There are hundreds of reasons why businesses are moving to Florida. From its tax codes to its weather and quality of life, the Sunshine State is becoming a hub for investors, shareholders, and business owners. With its warm temperatures and sunny skies, it's no wonder why many people choose Florida as their new home. The state also boasts some of the best restaurants, cultural attractions, and overall quality of life in the country.
Plus, its pristine beaches are a major draw for many. The COVID-19 pandemic has been a catalyst for many companies to move to Florida, but the momentum behind this movement has been building up for years. Miami is an international city due to decades of families who left problematic countries in Latin America and the Caribbean to make their homes in Miami. This diversity is one more reason why companies seek the Sunshine State.
The Florida Chamber of Commerce is encouraging employers to move to Florida with its new “Open for Business” campaign. Recent trends show that major employers and corporations are considering relocating employees and operations from expensive states such as New York and California to high-value locations with a low cost of living. Florida is a prime location to consider with its competitive offerings and favorable business and employment climate. Florida has no state income taxes and ranks fourth in the nation for its corporate tax climate.
Unlike New York, Illinois, and California, Florida currently ranks second in the nation for fiscal stability, resulting in an AAA rating for bonds. Plus, it offers an affordable cost of living and great climate, recreation, and culture. Many companies are choosing to expand or move to Florida because they see it as a destination that will attract workers and their families. Small businesses can benefit from tax advantages when they move to Florida.
Additionally, the state's education system has improved tremendously, and investments in infrastructure have created an environment built for the future. If your company operates cars or trucks, you should purchase a commercial vehicle policy and review Department of Transportation service hours rules for commercial fleets. He added that many people moving to the state come from high-tax states that don't have such a business-friendly environment, such as Connecticut and New Jersey, as well as New York, which recently announced plans to increase its income tax rates for its wealthiest residents. Companies are moving to Florida en masse and some of the country's brightest minds and most successful people are following suit. Both California and New York have expensive real estate and high electricity prices, and companies are expanding to states with lower costs to do business. From a business-friendly climate to superior infrastructure and a skilled workforce, it's no wonder why companies are expanding in Florida.
Florida represents the right combination of conditions that are attractive to business leaders looking to make a move. Due to different tax structures and other considerations that have long-term impacts, businesses and individuals planning to move should seek competent legal advice. But in many cases, businesses are moving to states like Texas and Florida because customers have mostly returned to normal life. If you're a small business owner in Florida looking for resources to help you move forward, here are some organizations you might want to learn more about.