People are moving their businesses to Florida now more than ever before. And the best part? Florida is poised to keep growing. Florida has seen the highest influx of new residents over the last decade. As a result, it has had a population increase of 14.6% – double the overall U.S. population growth rate.
Florida is becoming a hotspot for business in the financial and banking industry. Small business and large corporations are moving their ventures to Florida for a few reasons. Here are five reasons you might consider moving your business to Florida:
Tax Benefits: Florida has zero state income tax and no corporate income tax. Businesses in the state pay less in taxes than anywhere else in the United States. The tax laws throughout the state have always attracted entrepreneurs, innovators, and industry leaders. With less income going to the government in taxes, there is more capital to fuel further investment in other ventures and enterprises.
The standard corporate tax rate in Florida is 5.5%. Many small businesses are set up as S-corporations which have the same legal protections as a C-corporation but are exempt from the state’s corporate tax. LLCs are classed as partnerships or disregarded companies for tax reasons. Because an LLC is not a corporation, they do not have to pay state income tax in Florida.
Sole proprietorships are like partnerships. The business income is allocated to a single individual – the business owner – rather than to partners. This money is treated like regular personal income, and the business owner is taxed at ordinary income tax rates. Lastly, profits from a partnership are allocated to the partners. They pay standard income tax rates on that money.
Florida’s tax benefits can result in significant savings for businesses, especially those with higher profits.
Business-Friendly Environment: Pro-business policies and a streamlined regulatory environment make Florida a great place to build your business. The state offers incentives to attract all types of businesses. In addition, state and county officials are working with business leaders to help acclimate to the state and maximize the opportunities in their area.
Florida has a low cost of living, and its workers earn more. As a result, salaries increased in the state by 9.7% from December 2020 to December 2021. As a result, the job market in the state is booming!
Access to markets: Are you looking for accessibility to domestic and international markets? Look no further than Southwest Florida. Located in what is referred to as the crossroads of major trade routes, I-75 bisects the region from north to south; five deep-water ports are all within a day’s drive, and goods move easily in and out by air, land, sea, and rail. This makes shipping goods to the Americas, Europe, and Asia easy. In addition, new facilities are springing to life in the three counties that make up this region to support logistics and distribution.
Skilled Workforce: Highly skilled technology, healthcare, and finance workers make up the state’s large and diverse workforce. Florida is also home to multiple top universities and colleges from which businesses can recruit. And workforce development programs are expanding to build qualified workers with skills that match today’s modern economy.
Quality of life: It’s no secret that Florida is home to one of the best climates in the United States. With sunshine and an average annual temperature of 70.7° F, it makes almost every day a beach day. The state boasts the nation’s best restaurants, cultural attractions, and pristine beaches. With 8,436 miles of coastline, there is no lack of recreational activities. The coastline is perfect for homes, agriculture, industry, tourism, or other businesses.
There are numerous reasons why Florida is becoming a hub for business owners and entrepreneurs. First, it has low tax rates and a pro-business climate. The state offers an innovative public policy that encourages research and development of new products. Finally, the state’s large, culturally, and linguistically diverse workforce supports this.
The growth and new business stats demonstrate that the state has created a winning formula for business attraction. As a result, Florida is beginning an era of enormous prosperity from the upward-trending economy, thriving entrepreneurial ecosystem, and excellent quality of life.
If you are looking for a home for your business, Concierge Executive Offices would love to have you. We have virtual office programs, private conference, and meeting rooms, and our prestigious private executive office suites to suit your business needs. We are conveniently located near Naples Airport (NAP) and Southwest Florida International Airport (RSW). In addition, you and your clients will enjoy taking a break from business by shopping in the high-end Mercato Shopping District and dining in Old Towne Naples.
Southwest Florida welcomes you and your business. Contact CEO for a place to call “home” today.