Florida is the 4th largest State for overall Technology Employment in the nation (Cyberstates, 2005)
Florida’s job growth is 11 times the average of all states. (Career Guide, U.S. News & World Report, 2005)
Florida is in the top ten among all States in terms of expansion and establishment of new businesses. (Annual Economic Development Rankings, Global Corporate Xpansion, 2005)
Florida ranks 2nd on the State Business Tax Climate Index (Tax Foundation, 2004)
Seven Florida metro areas were rated the very best U.S. cities for job creation and retention. (The Milken Institute, 2004)
Cost of living
For Orlando, FL (2005):
Index Score
Composite:
99.8
Housing:
98.1
Utilities:
97.3
Misc. Goods & Services:
104.6
Crime Rate
Florida has the 42nd lowest crime ranking among U.S. States. (FBI, 2004)
Fees & Taxes
Business Inventory Tax Florida does not tax business inventory.
Corporate Income Tax Rate: 5.5%
Personal Income Tax None.
Personal Property Tax Taxable.
Tangible Property: Anyone owning tangible personal property on January 1, who has a proprietorship, partnership, corporation, is a self-employed agent or a contractor, must file a tangible personal property return. Property owners, who lease, lend or rent property must also file.
Intangible Property: Every corporation, company, or other legal entity domiciled in Florida or who manages or controls intangible personal property having a taxable status in this state, must file an Intangible Personal Property Tax Return if tax due, before discount, is $60 or more.
State Sales and Use Tax Base Rate: 6%
Machinery Rate: none
An exemption is given for industrial machinery and equipment for use in a new business that manufactures, processes, or produces for sale items of tangible personal property at fixed Florida locations if they increase productive output by not less than 10% percent, are exempt from an amount of tax in excess of $50,000/yr.
Unemployment Insurance Florida’s new employers’ rate is 2.7% for 2.5 years.
Is company incorporation in Florida the right choice for you? Florida is probably one of the best states for small and medium enterprises (SMEs) thanks to a positive business and economic climate. Some of the advantages that SMEs enjoy in this state range from generous tax benefits, ease of transportation; large markets for sellers, and a thriving tourism industry.
A report by U.S Small Business Administration says that small businesses in Florida have employed over 3.1 million people. The exit rates for businesses have decreased over the years while new or start-up company incorporation in Florida has increased.
Why Choose Florida for Incorporation?
Of late, there has been a rise in company incorporation in Florida and one of the prime reasons is the advantages that businesses enjoy. Some of the advantages include:
Major Tax Benefits
One of the reasons for a high number of start-up businesses in Florida is because of the flexible tax structure. In Florida,
Corporate income tax on S-corporations is non-existent
Corporate income tax especially on limited partnerships is non-existent
Corporate franchise tax on capital stock is non-existent
State-level property tax is not assessed
Property tax is not levied on goods-in-transit for a period of 180 days
Property tax is not levied on business inventories
Goods that are manufactured or produced in the state for export does not attract sales and use tax
Purchase of raw materials including packaging or non-reusable containers does not attract any sales tax.
Pass-through taxation
If you are planning to set up a company in Florida then this is another advantage you will enjoy. If you have registered your business as S corporation then you will only pay income tax on your income and not on the income of your business.
Industry Incentives
What makes Florida better for SMEs is the scheme called targeted industry incentives. If you set up company in Florida and are able to create high wage jobs in specific high value-added industry then your business will qualify for Qualified Target Industry Tax Refund (QTI) incentive. The incentive can provide you with refunds on your insurance premium, corporate income, ad valorem, sales, and intangible personal property among others. There are several other incentives that businesses can benefit from and these include High Impact Performance Incentive Grant (HIPI), Brownfield Incentives, and Capital Investment Tax Credit (CITC).
How do you incorporate in Florida?
Company incorporation in Florida has its own set of benefits but there is a process that you need to follow. There are several requirements that are necessary for registering your C or S Corporation. We at incparadise.net have a team of specialists who can guide you towards setting up Florida C Corporation, S Corporation, or LLC in the shortest possible period.
