When talking about Florida, you would often think about popular tourist destinations such as Disney World, the Key West, and many of Miami's famous beaches. However, it is also a sought-after destination for business owners and entrepreneurs. Experts believe that it is a great place to start your business or to expand in.
First and foremost, there are plenty of resources available for potential business owners. The government offers commercial loans and other types of funding assistance for businesses. The thriving tourism environment is also a good sign for any businesses. With a constant influx of people, you have the potential to boost sales.
Another major incentive to build a business in Florida is the low tax burden. The Sunshine Tax places low tax on business owners since you won't have to pay for personal income tax. Existing businesses only pay 5.5% on corporate income tax.
The entrepreneurial landscape in Florida is also excellent. It is the fourth largest economy in the US with small businesses comprising over 99% of all businesses that operate in the state. This is a promising outlook for those who would like to open a business knowing that there are opportunities available and that you could potentially succeed. For business insurance related info please refer to our more in depth article.
At the request of our visitors we've included the below local insurance contacts for most cities in Florida. Finding auto insurance in the Sunshine State isn't difficult, however, finding low cost rates takes a little more work. Florida law requires drivers to have a minimum amount of both Personal Injury Projection and Property Damage Liability before they can register their car in the state. A lapse in coverage could lead to a three-year suspension of your driver's license, so it's important to always insure your vehicle while living in Florida, even if you only purchase a cheap policy to meet the bare minimum requirements. With the resources provided on our website, you can compare affordable quotes offered by multiple local insurance companies. For additional information on traffic laws or driving schools please navigate to your respective state using the map. And for manufactured home insurance, please refer to the respective article.
Florida was incorporated as a state in 1845 but it never really experienced sustainable growth until the early 1900s when a pair of railroads was built within the state. Today, it is now one of the most populous states in the country with over 21 million residents.
With a GDP of $1.1 Billion, the median income for households in Florida is $29,758. It is a thriving economy with the tourism industry as one of its main contributors to that. More than 100 million tourists Florida every year, especially during the summer since it is home to many world-class beaches, entertainment centers, and theme parks.
Aside from tourism, the other industries that drive GDP growth include agriculture, aerospace and aviation, financial services, and international trade. It is considered as one of the best states to open a business in as there are plenty of benefits that potential business owners can enjoy. The state also experiences impressive fiscal stability in the short and long term.
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