The Fedtrade® podcast recently interviewed Charuni Patibanda-Sanchez, Secretary of State of Delaware, as part of our SelectUSA Investment Summit Spotlight series. As Secretary of State, Charuni leads the most diverse department with responsibilities in virtually every aspect of Delaware state government. The Secretary serves on the Board of Pardons, the Cash Management Policy Board, the Delaware Economic and Financial Advisory Council (DEFAC), and the Port of Wilmington. Representatives from Delaware will be attending the 2025 SelectUSA Investment Summit in National Harbor, Maryland, from May 11-14, 2025.
Learn more about the Delaware Department of State on their website or follow them on LinkedIn. Connect with Charuni on LinkedIn.
Key Takeaways:
- Delaware’s Department of State promotes economic development.
- Delaware is home to two-thirds of Fortune 500 companies.
- The Delaware Prosperity Partnership assists companies in navigating the market.
- Key industries in the state include life sciences, fintech, and agriculture.
- The state provides various incentives for new businesses.
[a copy of the written transcript is here]:
Hello, welcome to Fedtrade®. I’m James Hastings of Rothwell Figg. Joining us on the podcast is a special guest, Charuni Patibanda-Sanchez, the Secretary of State of Delaware. Secretary Padibanda-Sanchez will be sharing Delaware’s role in promoting and supporting foreign direct investment, its programs and incentives, and what makes Delaware a top destination for innovative companies seeking to go to market in the United States.
Madam Secretary, welcome to Fedtrade®.
Thank you so much, James. I appreciate the opportunity to be on.
What is the mission of the Delaware Department of State?
Great question. So as you know, every secretary of state across our country has a slightly different portfolio and Delaware is quite unique. So our department focuses on promoting Delaware’s economy and fostering economic development. We also preserve Delaware’s heritage and showcase our state’s history while supporting the arts and culture of Delaware. We also protect our public health and safety through regulation, licensing, and investigation. Our department is very diverse and it’s an honor to lead it.
What types of services does the department provide?
Well, we provide a wide range of services, as I mentioned, we touch all the different aspects of a Delawareans life. So we offer everything from grants to artists and arts organizations. We charter banks and trust companies in Delaware. We accept and review applications for pardon. As Secretary of State I sit on the Board of Pardons. We offer long term care services through our veterans’ home. We can incorporate your business through our division of corporations. And we issue licenses for professionals, including nurses, doctors, real estate agents, electricians, and so many others. And we also house our division of libraries, which encompass an amazing catalog and promote literacy all across our state.
Please share with us your efforts to attract international development and business to Delaware.
Thank you, James, for the question. So we utilize a variety of ways to do this. First of all, we conduct international trade missions to promote our state and the advantages of locating in the United States. Whether we’re promoting our Delaware corporate law or courts or our world-class institutions of higher ed, or helping Delaware companies export their products abroad, we are always looking for an opportunity to tell the Delaware story. And our Delaware story really shows why business owners and investors, both domestic and foreign, choose Delaware as their legal home and their home of headquarters. So Delaware general corporation law is widely regarded as the most advanced and flexible business formation statute in the nation and quite frankly, the world. Our court of transitory is a preeminent business law court with centuries old case law that continues to settle cases in an efficient manner that is on pace with our business marketplace. And our corporate and legal services community really has an unparalleled expertise in the application of this corporate law. And our judges that sit on the Chancery Court are experts in the business fields that they hear in litigation.
What types of international companies or entities does your department serve?
Great question. So through our division of corporations, Delaware is actually a major hub for both U.S. companies and international businesses and entities. So two-thirds of all Fortune 500 companies are incorporated in Delaware, and we have over 2 million entities that were formed or incorporated in Delaware. We attract multinational corporations and foreign-owned subsidies, international holding companies that may hold intellectual property, and private equity firms and hedge funds and venture capital funds, both U.S.-based and international. So as far as our secretary’s office, through the Division of Corporations, we really serve the gambit when it comes to companies, both foreign and domestic. We also offer a great way through our DPP, through the Delaware Prosperity Partnership, to interface with international companies that are looking for a home in the United States and think that Delaware just offers a great opportunity for those companies to grow.