Here is a step by step procedure towards incorporation in Florida:
Type of Business: You need to identify the type of business you want to set up in Florida. You can choose from a general stock corporation to a non-profit corporation, LLC, limited partnership (LP), or limited liability partnerships (LLP).
Business Entity Name: The second step is to identify a name for your business along with the required suffix. Pursuant to Chapter 607 or 621 F.S., the name of your corporation should include a suffix like Corp., Corporation, Inc., Incorporated, or Company etc. If you opt for company incorporation in Florida then it is essential to check a corporate name. Note: You will be required to fill and submit the Florida Fictitious Name Registration form, also known as the “doing business as” (dba) name.
Registered Agent: You will need to name a registered agent as the agent will be responsible for initiating the processing of your Certificate of Formation. As a Florida registered agent like incparadise.net, we can also receive any and all legal and business related paperwork on your behalf.
Articles of incorporation: You will need to file Articles of Incorporation for profit or non-profit corporation. We can always file on your behalf through the standard process or online or even through expedited process.
Date Stamped Copies: As a part of the process of company incorporation in Florida, we will ensure, you receive a Certified Copy and a Certificate of Status verifying if the state of Florida has filed as well as formed your corporation.
Costs and Fees associated with Florida Incorporation
What would it cost to set up company in Florida? Check Fees here!
Is Florida the right place for your start-up? Why should you register a new company in Florida? Does the state provide excellent benefits to new businesses?
Geographically, Florida may be known as the Sunshine State and economically, it is just as good for businesses. Today, it is home to 2,180,556 small businesses with 61,848 businesses conducting international trade successfully. LLC and Corporations exist in the state and have been performing well because Florida business laws are flexible.
Whether you have an LLC startup company in Florida or a Corp., the state provides several initiatives and advantages that will benefit you and your business in the long run!
Bottom-line Advantages for New Businesses
We can help you register a new company in Florida, so that you can leverage the bottom-line advantages of state business policies. These will ensure long term profitability for LLC, Corporations, Partnerships etc. Let’s take a look at some of the advantages:
Advantage#1: Incentives for business growth
The opportunities for success in the state are truly limitless thanks to a variety of incentives being offered to startup companies in Florida. The primary incentive being offered is known as the “Targeted Industry Incentives” and it can be classified under two programs, which are:
Qualified Target Industry Tax Refund (QTI): The QTI incentive has been created for businesses that have the ability to create high wage jobs especially in industries promoting high value-additions. An integral part of this incentive is refunds that you can derive on sales, corporate income, intangible personal property, ad valorem, insurance premium, as well as other taxes. The QTI plays an important role in ensuring that when you register a new business in Florida, you can benefit from tax refunds of $3,000 for jobs created in the city and almost $6,000 in refunds for jobs created in a county.
Capital Investment Tax Credit (CITC): If you are planning to start a capital-intensive industry then this is just the type of incentive you need. It is more of an annual credit against corporate income tax, provided to businesses for a period of up to 20 years.
There are several other incentives as well like Incumbent Worker Training Program (IWT), Rural Incentives, Brownfield Incentives, and Quick Response Training (QRT) among others.
Advantage#2: Florida Tax Benefits
Tax benefits play a crucial role in attracting new businesses to the state. When you register a new business in Florida, you will be able to benefit from the highly stable as well as favorable tax climate the state offers. Some of the benefits include:
No corporate income tax on subchapter S-corporations and Limited Partnerships
Exemption of capital stock from corporate franchise tax
Exemption of business inventories from property tax
Exemption of goods-in-transit from property tax for a period of 180 days
Exemption of any goods produced or manufactured in Florida specifically for international trade from Sales and Use tax
Businesses can benefit from sales and use tax exemptions on machinery and equipment for R&D, certain types of boiler fuels including natural gas, machinery and equipment used for expanding business, and much more.
