Tuesday, October 15, 2013
South Florida is an exceptional part of Florida. Why? Well, it is the only part of continental America that has a tropical climate. Though this article focuses not on its blissful beaches but on why it is a great place to start a business. Why do so many dynamic entrepreneurs like Issa Asad see South Florida as the place where their business can flourish?
A friendly tax man
Florida collects no state income tax – South Florida, Central Florida and North Florida all benefit from this policy that makes the sunshine state an attractive place for individuals and companies. Add to this that the Florida corporate rate tax is currently set at 5.5 % – at the low end of the American scale – and you have a fertile environment.
Regulations are relatively friendly
Businesses operating in the northern parts of the United States like New York, Boston and Connecticut have to follow more regulations than their corporate cousins in South Florida. Costs attached to following rigid regulations can be high; business startups want to plough their capital into setup and development costs, not regulatory costs.
Topnotch public schools
No company exists in a vacuum; it is part of a larger community. South Florida offers a solid public school system that is continually well funded. Not only is this an important feature for families of business owners but it indicates the high quality of employees that are available for hire in South Florida.
The state of Florida boasts a stable financial status that forms a strong base on which a small or large business can stand. The budget is cleanly balanced, the state holds no debt and its bond rating is stable and strong. The value of homes is rising in South Florida, even as they remain static in many pockets of America.
The Lab Miami
South Florida offers outstanding resources for business people who have set up a business or are thinking about doing so. The Lab Miami, for example, has been set up to work with entrepreneurs and the business community to help them make South Florida work for their business. That such an impressive resource exists in Miami speaks to the focused efforts of South Florida to attract and nurture strong businesses.
Businesses flourish through networking within their larger community: South Florida offers outstanding institutions through which important interactions take place, like the Greater Miami Chamber of Commerce and the Beacon Council.
The big picture
South Florida can be said to have it all, when it comes to the conditions that are known to be positive for setting up a business that makes it. Tax policies, solid institutional support for business, public schools that are well-funded, and a fiscal health that is the envy of much of America. This is to say nothing of the tropical climate.
If you are thinking about setting up a business in South Florida, do your research. You’ll be pleased with what you discover.