Competing in today’s international market can present a lot of challenges. Establishing your business in a strategic location is the first step towards overcoming these challenges. Florida offers an excellent hub for business thanks to its business-friendly environment. Florida understands the needs of every business and has capitalized on this to create a suitable location for business. But, do you know what are the 5 Reasons to Do Business in Florida?
“Florida’s industries are rising every day, especially the technology and telecommunications industry,” said Issa Asad, an entrepreneur in the South Florida area since 1996. Mr, Asad is also a bestselling author of four e-books and the CEO of two companies located in Dania Beach, Florida: Q Link Wireless, LLC, and Quadrant Holdings, LLC.
Mr. Asad has outlined various reasons why you need to invest in Florida.
Here are some of the 5 reasons to do business in Florida.
Friendly Business Environment
Florida boasts business-friendly legislation and a huge market which can help companies to achieve their growth goals with ease. Florida also features among the top states for business due to its pro-business tax policies, streamlined regulatory environment and competitive cost of doing business. Florida’s government has come up with legislative, fiscal and market initiatives, like targeted industry incentives, insurance tort reform and many more.
Land, capital and labor are more affordable in Florida compared to states, such as California and New York. Businesses thrive in a low-tax environment characterized by tax exemptions, no personal income tax and other tax advantages. Florida’s regulatory agencies provide quicker and less costly permitting processes for economic development projects. Businesses can access capital from state, federal and private sources.
Florida boasts one of the most extensive multimodal transportation systems in the world, featuring international airports, extensive rail and highway networks, deep-water shipping ports and hubs that allow for ultra-speed data transmission from the United States to Africa, Europe and Latin America.
Florida is connected to the globe in every possible way, making it a true hub for business. It features among the world’s top five telecom hubs thanks to the Miami’s Network Access Point which is the main switching station for high speed networks to and from America. Also it has faster and widely available wireless network. Issa Asad also mentions Florida’s strong trade and cultural connections with Latin America as another factor that makes it ideal for business.
Global Trade Center
Florida is host to hemispheric and regional headquarters of many companies from across the globe, a vibrant global banking hub and a diplomatic center with a Consular Corps of over 80 nations. A number of global companies base their warehousing, manufacturing and distribution facilities in Florida to capitalize on its easy access to international markets. Florida leads in attracting foreign direct investment, thanks to the EB-5 Regional Centers which allow foreigners permanent residency while investing in this state. Merchandise trade valued at a whopping USD 158.4 billion passed through Florida’s seaports and airports in 2013, making it one of the leaders in international trade.
With over 9.5 million talented and diverse workers, Florida can meet the workforce demand of any employer. In fact, Florida’s workforce is always ranked as one of the best all over the nation. The state’s excellent workforce skills can be attributed to its great educational institutions and training programs. Apart from being huge, Florida’s workforce is also less costly than many other leading states, thanks to lower business costs and favorable tax policies.
Moreover, Florida’s labor force is linguistically and culturally diverse, providing competitive advantages to companies in the global market. It has 12 public universities, 6 medical schools and many private universities and colleges that work with the business community to develop programs that meet the needs of industries. Florida offers customized training programs to help businesses become operational quickly and less costly.
Quality of Life
Florida is a very desirable and affordable place to live in thanks to its lower cost of living, which is below that of many other states with the same economic growth. Its local and state governments are committed to offering low tax environment, quality public services and plentiful modern amenities.
With unique shopping experiences, more than 1,300 golf courses, many white sandy beaches, multiple lakes and numerous parks and recreation spots, Florida offers a perfect place to live in. These features also make Florida one of the best tourist destinations in the globe. According to Asad, its booming tourism industry provides greater business opportunities and a dynamic market for companies. Florida offers a wide spectrum of arts, culture and history to stimulate the mind and soul. It hosts many high-profile art exhibitions, international festivals and well-known entertainers.