When you register a new company in Florida, your business can benefit from pass-through taxation under which businesses are not taxed as it gets passed on to the individual.
Are there any Disadvantages of Incorporating in Florida?
You must be wondering whether there are any disadvantages for new businesses in the state of Florida.
The truth is there are a few but they will not have any impact whatsoever on business expansion and growth. One of the disadvantages is limited flexibility in ownership transfers. The second disadvantage is that when you register a new company in Florida as LLC, you will have to pay a higher fee as compared to forming general partnerships or sole partnerships.
The bottom line is that the state of Florida provides everything right from infrastructure to economic stability, and business friendly laws. If you are planning to establish a startup company in Florida then it is the best business decision you can make!
Whether you are planning to form an LLC or start a Corporation, you will require a Business License also known as an Occupational License. Business license is a Florida state requirement and acquiring same will ensure you are able to operate your business with ease. It is important to note that without a proper license, the state of Florida can levy heavy penalties or fines and it might even lead to closure of your business.
How do you get a Florida company license? What are the requirements? What type of business licenses exist in this state? These are some of the questions that you will be confronted with. So, let’s get an insight into the nitty-gritty of business licensing in the state of Florida.
How to Obtain Florida State Business License
There are several counties in Florida where you might not require a license for conducting business but in a few others you will. Secondly, business license in Florida varies from industry to industry as specified by Department of Business and Professional Regulation, Tallahassee FL.
The fees and licensing requirements will be governed by type of business activities, the county or city your business is operating from, and specific state government laws.
How and where can you get your Florida company license from? The Florida state business license is issued by the Department of Business and Professional Regulation or the Tax Collector Department of the County, you propose to operate your business from.
Types of Business License in Florida
According to the Department of Business and Professional Regulation, a business license in the state of Florida can be issued for 30 different industries. It is also important to note that the state of Florida requires a business or occupational license in almost 326 businesses and professions. There are certain businesses that will require license in Florida although in several other states they can operate without one. For example, epidemiologists and interior design firms require licensing in Florida but not in many other states.
Hence, it is important that you check beforehand whether your business requires a business license in Florida or not.
An important aspect of business licensing in the state of Florida is that there are different types of license required for sub categories. Let’s look at an example. If you have opted to be a vendor for alcoholic beverages then the license fee will be dependent on type of beverage, county or city sale (target audience), consumption on premise, and specialty licenses for special food service establishments. The fee can vary from as low as $28 to $1820. The form for acquiring such a business license in Florida would be form 6001 and 6020.
Some of the industry categories that require Florida state business license include Asbestos Contractors & Consultants, Kick Boxing & Mixed Martial Arts, Barbers, Certified Public Accounting, Cosmetology, Employee Leasing Companies, Landscape Architecture, Hotels & Restaurants, Timeshares, and Talent Agencies among others.
Note: The review and processing of the license application form varies from one county to another but as a norm it can take anywhere between 5 to 14 business days for professional business license in Florida.
Florida LLC and Corporation Registration and Formation
The Sunshine State of Florida is home to almost 405,000 small businesses that contribute to the overall bright economy of the state. There are nearly 1.8 million self-employed business owners as well and this is all because the state provides the best business climate in the Southeast. In fact, the Chief Executive magazine has named the state of Florida as the second-best state when it comes to starting a new business. Are you still in doubt that forming a company in Florida is your best choice?
It definitely is!
The 19th largest economy in the world and the 4th largest in the USA offers one of the best business policy climates in the nation. You are probably wondering what the procedure is for setting up a business or how you can form a business in Florida.
The procedure of registration and formation of an LLC or corporation may seem like an exhausting one but once you have hired a top Florida registered agent like us, we will ensure, the entire process is simple and quick.
Let’s take a look at how to form a Florida business corporation or LLC.
