HBO, Time Warner or NBC are three of the major companies that call New York home to their headquarters. Known for its status as a center of culture and finance, New York is the largest gateway for immigration in the US. With plenty of investment opportunities, a large range of business industries can be found within the State of New York making it attractive for future entrepreneurs.
Prosperous Business Climate
Its size, its economic power and the presence of many of the world’s leading companies make New York an attractive place to invest in. Ranked by Forbes as one of the 50 best states for business list, the state offers many Venture Capital investment opportunities and plenty of resources such as low-cost energy.
Despite the fact that the state implies high costs in areas concerning taxes, living and healthcare, it still remains one of the most popular state for incorporation and LLC formation. Over 54 of the world’s Fortune companies are headquartered in New York, the most of any other state. The major industries include clean technology, financial services, education, information and nanotechnology, ranking it 2nd in the nation in academic and development investment.
The 14th Largest Economy in the World
If New York were a country, its 1.2 trillion dollar economy would make it the 14th largest in the world. The state is one of the major agricultural producers, ranking among the top five states for agricultural products and is the nation’s third largest grape-producing state after California and Washington.
New York City is the leading center of banking, finance and communication and the largest business district in the US. Many of the world’s largest companies and the New York Stock Exchange are based in the city. Albany, Saratoga County and Hudson Valley are major centers of nanotechnology and integrated microchip circuit manufacturing, while the Rochester area is known for its photographic processing and imaging.
Creative and Highly Educated Workforce
The statewide public university system consists of 64 community colleges, technical colleges, undergraduate colleges and doctoral-granting institutions. The state is a leader in Tier One Universities in the United States annually forming and training highly educated multicultural workforce.
Both Columbia University and Cornell University are based in the state of New York making it the only state to contain more than one Ivy League school. Creative industries such as advertising, fashion or architecture account for a growing share of employment, New York City holding a strong competitive advantage.
Special Taxes for Startups
Except for sole-proprietorships, partnerships and S-Corps, every business in New York State must pay a flat corporate income tax of 7.1%. C-Corps are on for a double taxation. Also, New York is one of the five states in the US that require a disability insurance pay alongside employment taxation.
The most Preferred Destination for Tourists
Tourism plays a very important part in the state’s economy. Dating from the 17th century and being one of the original colonies New York ranks as the number one destination chosen by offshore tourists.
The 22 national parks and two major forest preserves, the Wall Street area, the high lifestyle of Manhattan residents, the numerous museums and art centers or the numerous conglomerates of sky towers attract millions of international visitors each year.
When investing in a foreign state you must take note of any opportunity your business could profit from. Investing in New York holds more advantages than disadvantages due to its business-friendly climate, its highly educated workforce and its wide range of industries.
Therefore, if you are ready to incorporate your business in New York with an experienced and professional incorporating company.