Embrace Our Climate
To proclaim Florida as a great place to do business is no idle boast. Our business climate has been earning accolades for years and, even coming off the heels of a worldwide pandemic, we have the positive numbers to prove it.
In 2021, for the sixth consecutive year, TaxFoundation.org ranked Florida’s tax climate No. 1 in the Southeast and No. 4 nationwide, and Chief Executive magazine named Florida the No. 2 “Best State for Business” for a 10th consecutive year. And while many U.S. businesses were forced to close their doors in 2020 due to COVID-19, entrepreneurs in Florida were busy opening new ones. So it’s no wonder this state once again snagged the No. 2 position on Forbes’ list of “The 10 Best States for Entrepreneurs.”
In 2021, WalletHub continued to rank Florida No. 6 among its “10 Best U.S. States to Start a Business” based on access to resources, costs and overall business environment. The website named five Florida metros among the nation’s top 25 “Best Large Cities to Start a Business”: Orlando (No. 4); Tampa (No. 10); St. Petersburg (No. 12); Jacksonville (No. 17); and Miami (No. 24). And on its 2021 ranking of “Best Small Cities to Start a Business,” WalletHub put Fort Myers at No. 8, the only site outside of America’s West to make the Top 10 cut.
Women entrepreneurs enjoyed good news too. The personal finance technology company SmartAsset cited two Florida metros on its 2020 list of best cities for women entrepreneurs: Tampa-St. Petersburg-Clearwater at No. 6 and Miami-Fort Lauderdale-Pompano Beach at No. 9.
Accolades like these don’t happen by chance. Florida has worked hard to establish its position as an economic development leader. So, while you may know this state as America’s best vacation destination, now you know it’s a great place to do business too.
Florida’s government and economic development leaders continually work to ensure that this state’s business climate remains favorable to companies of all sizes and configurations — from multinational corporate headquarters with hundreds of employees to business startups with just two or three. To that end, thousands of burdensome regulations have been cut across the board.
BUSINESS-FRIENDLY Tax Structure
Business dollars go further in Florida for two reasons: low corporate taxes and zero personal income tax. And thanks to Florida’s history of responsible spending decisions over many years, this state has earned the highest available bond rating — AAA. As a result, businesses thrive in Florida and so do their employees, who pay no personal income tax on their earnings.
Regulatory agencies and local governments across Florida stand ready to provide quicker, less costly and more predictable permitting processes, helping to fuel an atmosphere of certainty, predictability and efficiency from the top down.
With a wealth of people and resources at the ready, business owners in Florida never have to go it alone. Opportunities for collaboration include: one-on-one counseling at more than 40 Small Business Development Centers; low-cost space and business services at dozens of high-tech incubators, accelerators and university-based research parks; customized workforce training; and ready access to funding through venture capital companies, financial institutions and federal and state programs.
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