The recent trend of major corporations moving to Miami, South Florida might have perked your interest. You could be wondering what Miami offers to the companies moving from other major cities like New York. Read on to find out why they are making this leap.
Lower tax rates
We all love lower taxes because they mean more money in the pocket. Unlike other cities, Miami has low corporate taxes and no personal state income tax. South Florida also has no intangibles or inheritance tax. Major companies and individuals are recognizing this and moving to Miami to take advantage.
Favorable real estate prices
South Florida has had one of the lower real estate prices relative to other major cities for residential and commercial properties. Companies are looking for cheaper rental spaces. Low real estate prices are driving major companies to move to South Florida to take advantage. Some real estate companies even provide discounts to individuals who relocate with their families. Office spaces are considerably cheaper in South Florida compared to other states and their major cities such as California and New York.
South Florida’s population is increasing. This could be due to more employment opportunities created by firms relocating to this area. Miami also has some of the best hotels and tourist attractions that could be drawing more people and major companies to the area.
Ideal for startup and international businesses
Miami was listed as the top city where startup businesses can thrive. This perked the interest of major investors who probably thought it best to shift their businesses to South Florida. The mayor of Miami also offers great business incentives, which support businesses in this city.
Miami is close to Latin America and can provide opportunities to conduct international trade. Huge companies might shift from other cities to look for opportunities.
Diverse work culture and favorable weather conditions
South Florida is a better alternative for major companies previously affected by adverse weather conditions. Miami also presents a diverse work culture that might promote both employee and business growth.
The lack of personal state income tax could mean more disposable income that you can use to invest in real estate or construction projects. You could purchase property and invest in interior remodeling services for your family unit.
People are investing in commercial property and interior renovations. Investors are taking advantage of the population increase to invest in construction projects for commercial and residential use. A reliable general contractor can advise you on the most suitable choice with budget costs and estimates provided.
You can use the incentives provided to expand your business and make more profits. From these profits, you can further expand your business by establishing more branches in the city.
South Florida is becoming a business hub due to the relocation of major companies. Favorable policy, international business opportunities, and increased population could be the reason behind this major shift. If you require more information, reach out to us today.