One of the reasons for Florida's business growth may be its attractive tax climate. According to the Tax Institute, Florida ranks No. Entrepreneurs also report that they have sufficient access to capital to start and grow their businesses in Florida. The state is home to significant investment capital from venture capitalists and angel investors.
According to the Florida Economic Development Council, aerospace and aviation, life sciences, manufacturing, security and information technology are currently the strongest segments of the state's economy. When starting your business, consult with local, county, and state officials to understand your specific obligations under Florida law. But what makes Florida so good? Big cities like Miami and Orlando, an impressive college system, and low taxes mean that the Sunshine State is full of opportunities for smart business owners. The Governor and the Florida Legislature support innovative public policies to encourage research and development of new products, Sowell says.
It's no surprise that companies like Publix, Office Depot, and Darden Restaurants choose to call Florida home. For more information on the process of creating a business in Florida, visit the state's Division of Library and Information Services website. Finally, South Florida's proximity to Central and South America and the Caribbean makes it an international business center. The Florida Department of Economic Opportunity is a government agency that can help you recruit employees and find incentive programs and tax credit.
News ranked Florida's economy eighth in the nation based on its growth, jobs and business environment. Florida does not require businesses to have commercial liability insurance, although it is advisable to have some insurance to protect their assets. Daniel DigiAimo, CEO of Baker Street Funding, moved his company from New York City to Florida specifically to reduce its tax burden. To start a business in Florida, you must first consult with the State Department of Business Professional Regulation %26 and your county tax collector to determine if your business requires a license.
Basic necessities, such as food and medicine, and business expenses, such as new machinery and equipment, are exempt from sales tax, and Florida has a sales tax holiday in August, when families shop back to school. In spring and summer, when the weather is more pleasant in the northern states, fewer tourists and snowbirds spend their time and money in Florida. Florida has long been an attractive state for tax-conscious individuals and families because it doesn't have an individual income tax.