RE/MAX@ Realty Group / Commercial Real Estate & Development

Florida's Business Advantages

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Cost of Living

 The cost of living in Florida is slightly higher than the U.S. average across the board, but it remains more affordable than other major economic hubs in the country. This means entrepreneurs can plug into a humming business landscape at a reasonable cost, though housing and transportation costs are somewhat pronounced. 

 There is significant fluctuation of prices based on locality, of course. For example, Miami tends to be more expensive than other major metropolitan areas in the state, such as Jacksonville or Tampa Bay. For businesses with physical locations, real estate costs, in particular, vary widely, so it's important to research local markets. 

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Low Taxes

 Florida is generally known as a state with an overall low tax burden. It is one of seven states in the U.S. that doesn't have a personal income tax, making it a highly attractive state for pass-through entities, such as LLCs. The state sales tax is middle of the road on taxes for rented or purchased goods at 6%. That excludes such necessities as groceries and medicines. Corporations in Florida must file a corporate income tax return, but at a low top rate of 5.5%.

Florida doesn't have a state income tax or some of the other business taxes found in other states.

Some business owners are uprooting their businesses to move into Florida due to the tax advantages. 

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Access to Capital

 Entrepreneurs also report sufficient access to capital for starting and growing their business in Florida. In addition to more the 150 banks across the state, Florida is home to significant amounts of investment capital from venture capitalists and angel investors, some business owners report.

The stable business environment in Florida makes business here ripe for investment.  Also, the walls of access to large markets have been broken down by technology.

In recent years, investors have turned their eyes to the Sunshine State. Today, Florida is home to several economic hubs considered to be incubators of innovation and startups.

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Business Climate

 You can have peace-of-mind when you locate your business in Florida. The state’s favorable business tax structure, government policies and competitive costs make planning for future growth easy. Florida consistently ranks among the best states for business, thanks to its pro-business state tax policies, competitive cost of doing business and streamlined regulatory environment. The state is proud of its welcoming business climate and competitive advantages. 

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Infrastructure

 Florida has one of the world’s most extensive multi-modal transportation systems, featuring international airports, deep-water shipping ports, extensive highway and rail networks and multiple hubs that allow for high-speed data transmission from around the U.S. to Europe, Latin America and Africa.

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Workforce

 Florida’s talented and diverse 9.5 million workers can exceed the expectations of even the most demanding employers. Not surprisingly, Florida’s talent pipeline is consistently ranked among the best in the nation. Much credit for the excellent skills of the Florida workforce can be given to the state’s excellent educational institutions and unique workforce training programs 

The low unemployment rate in Florida is an indicator of its strong economic performance. However, in an employee's labor market, it can be difficult to retain existing talent, as companies are prepared to offer lucrative compensation packages to lure in the best candidates.

While there are several top universities in Florida from which businesses can easily recruit, high salaries and wages, attractive benefits packages, and perks. Businesses should be prepared to compete to secure the most skilled or experienced employees in their industry.

 Florida's current minimum wage rate is $8.46, as of January 2019. Florida labor laws do not say anything about overtime payment requirements. There are no Florida laws requiring employers to provide employees with severance pay if someone is let go. There are also no state laws requiring employers to provide employees with vacation benefits or sick leave, either paid or unpaid.