International businesses have many options when going to market in the United States. What are some of the benefits of locating in Delaware?
So glad you asked that question, James. So Delaware is strategically located halfway between New York City and Washington, D.C. along the Eastern seaboard. We are truly a logistics hub and lie perfectly in the distribution chain in the northeast corridors. Delaware offers a really business friendly environment. We have approachable state and local leadership. And honestly, we have easy access to consumer markets and a highly educated and diverse workforce. So we have companies that are already located here that are operating in industries from everything from advanced chemicals, life sciences, financial services, fintech, to agriculture and manufacturing. As I mentioned, we have some amazing higher ed institutions and we also have Del Tech, the Delaware Technical Community College that can offer amazing and excellent workforce training opportunities for companies that are looking for talent to grow their businesses.
Do you and your team see some common characteristics of startups or established companies who are seeking to go to market in the United States and end up having discussions with your Delaware team?
That’s a great question. We work with companies really from all sizes. We work with one person startups all the way to multinational companies, for example, AstraZeneca and Siemens, who are located here in Delaware. The DVP, which is really our state’s partner for business attraction and economic development, they really serve as a concierge service for companies that are locating in Delaware, including international companies. So they can assist companies with their site search, navigating the regulatory and permitting authorities, and connecting with all of our local and industry partners. So they can then review their incentive options and all the other services the company may need to locate here and grow here. So we think that as far as commonality, there’s probably not anything I can name off that is common to every single company. We think every company has a different story, but we are incredibly adaptable and nimble enough to be able to be responsive.
For companies seeking to go to market in the United States, other than the ones you had mentioned, what are some of the sectors or industries for which Delaware is known?
So our key industries are science and technology, including life sciences, advanced chemicals and materials, pharmaceuticals and medical devices, and the financial services industry, which is really an offshoot from Delaware being a home of so many banks and credit card companies. And we also are really fostering a fintech community here in Delaware. We also traditionally have always had strong agriculture and agro businesses. So we have a really a great place to test new technologies and for entrepreneurs to come to Delaware and bring some new products and new technology to the market.
Your team deals with lot of international companies on a daily basis. What common challenges do startups or established companies have in seeking to go to market in the United States?
There’s another great question. I think that this really depends on where and what type of company they are and where they are in their business cycle. Those who already have some knowledge doing business in other states can certainly see the advantages of Delaware. We have really knowledgeable people at the helm at the DPP that are looking to help companies that are looking to expand or start up a company in Delaware. We also have local leaders and even our governor who is really dedicated to creating great job opportunities for Delawareans. And that can very much align with the company’s goal of finding great talent for their companies. So it really depends on where you are in your process. But I think with our DPP and all of our, you know, our stakeholders and our partners like the World Trade Center of Delaware, we are going to be able to identify a resource to help you get to where you want to go.
And for our listeners, what is the acronym DPP?
Sure. So DPP stands for the Delaware Prosperity Partnership. And this is our economic development arm and kind of concierge service that serves businesses and companies looking to expand their operations in Delaware or come to the U.S. via Delaware.
In your experience, how important are legal and regulatory compliance issues?
Well, as a lawyer, I will have to say that legal and regulatory compliance issues are incredibly important and we would always advise companies to be in compliance with all local, state and federal laws. We at the secretary’s office, we do not give out any legal advice, but we have an incredible Delaware Bar that is filled with attorneys, including everything from IP to tax and corporate governance. And these professionals can help guide companies through these regulatory compliance issues. We also partner regularly with the registered agent community. And some of these companies really act like a guide to businesses to make sure that they are in compliance with local, state, and federal laws as well. So we have a very open dialogue with our registered agent community and work hand in hand, especially when changes in the law are coming. After they’ve been codified through our general assembly, we can easily communicate those changes to these partners, including our legal community, and that can really help companies stay on top of compliance issues.
