Florida…One of the Best Places to do Business in the U.S.
By: María Inés Valle Balsells
AmCham’s Trade Center Coordinator
According to recent data, the State of Florida has been listed as one of the most important States to develop businesses. Forbes Magazine, at the end of 2016, stated that Florida was one of the best States to do business, moving from number 20 to 12 according to the ranking.
The success of Florida is due a reduction of regulations for businesses, a cut in State taxes and the creation of jobs by the private sector. These clues may be useful for countries like Guatemala, in benefit of an economic and investment growth.
Following, there are some important factors of the State that may allow us to understand the reason why Florida has been listed in such a way:
- Low tax labels, fiscal and labor costs advantages.
- It is one of the States with less unemployment in the country, with a 4.7%, a number under the average of the U.S.
- LLC pay a 0% of Corporate Income Tax.
- They do not charge Individual Income Tax, but they do pay the obligatory federal for all citizens which is between 10 and 35%
- It does not tax salaries, even though tax salaries are Federal.
- The GOP is US$969.5 million, with a 2.9% growth, same that is above the national average.
It is important to mention that this State is the second in the country with the major number of aerospace and air facilities; it has more than 100 public airports; 18,600 industrial companies; it is one of the 3 States with major advanced technology of exports and one of the logistics centers and cluster number 3 of distribution in the country.
With regard to trade, Florida is the 8th. State of the U.S. with more exports to the rest of the world; according with the United States Census Bureau, most of the products imported during the last years have been machinery, electronic equipment, jewelry, precious metals, mineral fuel, and oils, fish and crustaceans, aeronautic equipment and its parts, among others.
Due to the relevance of this State, AmCham will be presenting a forum of business and investment in Florida, during March of the present year. Information of this event will be released in the coming days, same that will be very useful for entrepreneurs who are looking forward to do business with the U.S.