With a population of over 38 million residents and 3rd largest U.S. state area, California is the largest, richest and most diverse economy in The United States. National and global leader in numerous economic sectors, the state is the nation’s fastest growing economy with high life quality standards.
Here are some reasons why incorporating in California will develop into a profitable investment:
Leader in innovation and intellectual capital
The Golden State leads the nation in innovative concepts. Locals have a strong need to express themselves and new ideas are a natural part of their everyday life. Throughout its high educational system and job training, the state supports creativity and produces highly skilled labor force.
Home to the highest concentration of engineers, scientists, mathematicians and the best technicians in the U.S., California has a well-implemented educational system with over 2.5 million students enrolling annually in 250 colleges and universities.
High-Tech innovation perspectives
This western American state’s economy is powered mostly by technology innovations and leads the nation in several strategic high-tech industry segments. Almost 1 million high-tech Californians work in the computer system design sector, telecommunications sector, research and development domain and provide engineering services.
Access to financial resources
Most of Fortune’s 500 companies have their headquarters in California. Companies in this state receive a percentage of the nation’s venture capital invested in the U.S. The top sectors receiving venture capital funding are telecommunications, software, biotechnology, medical devices and semiconductors. Also, the state has various commercial bank assets thus being a major center for leading venture, banking investments and private equity companies.
The California Gold Rush which started in 1848, caused dramatic social and demographic changes, with large-scale immigration from across the U.S and abroad, that led to an economic boom. With over 38 million Californians, at present, the population keeps increasing substantially in size and diversity. This aspect attracts foreign investment which provides employment for the states’ high-skilled workers.
The top invested countries are Japan, the United Kingdom and the Netherlands providing foreign affiliate employment accounts. California has the largest concentrations of foreign banks, foreign consulates and bi-national chambers of commerce across the entire U.S., and the California Business Investment Services assist companies and investors interested in hiring the local residents.
Furthermore, California’s foreign trade zones allow import of foreign or domestic merchandises without formal customs fees or government excise taxes.
Californians are envied for their lifestyles
The state’s residents enjoy a high quality lifestyle due to the well-based health system providing the highest life expectancy. The most desirable state to live in as it was called, is home to over 1000 golf courses, snow resorts, millions of miles of national forests, wilderness areas, state parks, the coastline and numerous wineries.
Incorporating in any of the American States has its advantages and disadvantages, but investments in California have many more advantages and opportunities for starting and developing a successful business abroad. For more advice on incorporating in The Golden State feel free to contact us.