Florida LLC Registration and Formation
An LLC company formation in Florida can be formed pursuant to Chapter 605, Florida Statutes. The procedure for registration and formation of LLC is as follows:
Step#1: Hire a registered agent
According to 605.0113 Florida statutes, each limited liability company (LLC) as well as foreign LLC will need to designate a registered agent. The agent can be a foreign or domestic entity and should have the authorization for transacting business in the state of Florida. We would take this opportunity to share with you the fact that we are one of the Top Registered Agents in the state and have been responsible for over 11,494 company formations in Florida.
We are in compliance with all regulations in the State of Florida.
Step#2: Choose a Name
If you are planning to form a Florida business LLC then the first step is to identify a name for your business and to register it. In the state of Florida, you will be required to register a “fictitious name” if you have chosen any other type of business except an LLC or corporation. One of the important aspects to remember is that your business name needs to be unique and distinguishable.
There are certain factors that will make your name distinguishable like ensuring the business name has proper suffixes like Limited Liability Company, LLC, L.L.C, etc.
How would you know that the name chosen by you is unique? If it has already been registered by another business then your chosen name will get rejected. In such a scenario you can conduct a name search from here. You will need to register a unique business name with the Divisions of Corporations prior to starting your business in Florida.
Note: Business name is filed on a first come, first serve basis.
Step#3: Articles of Organization
LLC company formation in Florida is possible only when certain requirements are met. Once you have registered your business name, you will be required to fill and submit the “Articles of Organization (FL LLC)” form. It has to be filed with the Division of Corporations at the Tallahassee, FL office along with the filing fee.
You can select the ONLINE submission option or we can complete the entire procedure on your behalf.
In case, you have any questions, feel free to call us at 702-871-8678.
Florida Corporation Registration and Formation
If you are planning to form a Corporation in Florida then the procedure for registration and formation is as follows:
Step#1: Hire a registered agent
According to 605.0113 Florida statutes, each corporation will need to designate a registered agent. The agent could be a foreign or domestic entity and should have the authorization for transacting business in the state of Florida. We would take this opportunity to share with you the fact that we are one of the Top Registered Agents in the state and have been responsible for over 11,494 company formations in Florida.
We are in compliance with all regulations in the State of Florida.
Step#2: Choose a Name
If you are planning to form a Corporation in Florida, then the first step is to identify a name for your business and register it. In the state of Florida, you will be required to register a “fictitious name” if you have chosen any other type of business except a corporation or an LLC. One of the important aspects to remember is that your business name needs to be unique and distinguishable.
There are certain factors that will make your name distinguishable like ensuring the business name has proper suffixes like John’s Kitchen, Inc. or John’s Kitchen, LLC.
How would you know that the name chosen by you is unique? If it has already been registered by another business then your chosen name will get rejected. In this case, you can conduct a name search from here. You will need to register a unique business name with the Divisions of Corporations prior to starting your business in Florida.
Note: Business name is filed on a first come, first serve basis
Step#3: Articles of Incorporation
Once you have identified and filed a business name, it is time to register your business. In order to form a Corporation in Florida, you will be required to file “Articles of Incorporation” with the Division of Corporations along with the filing fee. The existence of your corporation will begin on the date the Articles of Incorporation is received and filed by Division of Corporations. We can file the form on your behalf as your registered agent in the state and provide you with certified copies of the registration.
You can select the ONLINE submission option or we can complete the entire procedure on your behalf.
If you have any questions regarding Florida incorporation or LLC formation, you can simply visit the Florida Business formation page.
Including Georgia State Initial Filing fee $100.00 and $89.00 fee for checking name availability,preparing Georgia state-approved Articles of incorporation, filing Articles with state, sending Articles to you.
See what’s included
$100.00 – Georgia State Initial Filing fee
$89.00 – Checking name availability, preparing state-approved Articles of incorporation, filing Articles with state, sending Articles or Certificate of incorporation to you.
Yearly Requirements and Fees for Georgia companies – Initial report is due within 90 days after the incorporation. The fee is $30. After the initial filing Georgia corporations will file and annual report each year between Jan 1st and April 1st. LLC’s also file annually with the initial filing due between Jan 1 st and April 1st of the year after formation.
702-871-8678
