04 Jun Florida Ranked #2 State for Business
June 4th, 2012
The state of Florida placed second in the “10 Best States for Business in 2012,” an annual survey of CEO opinion conducted by Chief Executive. The survey included 650 business leaders who responded to questions concerning the states where they do business. The survey covered tax and regulation, quality of workforce and living environment.
Florida’s second place status is an improvement from the 2011 results, whereupon the state came in third. According to reports, Florida Governor Rick Scott has made it an agenda item to become the number one state for business. Since Scott’s 2010 inauguration as Governor of Florida, his administration has enacted business tax and regulatory reforms that have contributed to the creation of over 140,000 private sector jobs. The rise in employment coincides with a drop in unemployment by 2.1 percent over the past year – one of the largest declines in the nation.
As the state continues to improve its status as an exemplary place to do business and live, Palm Beach County is likewise increasing in appeal. Palm Beach County is home to 12 major industry clusters, including agribusiness; aerospace, aviation, and engineering; business and financial services; green energy; IT & telecommunications; and international commerce, among others. Furthermore, 36 companies’ corporate headquarters are in Palm Beach County, and six of the 50 largest private companies in Florida are found within the county. Palm Beach County is also known as one of the best places to operate a corporate headquarters, as a 2011 comparative cost analysis ranked the area 16th among 55 top U.S. locations.
The county was named the third in line of “The Next Up and Coming Tech Cities,” by Forbes.com, and lauded for its haven to cutting-edge biotech and life sciences research.
A leading contributor to Palm Beach County’s popularity is its favorable tax climate. Businesses operating out of Palm Beach County enjoy:
– No corporate income tax on limited partnerships
– No corporate income tax on sub chapter S-corporations
– No corporate franchise tax on capital stock
– No state-level property tax
– No property tax on business inventories
– No sales and use tax on goods manufactured or produced in Florida for export outside the state
– No sales tax on purchases of raw materials incorporated in final product for resale, including non-reusable containers for packaging
As for living in Palm Beach County, the positive aspects are abundant as well. Four high schools within the county are ranked among the top 100 in the nation. A low cost of living corresponds with high-quality health care and a year-round amiable climate. Overall, Palm Beach County is one of the best counties within one of the best states to manage business and reside.
*This story is brought to you by Florida Regional Center, a leading EB-5 Visa Regional Center located in Palm Beach County. The organization represents development projects in the South Florida area and beyond, and works with foreign investors to obtain EB-5 Visas and permanent residency in exchange for community-developing and job-creating investments. Projects managed by Florida Regional Center include Water Pointe Project, ESI Jupiter Technology Park Project and the Tequesta Village Center Project.
For more information on Palm Beach County development, EB-5 Visas and the EB-5 Visa Program, or to learn about Florida Regional Center, visit visaeb-5.com.