Florida is known for many things, from its balmy climate and natural beauty to its intriguing history and unique position within the US from a geographical perspective.
Yet, Florida is often overlooked as a hub of commerce and industry. Yet there are lots of things about it that make it ideal for budding entrepreneurs, and here are just some of its selling points for aspiring business owners.
Favorable tax system
Compared to some other parts of the country, tax rates in Florida are at the lower end of the spectrum. There’s no tax on personal income or payroll, for example, and corporate tax is set at a rate of just 5.5 percent.
Access to talented team members
If you’re considering starting an LLC in Florida, you want to be sure that you’ll have plenty of choices when looking for employees to add to your workforce.
It’s good news in this regard as well because there are not only plenty of highly educated and talented people ready and willing to work for up-and-coming companies in Florida but there’s also more diversity in the labor market than you’ll find elsewhere.
This comes down to the fact that Florida is a true melting pot, attracting residents of all ages, demographics and backgrounds. So whether you want to launch a tech firm or get into construction, you’ll find the employees you need.
Excellent transport links
Getting around Florida and traveling further afield is a breeze, with literally hundreds of airports available for public use and commercial charters.
This is partly down to how important tourism is to the region, although it’s also an appealing side effect of the extensive public investment in aerospace operations in Florida that has happened over the decades.
Top-notch living standards
People want to be in Florida, and that’s not just propaganda, but a fact borne out by the statistics. The population is growing rapidly, and part of the reason that it’s so appealing is that the quality of life is high, while the costs of living are low.
Making a move to improve your health, increase your options for employment, and benefit from existing infrastructure makes sense. Florida boasts all three in spades, and these assets are just as important for business owners as they are for economic migrants and retirees.
Established industries
We’ve already touched on aerospace and aviation as successful examples of industries that thrive in Florida, but these aren’t the only areas with a proven track record in the state.
It’s also home to a blossoming finance industry, with more than 170 banks establishing headquarters in major cities such as Miami, as well as elsewhere across Florida. Almost a million people are employed in finance, and so that bodes well for startups that are seeking investment and associated services.
Healthcare and pharmaceutical research provide yet more evidence that Florida isn’t just about sun, sea, sand and the over-60s. It’s the second-largest producer of medical devices in the US, and hundreds of biotech firms have set down roots there.
Being part of Florida’s commercial scene makes sense for a lot of reasons, but you need to take your own requirements into account before you go ahead with the process of starting a business within its borders.
Lastly, don’t forget that companies with an established presence elsewhere in the country or the world can benefit from choosing Florida as a market to expand into, with incentives for outside investors offered.
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