If you’ve decided to incorporate your dream business in the U.S., but you don’t know which American state suits you best, perhaps you should take a look at the Sunshine State. Florida’s diverse and advanced economy makes it a popular state for incorporations and LLC formations.
Florida is the World’s #1 Travel Destination
Almost 87 billion annual visitors choose Florida as their recreational destination. The state’s arts, history and culture offer an excellent range of touristic activities. Tourism is one of the major industries within the state, acquiring revenues of about $57 billion each year and having an enormous impact on Florida’s economy.
The Nation’s Fastest Growing State
After California and Texas, Florida is among the fastest growing US states. Over 300 000 people move here annually, while 90% of Florida’s population is concentrated on the coastal areas. The Census Bureau predicts a population of 11 million Florida residents in the next 25 years, mostly retired citizens. Therefore, this is one of the main reasons why Real Estates situated on the Atlantic Coast and Southeastern area are significantly high.
A Promising Business Environment
Apart the strong tourism market, Florida’s industry is focused on the professional and business sector. The state is a highly attractive place for high-tech businesses, as it is one of the several US states that provide exemptions for business-to-business software sales. Moreover, there is a big demand in renting qualitative real estates in several select areas of the country.
One of the Most “Business-Friendly” States in the USA
The country attracts a strong foreign direct investment by non US-corporations aiming to reach emerging markets such as the Caribbeans or Latin America, aside the well-developed American market. About 40% of all US exports pass through the state of Florida. The big concentration of workforce, corporate and financial resources, but also the strategic geographical position make Florida one of the best states to start a new business.
Affordable Costs of Living & Company Formation
Florida is known for its accessible taxes. There is no personal income tax required for both individuals and corporations, and the corporate income tax is about 5.5%. Therefore, international entrepreneurs invest here significant amounts of money annually. They develop successful startups because the purchasing process and financial assistance are simpler than in most American states.
A Strong and Growing Economy
The country owns one of the most diverse and advanced national economies. Tourism and trade are the major industries which help the economy grow constantly. In the south-east, Florida is a leader in farming, producing 75% of the USA’s oranges. Other industries the country excels in are aerospace, transportation, healthcare, construction and the real estate sector.
The 240 sunny days a year attract annually new entrepreneurs willing to live the American dream. The weather the lifestyle, the low taxes, the growing industry and the high concentration of population make Florida not only a business-friendly environment, but also an ideal vacation destination.
For more information on how to build a successful startup in Florida and what are the required filings for setting up the incorporation process, feel free to contact Inc. Plan.