Florida’s population has grown by nearly 15 percent in the last decade, and the pandemic has only accelerated it. Famous for its eternal sunshine, attractive housing prices, and no personal income tax, the state is drawing people in like never before.
Businesses, too, are drawn to the tax incentives the state offers, as well as the ability to keep operating in other states. Miami, in particular, has gained national attention as it works overtime to attract tech talent and start-up companies. Its long-standing low-tax and low regulation advantages are being used to entice tech companies to make the move to South Florida.
If your business is considering relocating to the Miami area, here are some ways your company, your employees, and their families will benefit.
Sunshine, Blue Skies, The Living’s Easy
Did we mention Miami’s incredible climate? It also has beautiful beaches, cultural diversity, and upward mobility. And Florida’s transportation structure is among the best and safest in the country, with Miami’s elevated Metrorail and Metromover train systems making vehicle-less commuting an attractive perk of living here. MIA has regular direct flights to all relevant markets and while Florida has a hurricane season that lasts from June through November, the people who live here take it in stride, much like Californians who live with the risk of earthquakes.
Attractive Tax Rates and Incentives
The Federal Tax Reform Act of 2018 increased South Florida’s competitive advantage and has boosted the state’s overall economy. Florida’s corporate tax rate is a low 5.5 percent, and there are no payroll taxes. Those incentives are appealing to established businesses looking to leave high-tax areas but can also represent a real game-changer for start-ups. Those who work here appreciate that there’s no state income tax, and the sales tax is lower than other parts of the country.
Is Miami The Next Tech Hot Spot?
If Miami’s current mayor, Francis Suarez, has his way, Miami will soon be the country’s newest tech hub. Locally-based tech firms recently got a huge shot in the arm with a $100 million initiative designed to help established and relocating businesses fund new ventures. The city also plans to hire a technology officer to provide what the mayor calls concierge services to companies who move to the area.
Employees are also influencing the shift to Miami. Moelis & Company, a leading global independent investment bank, is exploring opening or expanding offices to Miami based on employee requests.
Of course, tech companies are not the only relocating businesses coming to South Florida. The area is also attracting law, property management, and real estate firms as well as other small businesses. Whatever your organization’s business or industry, when you need an IT provider, you can count on Virtuworks to deliver. For more than 20 years, we’ve helped Miami area enterprises remain secure in an increasingly complex digital environment.
As an Azure expert managed service provider, we provide business and technology consulting that helps companies assess digital deficiencies and create action plans to keep them competitive in today’s marketplace. Right now, we’re offering /any business relocating into South Florida several incentives of our own. To learn more, contact us online today or call us at 888.484.7881 to schedule a consultation.