The number of employers shifting their business to Florida is increasing each day. Moreover, Florida welcomes them with open arms by providing everything they need to settle in. In fact, reports say Florida has become the top destination of employers and workers working at the traditional business hub, i.e., Silicon Valley, New York City, and Los Angeles.
However, the question is, why are so many people moving to Florida, and what are the reasons for their business relocation? Find your answer in the next section.
What Are the Top Reasons Making Employers Shift Their Businesses to Florida?
Here are some of the best reasons why employers find Florida to be the ideal place to shift their businesses –
- Location with Great Opportunities
Florida ranks highly when finding the best environment for growing a company because of its benefitting business policy and streamlined regulatory terms. In fact, the state has an incentive structure for all businesses, from corporate headquarters to manufacturing plants and firms.
In addition, its excellent connectivity to various business hubs makes it easy for entrepreneurs to carry out operations. It has 16 international passenger service airports and multiple new transportation developments.
- Best Quality of Life
One thing that no one can deny is that Florida has the best climate, with the sun shining almost all year. This, when combined with the newly adopted work-from-home policy for workers, they get enough opportunity to enjoy sunny beach days all year round.
In addition, the state also boasts about its cultural attractions, best restaurants, and overall quality of living. Not to mention, Florida is largely invested in creating an environment for the future.
- Most Business-Friendly Tax Structure
One main reason businesses plan their relocation to Florida is its favorable tax rates. It is the only one in the nine states that do not have any tax on gifts, inheritance, and intangible personal property. Also, there is no income tax, and only 5.5% tax is applicable on corporate incomes, which is a huge game changer for businesses.
So now, when employers and workers are no longer tied to physically work in the traditional technology hubs, they are moving forward to enjoy the tax benefits.
- Florida’s Affordability
The state of Florida is experiencing a great influx in the real estate market. Moreover, the demand for new housing and office development has also increased. Thus, increasing the commercial and residential land sale prices. However, it is still lower than in many northern states and California. This adds to the benefits of an entrepreneur running a business.
- Florida is Self-investing
Regarding economic growth, Florida is working on it by investing in itself. It has improved its education system and worked immensely in the state’s infrastructure over the last decade. It has provided better funding to local schools and improved the education curriculum.
The new broadband infrastructure ensures high-speed internet connectivity among citizens. Moreover, the workforce development program has strengthened the pipeline of qualified workers.
In addition, the public and commercial airports, rail systems, and deep-water seaports indicate highly developed infrastructure. These are geared toward serving multiple industries.
The upward stat of business establishment and growth shows that the state has a winning formula for carrying a successful business. The upward trending economy, excellent quality of living, and thriving entrepreneurial ecosystem all are adding to the reasons to shift one’s business to Florida.
So, if you too plan to move your business to this state, take professional help handling business challenges and smooth transition. Book a consultation with us now. We can help you with HR support and services.
Also, if you are interested in learning more about this topic, check out our blog section. You can find updates about business, entrepreneurship, and management.
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