Introduction – Why Florida?
Florida is home to 2.8 million small businesses and this includes domestic entities, foreign businesses, and those that filed for a Florida Certificate of Domestication. The state is also home to 18 companies on the Fortune 500 list like Publix Super Markets, International Assets Holding, Tech Data, FPL Group, and Fidelity National Financial among others. The state offers new businesses a pro-business climate that helps small and medium-sized enterprises to achieve growth and meet their expansion goals. If you plan on moving your business to Florida then it is important to understand the benefits of doing business in this state.
One of the most decisive factors that drive entrepreneurs to transfer a business to Florida is the business climate. Several elements that work harmoniously towards ensuring Florida has one of the best pro-business environments in the nation. Today, small business owners are moving an LLC to Florida or their corporation because they want to be an integral part of the $1 trillion economy. The current economy can be considered as an outcome of several factors including the pro-business environment that offers growth opportunities and startup resources for all forms of businesses.
So, what does the pro-business environment in Florida consist of especially if you are thinking of moving your business to Florida? The environment comprises well-devised state tax policies, a streamlined regulatory environment, affordable land and labor, state of the art infrastructure, economic development projects, the largest foreign trade zone (FTZ) in the US, and competitive cost of doing business. These are just some of the business benefits in Florida that help a company achieve long-term sustainability.
Business-friendly tax structure
Some states in the US are considered good for starting a small business as they have tax benefits, low taxation, higher resources, financial incentives and funding sources, and talent among others. These are some of the business benefits in Florida but one of the most important amongst them is the business-friendly tax structure. Here are three important facts to consider:
- Florida is considered a tax-friendly state as it does not impose an income tax on individuals
- Moving a corporation to Florida means that it will be subject to a 4.458% corporate tax, which used to be 5.5%
- If you own an LLC, sole proprietorship, or S corporation and are moving your business to Florida then you will be exempt from paying any state income tax
Whether you are moving your business to Florida or any other state for that matter, one of the key drivers for business growth is the right employees. The type of skills required by your company will depend purely on the business. For example an IT company may require programmers, coders, web developers, software developers, and graphic designers among others. The availability of a skilled workforce is one of the top business benefits in Florida.
The state is famous for its educational institutions along with access to a variety of on the job training courses and resources. Today, the talent pipeline of the state is considered one of the best in the nation and one of the reasons why entrepreneurs prefer to transfer a business to Florida. The sunshine state is home to 12 public universities, several private colleges, and 6 major medical schools that work closely with the local business communities for building programs reflecting the requirement of industries in Florida. Thus moving an LLC to Florida means that you will never have any dearth of skilled employees.
One of the salient business benefits in Florida is the state incentives program. There is a wide variety of business incentives that include everything from tax credits to grants and loan programs. The objective of these incentives is to increase the bottom-line advantages for a new business thus ensuring its long-term profitability. If you plan on moving your business to Florida then some of the top incentive programs to watch out for are: