Georgia is home to 18 companies on the Fortune 500 list and 33 Fortune 1000 companies. Atlanta is the headquarters for 14 Fortune 500 companies thus ranking it 4th in the list of cities with the most Fortune 500 headquarters and ahead of Boston, Dallas, and San Francisco. Consistent economic development and constantly evolving innovation platforms are considered as primary drivers for entrepreneurs to relocate a business to Georgia. The state continues to outgrow and outpace several other states when it comes to business, technology, and quality of life. Let’s look at some of the business benefits in Georgia that have motivated small business owners and entrepreneurs to move their businesses there.
One of the important reasons for moving your business to Georgia is a variety of incentives and credits that a startup can leverage. The state is popular for several types of taxation benefits right from tax credits to exemptions. The business benefits in Georgia where taxation is concerned include the following:
- Sales Tax and Use Tax Exemption – This is a tax benefit that will help businesses that are purchasing or operating specific machinery.
- Inventory Tax Exemption – This is a form of exemption where you will not be required to pay property taxes if you hold your inventory in a warehouse or a factory. It will be applicable post entity domestication in Georgia.
- Job Tax Credit – This is one of the most common forms of tax benefit that you can leverage after you relocate a business to Georgia. Your business needs to be in specific industries for the same like warehousing, manufacturing, broadcasting, telecommunications, research, and tourism among others.
- Port Tax Credit Bonus – If your company deals with imports or exports through a Georgia port then you can avail of this tax credit.
- Work Opportunity Tax Credit program (WOTC) – After moving your business to Georgia, if your company employs veterans, ex-felons, or hires summer youth employees then you will be able to participate in this program.
- Retraining Tax Credit – One of the business benefits in Georgia is that you can avail of an annual tax credit of approximately $1,250 per employee towards teaching materials, instructors, and travel expenses.
When you relocate a business to Georgia, one of the factors that will determine the success of your business is its employees. Every company small or medium sized wants to employ the most talented workforce as it helps in generating a better ROI. Georgia takes pride in the fact that talent is one of the renewable resources in the state with the city of Atlanta having gained popularity in providing some of the best tech talent in the nation.
This phenomenon has been achieved due to the collaborative approach of the state towards workforce development, which has been made possible through top class educational programs, several state-sponsored training facilities, and nationally-ranked universities and colleges. Whether you transfer LLC to Georgia or relocate your corporation, you will never face any dearth of a talented and skilled workforce.
Business incentives and assistance
One of the top benefits of moving your business to Georgia is that you can qualify for a variety of business incentives and small business assistance programs offered by the state. If you are planning to form a startup then there are several financial assistance programs that you can leverage including grants and loans. The objective of these programs is to help you in establishing your company in the startup phase and accelerate to achieve intended growth through the operational stage. Some of the popular programs that you can benefit from after entity domestication in Georgia include:
Domesticating Your Company in Georgia
If you have an existing business and want to move your business from the state of registration to a different state then it would require you to undergo the process of domestication. The question is does Georgia allow domestication? The answer is that as of now, there are no provisions in the state under which entity domestication will be possible. If you are wondering if it is at all possible to relocate a business to Georgia then the answer is yes. There are other options like Georgia Foreign Qualification or dissolving your entity in the formation state and registering as a new company in Georgia.