Particularly for the high tech sector areas for which Delaware is known, intellectual property protection and clearance prior to entering the U.S. is an important component. Would you agree with that?
Well, again, I’m not able to give any actual legal advice. So I would suggest though, our IP Bar in Delaware is quite knowledgeable. And if anyone would need a referral to an attorney, we can happily do that. And we really do think that SelectUSA is also a great place for these questions to be asked. And we look forward to seeing how we can help companies navigate the IP compliance issues.
Makes sense. What types of programs or education does Delaware provide to companies that seek to go to market in the United States?
Well, we do travel internationally. We conduct seminars on the advantages of locating and incorporating a business in Delaware and access to the U.S. market. We do this in a variety of ways. We do this or our sister state relationships. We also do this with our educational partners in the University of Delaware. We have an active World Trade Center of Delaware. And as I mentioned, the Delaware Prosperity Partnership travels abroad frequently in order to spread the word about Delaware and all the advantages for both incorporating, even if you don’t call Delaware your home, and encouraging people to take a look at Delaware for their first entry into the U.S. market.
We understand that Delaware also offers numerous types of incentives for companies seeking to go to market in the United States.
It’s a great thing about being from a small state. So once you’re located here and you’re looking to make an investment in Delaware, we are looking to encourage that investment because we want to create great capital investment in our state. And we also want to create great paying jobs for our residents. So once you’re located here, you can have access to the state’s division of small business. And this entity, which also sits under the Department of State, can help connect your company to all kinds of different resources, including industry groups. We can also help with business planning, marketing, talent attraction, business development, and so much more. And along with our other partners that I’ve mentioned, we are able to look into incentives based on either tax credits, tax abatements. Sometimes we have workforce development grants that are available. And it’s a great tool that we have in our flexibility given the interests of our local leaders to attract businesses to our state. So if you’re looking for that concierge touch, I think Delaware is a great place to be.
We understand that Team Delaware will be attending the SelectUSA Investment Summit taking place next month at National Harbor, Maryland. What are some of the benefits of attending?
Yes, we are going to be there. And I think the biggest benefit of attending is getting to do some relationship building. So if I’m a company and I’m looking to get into the U.S., SelectUSA is such a great opportunity to meet very key, sometimes decision makers. In Delaware’s case, you will be meeting the very best of our economic development team, and they will be the most knowledgeable to help decide where you may want to locate, if we have the infrastructure to support your operations, and how we can accommodate your growth and potentially provide incentives to your company as well. So I think that’s just such a great opportunity. We’re going to be there and we’re looking forward to meeting everyone who attends and hopefully creating some great relationships.
Can you share one or two Delaware success stories of working with startups or established companies as a result of SelectUSA or on other occasions?
So one kind of fun example, Delaware actually has a small airport. It’s called the ILG airport. And we work with our partner, the Delaware River and Bay Authority to run and operate that airport. And so there’s a lot of workforce development and job opportunity in our little airport. So the DPP, our Delaware Prosperity Partnership, and the Delaware River and Bay Authority actually partnered together to attract a global aircraft paint company. I believe the company came from France to establish a new operation at our airport. And it created about 40 jobs and the project is really attracting interest from other aircraft service providers. And we’re really eager to see more opportunity at this ILG airport. I should also mention that Delaware has a port as well. The Port of Wilmington is an excellent economic development generator and we’re eager to show off all the assets of Delaware at SelectUSA.
Those are some great examples. How can people find out more about opportunities that may be available in going to market in Delaware?
Well, first of all, definitely visit our table at the SelectUSA conference. But really, because we’re a small state, there is no wrong doorway to enter Delaware. Because of our vast network of partners and our eagerness to create great jobs for our citizens of Delaware, you will be connected to somebody as soon as you come into the state. You will find the right people and the right resources to answer your questions, get you all the knowledge and know-how, and hopefully start to create your opportunity in Delaware.
Charuni Patibanda-Sanchez, the Secretary of State of Delaware. Thanks for joining us.
Thank you so much for having me.
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