Florida ranks among the best states for business and entrepreneurs because of its pro-business state tax policies and competitive cost of doing business. The state is proud of its competitive and targeted financial advantages.
Competitive Cost of Doing Business: Florida offers a cost-efficient alternative to other competitive high-tech states. Put simply, land, labor, and capital are more affordable in Florida than in California, New York, or Texas. In addition, for businesses in certain targeted industries, the state offers additional incentives. Businesses looking for workforce training, road infrastructure or specialized locations, may also qualify for specific incentive programs.
Pro-Business Tax Structure: Business dollars go a lot farther here given Florida's limited corporate taxes and no personal income tax. Thanks to a history of responsible spending decisions and high financial reserves, Florida has earned a AAA bond rating – the highest available – while enjoying this low-tax climate. Businesses thrive in this low-tax environment and employees enjoy the benefit of no personal income tax.
Smart Laws: Tort reform has been a priority for Florida’s business-friendly leaders. Some of their most recent successes include the elimination of joint and several liability, rate reductions for workers compensation insurance, and class-action suit reform.
Expedited Permitting: Florida understands that businesses need certainty, predictability and efficiency in government regulations. The state's regulatory agencies and local governments provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards.
Available Resources: For entrepreneurs and growing businesses, Florida offers access to capital from private, federal and other sources and has implemented other initiatives, such as the Florida Opportunity Fund, to stimulate capital formation in the state. Strategic business support is also available from the numerous entrepreneurship centers around the state.