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The Next Gold Rush: Why are Companies Moving to Miami?

by Ragini Salampure
The Next Gold Rush: Why are Companies Moving to Miami?

A Miami business development company reports that they’ve experienced a 50% uptick in inquiries from companies wanting to move to Florida.

This comes in the wake of a recent spate of companies moving to Miami, including Goldman Sachs Asset Management, Elliott Management, and even Subway.

Keep reading to find out why so many businesses are moving to Miami. 

Companies Moving to Miami Enjoy Low Taxes

Naturally, finances are a top priority for businesses, and Miami ticks several boxes when it comes to this aspect. Miami ranks fourth in the country when it comes to a favorable tax climate.

These are the ways you’ll save when you move your business to Miami:

No Sales Tax

The sales tax rate in Miami is 0%. That means you don’t pay anything extra for the goods you need for your business in this area. There’s also no sales tax on goods manufactured in Miami and exported elsewhere, or the raw materials used to produce them.

Low Business Taxes

In addition, there are considerable benefits associated with running a business in Miami. You pay none of the following taxes in Miami:

  • State or local personal income taxes
  • Local corporate income taxes 
  • Property tax on business inventory 
  • Corporate tax on limited partnerships
  • Property tax on goods in transit for less than 180 days
  • Sales tax on boiler fuels or co-generation of electricity
  • Sales tax for aircraft repair, maintenance, or modifications
  • Franchise tax on capital stock

You do pay 5.5% state income tax in Florida, unless you’re running a sole proprietorship, LLC, or S corporation.

It’s easy to see how the combination of low corporate taxes and no personal income tax can save you thousands of dollars when you move to Miami.

A Great Location for Business

Known as the Gateway to Latin America, Miami boasts an excellent location for both domestic and international trade. It’s located close to South America, and only a few hours plane ride from Bogotá, Rio, Mexico City, and NYC. 

Miami’s also in almost the same time zone as these destinations, which makes doing business with them a lot easier. 

The Miami International Airport and Port Miami, allow for convenient access to destinations both within the USA, and further afield. 

Miami has a very strong economy, fuelled by the thriving tourist industry. It’s also rated as one of the best places in the US to start a small business.

So, not only will you save money when you move to Miami, there’s a good chance you could make more money, too. 

A Business-Friendly Mayor

Famously, Mayor Suarez responded. ‘How can I help?’ to a tweet about moving Silicon Valley to Miami. Since then, he’s been relentless in promoting Miami as the new tech hub of the country.

He’s also put his words into action by implementing a few measures to ensure a smooth transition for those businesses who opt to make the move. 

Mayor Suarez engages frequently with new arrivals to ensure the transition goes smoothly, an active interest in their initiatives.

Usually, it can take months to complete the process of registering a business in Florida. Now Miami’s eStart digital program, based on its ePlan model for building permits, is helping streamline the process. 

Instead of waiting months for approvals, this new process should take only a few days.

The Miami-Dade branch of the Florida Small Business Development Center offers a host of assistance to small businesses. The SBDC can assist with management advice, training, and guidance on setting up your business, and they do it all for free. 

Excellent Quality of Life

Miami already has a reputation as one of the top places to enjoy a good time in the USA. The city boasts glorious beaches, many entertaining activities, and plenty of green spaces to enjoy.

There are excellent schools in the area, many family-friendly neighborhoods, and outstanding arts and design districts too. This warm, welcoming city has weather to match its sunny disposition, with mild winters and glorious summer days to enjoy.

If you enjoy good weather, a fast-paced lifestyle, and upward mobility in your job, Miami is a good fit for you. There are a few sleepy neighborhoods left, but overall, Miami’s a vibrant, bustling city. 

An Influx of Top Talent

Along with the arrival of some tech giants and the emergence of new tech startups, Miamis’ seeing a huge influx of tech talent into the city. 

Mayor Suarez claims that commercial buildings left empty by the pandemic are experiencing an upswing in inquiries from new tenants, bringing thousands of employees with them. 

That means employers can pick from top candidates as their businesses grow. Miami’s young, diverse population ensures a steady supply of new candidates.

According to https://miami.manhattanmiami.com/, several preconstruction condos are going up in Miami to cater to this influx of new residents. So the real estate industry’s bound to benefit too. 

What’s more, the University of Miami and Florida International University ensure a steady stream of recent graduates ready to enter the business world.

Amid fears that locals might suffer as new arrivals take all the best jobs, Miami’s sprung into action to prevent this.

Miami’s universities and organizations have undertaken intensive investment in computer science, technology, and engineering programs in recent years.

This aims to connect public schools to college programs and fuel the growth of tech employment in Miami. 

Miami Is on the Up-and-Up

The number of companies moving to Miami is sure to attract even more businesses to the area. That means more work for everyone, so it’s unlikely that this up-and-coming business hub will fall from grace any time soon.

Are you considering a fresh start for your business? Browse our blog for more information about the best places to live and work. 

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