10 Reasons to do Business in Florida
Florida State is home of a rising number of startups and large enterprises looking for innovative solutions. The established government has set up as a priority the creation of flexible business climate. For that, Florida keeps his position among the leading states to settle business-wise. This article is about the reasons why to set up your business in Florida, read here if you are looking at what you need to know to set up your business in Florida.
Entrepreneurs across the US and all over the world consider Florida to be on-top-of-the-game as a business center. Florida is already the future virtual office hot spot. This article will take you through some top 10 reasons why you should do business in Florida.
A Pro-Business State-Government
Florida state government has created a consistent favorable business climate that has seen small firms and business bigwigs grow considerably.
Applying concepts to generate a business-friendly marketplace, fiscal and legislative initiatives, Florida has remained a favorite for entrepreneurs. For example the targeted industry incentives and insurance tort reform. The government of Florida has continued to inspire its citizens with coherent initiatives and entrepreneurship aids.
According to a study conducted by the U.S. Chamber foundation, Florida State is ranked as the number 2 state in road infrastructure.
The city is well interconnected with an extensive high-tech road and railway network, modern international airports, and deep water shipping harbors.
Airports Council international states Florida is home to two of the busiest airports in the world. The states prides in carrying 19 commercial airports, 15 Deepwater ship-harbors, 2 spaceports, highways of more than 12000 miles and almost 3k miles of rail.
The American Society of Civil Engineers reveal that Florida ranks at 7th place in the entire US both in inland waterways- covering 1540 miles- and port cargo transport valued at $91.5 million short loads.
Competitive costs for doing business
Florida is a fresh cost-friendly alternative to the busy and overpriced Silicon Valley, and other known hi-tech hubs in America.
Talking in business terms, the cost of the factors of production (labor, land and capital) is relatively low and affordable, compared to other commercial areas located in New York or California.
The state government of Florida provides financial incentives to businesses choosing to work in targeted fields or selected locations. For instance, the machinery industry is purpose of several tax exemptions.
Hard to match business environment
The business environment in Florida stands out for, among others, exemption of personal income tax. Yet, there are other interesting exemptions you should take a look, aside from the mentioned:
· Corporate income tax levied on limited partnerships
· Corporate franchise tax on assets stocks
· Property tax-free business inventories
· Free property tax on on-transit goods (up to 180 days)
· All goods manufacture in Florida for export are exempted from sales and use tax
· State personal income tax exempted as per the State constitution
Accelerated process of business permitting and accessible regulatory assistance has promoted healthy grow to large corporate companies and small firms.
The Census Bureau reported that Florida has a population of over 20 million people, making it the third largest in the United States. 48% (9.7 million) of these people constitute the labor-force of the region, constituting the third largest force size in the country.
Florida is the innovation flagship across the US, and ninth in talent pipeline.
The diverse campus types and intercultural interaction are central axis of the professional education in the region. The states owns 12 public universities, while having several private schools colleges, not forgetting six well-established medical schools.
These world-class competitive institutions work closely with the business sector on helping develop and implement important programs to improve the local industry. Furthermore, Florida ranks among the fastest growing tech employment regions.
According to Bureau of Labor Stadistics, Florida has a total of 237,000 high-tech level employees, and counting.
Flexible LLC with fewer formalities
Limited Liability Company (LLCs) are a very convenient business structure. The LLC entity in Florida doesn't need any corporate resolutions, making easier to manage the company.
LLC’s are flexible entities as they are not restricted on the number of allowed members. The members have the freedom to independently structure the company's management.
Limited Liability Companies are also allowed to choose different kinds of profit distribution. This is different when you consider partnerships where profits are shared equably. Additionally, these structures are permitted to have subsidiaries with no restrictions.
Speeded-Up business permitting
It is quite clear Florida policy makers and government understand the constant struggle from startups to get permits fast. Bureaucracy in Florida is as straightforward as it gets.
The low-cost process of permitting businesses is significantly reliable and favorable especially to startups. This however does not compromise other quality standards from the business owners.
An Economic-Impactful Small firms Growth
Entrepreneurship and small firms are one of the key local economy drivers. Reports from the U.S. Small Business Administration (SBA) shows that small businesses in Florida has had a tangibly sizeable impact in the state economy of Florida.
SBA reveals how small businesses in Florida have affected the State's economy in a positive way. For example, in 2012 more than 95% of the 61,848 exporting companies were small firms. In that year alone, the small firms contributed to 68% of the exports value.
Starting any business, big or small requires you to have a flexible cashflow. Resources can be financial, raw material, labor and any of that kind that a business requires. And Florida is well endowed with plenty of these resources.
When you are in need of a start-up loan for example, you just need to walk in to a local bank and meet the friendly loan officers that are always ready to serve you. The small business-oriented financial institutions here will not look at you line up all day long without stepping in and offering solutions to your financial needs.
Advantages of Living in Florida
There are several other advantages of living in Florida other than just business:
One of the most Cosmopolitan State in the U.S
In Florida you will meet people from all walks of life, coming from different cultural backgrounds. You have no worry of feeling like the only grain in the middle of pebbles.
Rich in wildlife and Nature
Florida is a one-stop destination for nature lovers. There is plenty of wildlife in the southern state of Florida. Take a visit to the Everglades and enjoy the life and beauty of the biggest wetland ecosystem.
Enjoy the oranges of the South
Florida is the only state that supplies its citizens with oranges satisfactorily. A visit here and you will enjoy the sweet succulent that this beautiful southern state offers.
Florida is the new business hub of America and an excellent place to settle. There is amazing international cuisine, plenty of outdoor activities, gyms, the Florida Derby. No Wonder businesses are growing exponentially, and significantly more in comparison with other states. Florida is also ideal to expand your business: the Southern state is perfect for this goal.
If you’ve made up your mind about Florida, and you are in the market for tech-friendly office with accessible price and upscale design – Check this article with plenty of options.