Setting up a business in Florida? Here's what you need to know
Updated: Feb 11, 2019
Setting up a new business can be tricky, scary, and thrilling at the same time. The thought of your product, idea, or services becoming accessible to the public means you are ready to take the next step in your professional growth. However, before you can make that launch official, you have to decide where is the best location for your business.
Is there a particular region that you think would benefit more from your idea than others? What about the benefits you can receive as a business owner? If one city is cheaper than the other will it still be able to appeal to the masses you are seeking?
All of this leads us to the big question: Are you setting up a business in Florida? If so we have you covered on what you need to know to get it started. We have listed out some topics you should consider and services to make your transition easier along the way. Or check out 10 reasons to do business in Florida.
Benefits of Having a Business In Florida
One benefit to doing business in Florida is you have the right to be “anonymous” when registering your business with the state. Florida does not require businesses to disclose all information about people who are members of the company. Being able to file your company anonymously with the state can have many benefits, the biggest perhaps is protection against any competitors you may have.
Perhaps you own a small, family-owned business and over time you plan on transferring business operations to another family member or business associate. Some states in America require businesses “refile” with the state before they approve of the new ownership.
This can create headaches because even though the services and operations remain the same, they still have to be listed as a “new business.” You won’t find that issue in the state of Florida, as all corporations have a continuous life no matter who ends up owning the business.
Low Filing Fee
If you are starting up your business from scratch, you quickly understand how expensive it can be to get it started. Even to start the business, it can cost you a lot depending on the filing fees.
Over the years Florida has been known nationwide as a state that is pro-business and very friendly towards anybody trying to start up. The filing fees in Florida were already considered pretty low, but recently the government decided to slash the cost by 25%, making it possible to file for as cheap as $70.
Tax Friendly State
The structure in place regarding the taxes business would have to pay a very favorable one towards the company themselves. For starters, you only have to pay a low amount of tax, and you would not be double taxed, which is not always the case to do business in other states.
Additionally, all start-up expenses are deductible, banking, legal, and accounting fees are deductible, overhead business expenses, as well as travel, are all deductible, and paid wages, business insurance, advertising costs and any sales tax tied to your company are fully deductible. It is very easy to see all the possible tax benefits of establishing your business in Florida. For more info check out why Florida is the future hotspot for virtual offices.
You Have Chosen Florida, but Now What?
Choosing A Location
You have decided to settle in Florida for your business venture, but now you have to determine what area. Many businesses choose to set their operations up in southeast Florida, near the likes of Hallandale, Aventura, Hollywood, and Miami.
It’s a great area because of the proximity these three cities are to each other and the number of people they can target and appeal. However, it still comes down to the cost of renting your office or executive suite, amenities close by, and accessibility.
Hallandale vs. Miami and Hollywood: Executive Offices & Suites
As a major metropolis, everyone knows what you can expect and find in Miami. However, is it the right location for your business? What many people may not realize Hallandale Beach offers a lot of the same amenities as Miami and Hollywood, but for lower prices.
The cost of renting an executive office and meeting rooms in Hallandale in a desirable and convenient location can cost at least one dollar less per month in rent than in Miami.
In Hollywood, Florida you may find prices a little more comparable to Hallandale Beach, but the spaces themselves, generally speaking, are smaller than what Hallandale has to offer. Hallandale has a great selection of top of the line executive office suites that match with what you would find in a downtown Miami office but for prices, you can afford.
Hallandale vs. Miami and Hollywood: An Ideal Spot
Hallandale is conveniently located between cities like Hollywood, Aventura, Ft. Lauderdale, and Miami, making it an ideal location for any new business. It’s close enough to the city of Miami (a 30-minute drive away) but far enough not to have to deal with the hassle and headaches that come with doing business in a big city, like traffic and higher expenses.
Also, because of the location near these cities, you still find the same high qualities that Miami can offer. Top of the line restaurants, world-class gyms, a vibrant nightlife offer the services employees seek when working in a specific location. Not to mention Hallandale is located right off the Atlantic Ocean and provides spectacular views and waterfront activities for all.
We understand starting up a business can be daunting, but it does not have to be scary. It is essential to do your research of locations ahead of time. Plan accordingly with how you want your business to be structured. Find out what type of amenities within your office and in the surrounding area is vital to you and employees.
There are many options out there depending on what your needs may be. Rentals are available for everything that you may need from a virtual office all the way down to a basic service like mail handling. The most important is do not be hesitant to use resources to help you with your decision making. Your success is everyone’s gain.
Contact Us for more information.