Business in Florida Miami US. Economy Foreign Trade. High Tech.

Summary

Florida's economic growth is one of the success drivers for businesses that choose to locate in Florida. If it were its own country, Florida would be the 19th largest economy in the world. It is not only one of the largest states in the U.S., but also one of the fastest growing, in terms of population, economic growth, personal income, employment and other statewide indicators. Florida’s population grows by about a third of a million new residents each year.

Florida is host to some 300 regional and hemispheric headquarters of companies from all over the world, making it a pillar of international business and trade. Many international firms base other facilities, such as those for warehousing, distribution and manufacturing, in Florida to take advantage of its easy access to global markets. International firms use Florida to access Latin American and Caribbean markets, as well as the U.S. market.

Florida's economy encourages the growth of high tech companies. Florida led the Southeast and ranked 4th nationwide in high tech employment in 2006. Some of the other industries that have recorded significant economic growth in the state include professional & business services, trade, transportation, construction, leisure and hospitality, education and health services, and others. Florida leads in international trade and investment. The total value of merchandise trade flowing in and out of the U.S. via Florida has nearly doubled in the last decade, reaching $109.75 billion in 2006.

Florida is a leader in foreign direct investment. Ranked 12th among all U.S. states in total holdings by non-U.S. companies in 2005 (most recent data) and 5th in terms of employment by foreign-affiliated firms, Florida has emerged as a hotspot for foreign direct investment (FDI).

Florida is consistently ranked as one of the top pro-business states, and for a number of good reasons. It has a favorable business environment, with a low corporate income tax rate and no state personal income tax.

In addition, Florida offers competitive cost-of-doing-business, especially when compared to other high tech states. The state is also one of only a few right-to-work states in the U.S.

The federal government allocates over $2 billion annually to two highly competitive programs that encourage start-up businesses to capitalize on commercialization opportunities.

Another area important to the state economy is the establishment of corporate headquarters in Florida. Corporate headquarters is defined as those facilities that support international, national or regional (multi-state) operations for relatively mature companies with distributed operations and centralized strategic and management activities. In Florida, Corporate Headquarters has been designated as a High Impact Business Sector, eligible for certain incentives.

Florida has become one of the most desirable states in the country in which to conduct business. The State consistently leads the nation in new business incorporations. With one of the largest supplies of business parks, an advantageous business tax system, transportation availability, 14 foreign trade zones, an abundance of electrical power, and a large population of skilled human resources, Florida provides everything that a business requires to function.

A corporation is a distinct legal entity formed for the express purpose of conducting business activities, while protecting its shareholders from personal liability. The LLC is a relatively new type of hybrid business structure that is now permissible in most states. It is designed to provide the limited liability protection of a corporation and operational flexibility and pass-through taxation advantage of a partnership.

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Master Executive in International Business, Global Marketing and Internationalization

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