Why Is Nevada Such A Common State For Incorporation?

Although Delaware is by far the most chosen state for business incorporation, Nevada has surged in popularity in recent years by introducing corporation-friendly rules.

The top benefits for incorporating in Nevada are as follows:

No state corporate income tax
No corporate franchise tax
No personal income tax
No fees imposed upon corporate shares

Corporate officers and shareholders are not required to be residents.

Why is Nevada such a common state for incorporation?