Are you planning to move your business to South Florida? Well, the migration of many large multinational companies to South Florida is full-on in play due to the adoption of the new work-from-home policy. On top of this, the affordable tax and friendly business environment serve as a real magnet.
Companies are no longer tied to larger hubs like New York City and Silicon Valley to conduct their business. They can work in the new technology hotspot while enjoying its sunny climate. However, to ensure you are making an informed decision, know about the 5 important things about Florida!
Important Things to Consider Before Moving the Business to South Florida?
Over the last decade, Florida has noticed a high influx of population, which doubles the overall growth rate of the US population. Moreover, after the emergence of the work-from-home policy now, business and their employees understand it is possible to carry out their work virtually from any part of the world.
So, companies to enjoy the business advantage of South Florida are moving their operation. However, before doing so, consider these 5 things covering the positives and negatives of locating a business in South Florida.
- Welcoming Business Environment
South Florida promotes a welcoming business environment. Their tax rates are highly reasonable, including 5.5% corporate income tax, no estate/ inheritance/ gift tax, and no personal income tax. Additionally, there are multiple tourist cities and centers in the state, thus having enough opportunity for earning business revenue.
Apart from this, the low cost of living in Florida increases your spending power per dollar, thus boosting your sale due to low goods and service costs. Not to mention, South Florida has amazing weather, i.e., warm and appealing around the year.
- Affordable Office Rent
Even though there has been a huge influx of companies in the state, it has still managed to keep the rent for commercial and industrial establishments less. Thus, companies are able to save millions of dollars they would have spent on rent.
- Increasing Corporate Presence
Florida is building itself into a business powerhouse by giving companies the required comfort to move and limiting the potential risks. Corporations are also interested in moving to this state because of easy access to talent.
This state hosts several top universities and provides an abundant skilled workforce and an affordable cost of living. On top of this, pioneering companies showing successful relocation rate is giving businesses the required confidence.
- Possible Isolation
Many established business centers fear losing the competitive edge and the amount of productivity over the rate race for sunny Florida. However, an important thing to consider here is even when they relocate, they still maintain their presence in the origin city.
- Culture Shock
There is a possibility of experiencing a dramatic difference in the behavior and practice of the new state. Also, the politics and standard of politeness may affect the working environment for a while. However, with patience, one will be able to overcome it easily.
The traffic in this state has worsened by increased tourism and the abundance of stadiums or sports arenas. Some also complain that the weather is humid and unpredictable, but it solely depends on one’s comfort.
Overall, South Florida has many things to offer to businesses that can help them flourish. This is why Florida is becoming a hotspot for financial success. However, one must always be aware of its attached downsides.
So, read this piece and if you plan to move your business to South Florida, take the help of an off-site HR team. It will ensure a smooth transition. Contact us for professional assistance. We can help overcome your every business challenge. Also, check out our blogs if you are interested in similar topics.
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