in “connecting great talent with great companies across North America.”
Integrity Staffing was launched in 1997 and has been named by Staffing Industry Analysts as one of the largest direct hire staffing firms in the US and also as one of the country’s largest staffing firms and largest light industrial firms.
According to a report, Integrity Staffing has over 1,500 employees and annual revenue of US$487 million.
Headquartered in New York City but incorporated in Delaware, multinational investment bank and financial services corporation Citicorp has a total of 210,000 employees worldwide.
In a press release posted recently on their website, we learn that Citigroup had a total “net income of US$22.0 billion on revenues of US$71.9 billion” for 2021. Citigroup is ranked 33rd on the Fortune 500 list.
W. L. Gore and Associates
Founded in January 1958, W. L. Gore and Associates describes itself as “a materials science company focused on discovery, product innovation, and rewarding careers for our Associates.”
Gore has over 11,500 employees called “Associates.” The company also has sales offices in 25 different countries, plus they have manufacturing facilities across in the United States, Germany, United Kingdom, China, and Japan. The company has an annual revenue of US$3.8 billion.
Swissport Holdings Inc
From its humble beginnings in Switzerland, Swissport International subsidiary Swissport Holdings has risen to become “a global leader in airport ground services and air cargo handling.”
Swissport also has a Wilmington headquarters and the company generates consolidated operating revenue of EUR 2.8 billion (US$3.21 billion).
The Chemours Company
In a press release dated August 2, 2016, Chemours announced that it has chosen Wilmington, Delaware as the location for its global headquarters.
The chemical company is “thousands of employees strong, with 37 manufacturing and laboratory sites worldwide that serve customers in over 120 countries,” their official website said.
Chemours reportedly has an annual revenue of US$5 billion.
Currently the fourth largest chicken producer in the US, Millsboro-based Mountaire is a family-owned business founded in 1914 and now employs around 10,000 people at their Arkansas, Delaware, Maryland, Virginia, and North Carolina facilities.
The company has a revenue of US$2.4 billion.
Although its corporate headquarters is in Valley City, Ohio, Shiloh Industries has incorporated in Delaware. The company describes itself as “a global innovative solutions provider focusing on lightweighting technologies that provide environmental and safety benefits to the mobility market.”
Their website also tells us that Shiloh has around 2,000 employees “with operations, sales and technical centers throughout Asia, Europe and North America.” The company generates a revenue of US$1 billion.
A chemical manufacturing company, Solenis dedicated its global headquarters in Wilmington, Delaware, last February 2020. “The 90,000-square-foot office replaces the company’s previous headquarters on Beaver Valley Road,” their press release reads.
Solenis has 47 facilities across the world and has more than 6,000 employees in 120 countries. Platinum Equity acquired Solenis in 2021 “in a transaction that implies an enterprise value for Solenis of US$5.25 billion”. After a planned merger with Platinum Equity’s Sigura Water, the combined company is expected to generate approximately US$3.5 billion of revenue.
If you’re an entrepreneur considering the idea of forming your business in Delaware, then congratulations. As you can see in this list, some of the world’s most successful and top companies incorporated in Delaware for good reasons.
Starting a Delaware business doesn’t have to be complicated at all. As long as you comply with the requirements, you can also establish your brand – and succeed – in the First State.