Florida is a great place to do business, and we have the numbers to prove it. Widely recognized publications and think tanks consistently cite Florida’s business climate among the nation’s best.
In 2020, TaxFoundation.org ranked Florida’s tax climate No. 1 in the Southeast and No. 4 nationwide for the fifth year in a row, and Chief Executive magazine named Florida the No. 2 Best State for Business for the ninth consecutive year. Florida gets high marks for its support of brand-new business owners too. Florida ranked No. 2 on Forbes’ 2019 “The 10 Best States for Entrepreneurs” list. Additionally, the website WalletHub tagged Florida No. 3 for highest average growth in its number of small businesses statewide and No. 6 among its “10 Best States for starting a Business” based on overall business environment, access to resources and business costs.
And here’s more good news: Women entrepreneurs are especially likely to prosper in Florida. According to the 2019 American Express “State of Women-Owned Businesses Report,” Florida ranked No. 3 nationwide for growth in the number of women-owned firms. In addition, Jacksonville and Miami tied for 8th place on the report’s list of metropolitan areas nationwide where women-owned businesses flourished between 2014 and 2019. And in its ranking of the top 20 best cities for women to start a business, the website Business.org singled out Orlando (No. 2), Jacksonville (No. 8), Miami (No. 10) and Tampa (No. 11).
These accolades and more didn’t come by chance. Florida has worked hard to earn them and to establish its position as an economic development leader. So, while you may know this state as America’s best vacation destination, it’s also a business powerhouse. What better time to get to know the business advantages that make Florida the right place than now? Your company’s future is at stake.
Florida’s government and economic development leaders are continually at work to ensure that this state’s business climate remains favorable to companies of all sizes and configuration — from multinational corporate headquarters with hundreds of employees to business startups with just two or three. To that end, thousands of burdensome regulations have been cut across the board.
BUSINESS-FRIENDLY Tax Structure
Business dollars go further in Florida for two reasons: low corporate taxes and zero personal income tax. And thanks to Florida’s history of responsible spending decisions over many years, this state has earned the highest available bond rating — AAA. So not only do businesses thrive in Florida, so do their employees who pay no personal income tax on their earnings.
Regulatory agencies and local governments across Florida stand ready to provide quicker, less costly and more predictable permitting processes, helping to fuel an atmosphere of certainty, predictability and efficiency from the top down.
With a wealth of people and resources at the ready, business owners in Florida never have to go it alone. Opportunities available for collaboration include: one-on-one counseling at more than 40 Small Business Development Centers; low-cost space and business services at dozens of high-tech incubators, accelerators and university-based research parks; customized workforce training; and ready access to funding through venture capital companies, financial institutions and federal and state programs.