Florida offers business advantages like tax incentives, talent pools, innovation hubs, and prime location. The state provides financial benefits through no personal income tax, no corporate income tax on some businesses, and no property tax on inventories. Additional savings come from lower overall taxes, reasonable living costs, and various business incentives.
With young professionals moving to cities like Miami, businesses access eager workforces. Major investments in industries like aerospace, biotech, and healthcare established Florida as an innovation center. Companies also avoid winter disruptions and related costs.
The tourism, real estate, construction, and hospitality sectors thrive in Florida. For example, the state’s beaches, cities, and attractions produce steady hospitality demand. Population and development growth continuously drive real estate and construction needs.
Florida state law requires all employers to report newly hired or rehired employees to the state board within 20 days of their start date.
As it turns out, one of the best places for businesses to start or relocate is Florida. When you think of Florida, you might think of warm weather, a vibrant culture, and beautiful beaches. The Sunshine State has all of that and more. According to Kauffman Indicators of Entrepreneurship, Florida had the highest rate of new entrepreneurs among all states in 2019, and a startup early survival rate of nearly 78 percent.
Additionally, Florida’s network of 15 deep-water seaports support nearly 900,000 jobs across the state and contribute $117.6 billion to the economy each year. "These jobs and the economic impact are critical to the state, but also at local and regional levels," Sowell says.
The Sunshine State offers numerous benefits to those looking to start a business, including a supportive business climate, a robust economy, and an attractive quality of life.
Attractive Tax Structure
One of the key reasons Florida is a popular choice for business owners is its favorable tax structure. The state has no personal income tax, and the corporate tax rate is a mere 5.5%. Additionally, the process of obtaining a Florida federal tax ID number is straightforward, making it easier for new businesses to get up and running. This tax climate fosters growth, allowing businesses to thrive and focus on their core operations.
Diverse and Growing Economy
Florida is a relatively easy state to start a business in. The state has a number of resources available to help entrepreneurs, including a Small Business Development Center (SBDC) in each county. The SBDC can provide free or low-cost counseling and training to help you develop a business plan, obtain financing, and market your business.
What business is booming in Florida?
Florida offers talent pools, prime location, tax incentives, and innovation hubs.
The tourism, real estate, construction, and hospitality sectors thrive in Florida. Population and development growth drive real estate and construction continuously.
Florida has a 5.5 percent corporate tax rate and no personal income tax or payroll taxes. With its infrastructure, Florida can be fertile ground for emerging industries and new businesses leaving high-tax states.