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April 22, 2018

Top 10 Reasons to do Business in Florida

5. Business Climate

Janet Ware | 9/21/2010

Florida consistently ranks among the nation's best states for business and entrepreneurs because of its pro-business fiscal policies and targeted financial incentives that promote innovation. Consider these advantages:

Competitive cost: Land, labor and capital are more affordable in Florida than in most comparable states. Businesses in certain targeted industries as well as companies looking for workforce training and road improvements may qualify for specific incentive programs. Specialized, site-specific incentives may be available to businesses that elect to locate in rural and urban Enterprise Zones or on Brownfield sites.

Pro-business tax structure: Business dollars go further in Florida because of limited corporate taxes and no personal income tax. In addition, Florida imposes no property tax on business inventories or goods-in-transit (up to 180 days) and no sales/use tax on goods manufactured or produced in Florida for export outside the state. Sales and use tax exemptions also are available for specific industries and circumstances; for example, machinery and equipment used predominately in research and development is exempt as is electricity used in manufacturing.

Expedited permitting: Because Florida understands the importance businesses place on certainty, predictability and efficiency in government regulations, the state's regulatory agencies and local governments continually work to provide quicker, less costly and more predictable permitting processes for significant economic development projects while maintaining high environmental standards.

Available resources: Florida offers access to capital from a variety of private sources, including venture capital companies and financial institutions, as well as publicly funded federal and state programs. A newly launched pilot program of the Florida Economic Gardening Institute provides resources and tools for second-stage growth companies seeking to penetrate new markets and refine their business models.

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