What Kind of Business Should You Start in Florida After Emigrating?
Florida is an excellent place to start a new business – even if you don’t live here yet. The Sunshine State has a well-deserved reputation for being one of the most business-friendly locations in the nation. It welcomes both foreign and domestic investment, and you can take advantage of these incentives by choosing the right business. However, you need to secure the proper visa before starting your new enterprise. Contact an experienced business immigration lawyer in Palm Beach County to begin this process.
Location Is Everything
If you’re going to start a new business in Florida after emigrating, you should think carefully about the location of your new enterprise. The State of Florida incentivizes business development and investment in certain locations.
These locations are called “Enterprise Zones.” According to the State of Florida, these areas are in dire need of new businesses and investments. If you start a new business in one of these areas, you will enjoy certain tax credits and other bonuses. These credits can be worth up to $50,000 per year – helping you get off to a flying start with your new business.
Choose the Right Industry
Florida also incentivizes new businesses in certain industries. This falls under the Qualified Target Industry Tax Refund. If you create jobs in these sectors, you could receive excellent tax refunds. These refunds can be worth $3,000 for each high-wage job created. There are various target industries to consider, although some of the most common include aviation, aerospace, clean energy, and life sciences.
There are also certain tax exemptions for businesses involved in semiconductors, space, and defense. These are now critical industries from a US perspective, and your business may be exempt from sales and use taxes. This applies not only to manufacturing, but also research.
You May Be Rewarded for Your Success
Even after creating your business, Florida may reward you for being successful. The High Impact Performance Incentive Grants (HIPI) provide you with financial rewards for meeting certain goals. These include:
- Creating at least 50 new full-time jobs in a designated sector within three years
- Creating at least 25 new full-time jobs in a designated research facility
- Investing at least $50 million within three years in a designated sector
- Investing at least $25 million within three years in a designated research facility
Get Started With a Palm Beach County Business Immigration Lawyer
Although choosing the right business is an important step, you also need to secure a proper business immigration visa before you get too ahead of yourself. Choose The Devore Law Group to learn more about your options for business visas in Florida. We have spent years helping immigrants of all types start their new lives in the Sunshine State, including business immigrants. Book your consultation today to get started.
Source:
irs.gov/credits-deductions/businesses/opportunity-zones#:~:text=Opportunity%20Zones%20are%20an%20economic,providing%20tax%20benefits%20to%20investors.
