Why choose Michigan for your business?
Every state in the USA provides various benefits to different kinds of businesses. The state of Michigan is one of the fastest-growing technology states that boasts of a pro-business climate. The state offers several business incentive programs including tax credit programs. If you transfer a business to Michigan then you will also be able to leverage the strong infrastructure as well as a wide variety of small business resources that will make moving LLC to Michigan or a corporation easier, more efficient, and inexpensive. Let’s look at some of the top benefits of relocating to this state.
One of the top business benefits in Michigan is the availability of a talented workforce. Each business has a different requirement when it comes to employing talent and hence the talent pool is also quite diverse in the state. The existing talent pool plays a key role in developing the overall business climate as well. According to Nexient, a software company, Michigan has good engineering schools from which startups as well as Fortune 500 companies could recruit. After moving your business to Michigan, you will be able to leverage a workforce that is defined by grit, integrity, as well as a culture of innovation.
One of the areas that many companies look at while thinking of relocation is global supply chain assets or global connectivity infrastructure. If you transfer a business to Michigan then you can benefit from onshoring and near-shoring solutions, which is an integral part of the state’s FDI Strategy. Today, Michigan is considered to be one of the top global destinations for Foreign Direct Investment (FDI). Foreign trade and global connectivity are possible as Michigan is home to 33 active deep water ports, 18 commercial airports, and 26 freight railroads. This is one of the top business benefits in Michigan. It is considered the strategic connection of distribution and transportation routes and creates a cost-effective supply chain for small businesses and medium enterprises.
Low cost of living
Michigan is affectionately known as the Mitten State and is considered to be one of the top 10 most affordable cities in the nation. Whether you are looking at the cost of living from a business or an individual perspective, it is low in most top-tier cities like Ann Arbor and Lansing. If you are considering moving your business to Michigan, some of the other low-cost cities to consider are Jackson, Okemos, Holland, Midland, and Rochester Hills.
Business incentives and grant programs
One of the most valuable and top business benefits in Michigan is the state business incentive and grant programs. The business incentives vary according to industry and also include tax credits. Apart from loans and other funding sources, the state provides grants under the MI Business Grant Program. When you transfer a business to Michigan, you can benefit from the following incentive and funding programs:
Domesticating Your Company in Michigan
As a business or individual planning to relocate to Michigan, you may have several questions. One of the most commonly asked questions: “Does Michigan allow domestication, and what are the state laws or regulations applicable to proceed?” Domestication refers to changing the domicile of your corporation or LLC from any other state to Michigan. Unfortunately, Michigan business law does not have any provisions for entity domestication but there are other options available like conversion to a domestic entity and applying for foreign qualification.