Florida is known as the sunshine state, and millions of people flock there from around the world every year to take advantage of the gorgeous beaches, world-class theme parks and year-round warm weather.
What many tourists don’t realize is that Florida is also extremely business-friendly, and a first choice for many business owners who want to incorporate. The allure of incorporating in Florida is especially true for entrepreneurs from Central and South America, as Florida is renowned for its deep Latin culture and business connections.
If you’re considering Florida as a place to incorporate your business, here are five reasons why the Sunshine State may be the best home for your new enterprise:
Florida, which has no state income tax for individuals, and the corporate income tax rate is exceptionally low. According to the Florida Department of Revenue, the corporate income tax is only 5.5% as of 2023, and applies only to earnings generated inside of Florida. This low tax rate is a tremendous advantage, letting you keep more of your money. Even better, the state offers numerous tax incentives and credits for corporations, further reducing your corporate tax burden.
Florida’s numerous tax incentives are just the beginning of the extensive measures the state has taken to attract business. Many regulatory and filing requirements common in other states have been reduced or eliminated, and the state-run SunBiz website facilitates a simplified, easy-to-use filing of most corporate documents including articles of incorporation and annual reports.
With a sizable Latin population and strategic location close to Central America, Florida is perhaps the most accessible state for Latin entrepreneurs. Whether you’re from Cuba, Venezuela, Colombia, Mexico, Peru or any other Latin-American nation, Florida is a great choice for your new business. Many business resources are available in both Spanish and English, and the state’s location–just 70 miles north of Cuba and only a short flight from Mexico–make it an ideal spot for Latin entrepreneurs to set up shop. Florida is surrounded on three sides by water–with the Gulf of Mexico to the west and the Atlantic Ocean to the East–so it’s especially ideal for import and export businesses.
If your business is in the tourism and hospitality industry, you’ve likely already considered Florida for your base of operations. Orlando, located in the center of the state, is one of the top tourist destinations in the world, and many major hospitality companies maintain a presence or headquarters there. This high concentration of tourism businesses makes Orlando and Central Florida a destination for networking for hospitality professionals.
Like many states, Florida offers extensive protections for corporations and limited liability companies. Florida goes a step beyond, though. Under Florida statutes, debts and liabilities are the sole responsibility of the company; according to corporate attorney Kelly Roberts, this means the owners, shareholders and members of a corporation or LLC are not responsible for the business’s debts even if the company dissolves. This exemption is another example of the Sunshine State’s business-friendly environment.
The benefits of incorporating in Florida are many, and they can be very appealing, but it’s important to consult an experienced incorporation expert before launching your USA corporation. A knowledgeable incorporation professional can help with a comprehensive assessment of your specific business needs, industry requirements, financials and goals to help you select the right incorporation path. My USA Corporation has extensive experience, and you can get started online at any time.
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