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Main Reasons why so Many Companies Are Moving to Florida

Main Reasons why so Many Companies Are Moving to Florida

In recent years, more businesses have moved to Florida than before. Some establish their presence there, and others choose to relocate. Among relocated companies are Goldman Sachs, Blackstone,, and Argo AI.
Florida is first regarding new businesses in the US (12% of the country’s companies in 2022). And it is not only a mass corporate relocation; many individuals move to South Florida and other parts of the State independently.

What makes Florida an attractive location for well-established and new companies? Let’s dive in.

Favorable Business Environment: Companies Moving to Florida

Many business owners choose Florida because it offers a business-friendly environment and significant cost savings.

Business-Friendly Policies

The State offers a lower tax burden than many others in the US. Besides that, there are many clusters and established hubs for various industries. In terms of business clusters, some of the most prominent sectors of the Sunshine State are:

  • Aviation;
  • Aerospace;
  • IT;
  • International trade;
  • Tourism;
  • Life Sciences.

Also, the State has welcoming policies when it comes to international businesses. It covers grants, subsidies, and tax incentives. It is comparatively easy to set up a company, which creates a fruitful environment for business incubators.

Low Corporate Tax Rates (corporate income tax rate, personal income taxes)

Regarding tax burdens, Florida is one of the best locations to choose. That’s why businesses moving here expect financial savings.

There is no state income tax, intangible tax, and inheritance tax. Also, the State has a lower corporate income tax rate than most other states. Sales taxes are also significantly lower. As a zero-income tax state environment, it becomes a desirable location for entrepreneurs. The business-friendly tax nature is one of the primary reasons behind companies of all sizes moving to Florida.

Quality of Life

Another huge draw of the Sunshine State is the quality of life here. It is one of the key factors driving individuals. And businesses follow talent and clients. According to driver license change statistics, only in the first quarter of 2022, there were more than 61 thousand license swaps from New York, 10 thousand from New Jersey, 4 thousand from Connecticut, 9 thousand from California, and 8 thousand from Pennsylvania and Illinois each.

Downtown Miami has turned into a multicultural and even more vibrant place than ever. The city’s population grows steadily, which attracts companies. They always follow the customers and talented workforce.

There are several reasons why people choose to relocate here.

Pleasant Climate and Natural Beauty

The climate here is fantastic, with warm weather and much sunshine. After COVID, people started to value more access to nature and less crowded living. The average annual temperature is 82F in summer and 61F in winter.

White sandy beaches make places like Cape Coral or Miami a charming destination to live in. The nature here is vibrant, and there are plenty of outdoor opportunities. And it is something people miss a lot after two years of lockdown.

Lower Cost of Living

Compared to many other states, living here is much more affordable. It is one of the many personal benefits people expect when moving from San Francisco, New York, or Los Angeles. Office spaces and apartment rents are significantly lower.

It is particularly attractive in the face of economic challenges individuals and businesses face. In the age of ongoing uncertainty regarding the potential crisis, the high cost of rent seems irresponsible. But in Florida, a talented workforce can get better living conditions at a smaller cost.

Home prices allow talented professionals to live in houses with constant outdoor access. And it is another thing people started to value more after the pandemic.

Education and Culture

The State’s high-quality education, tax benefits, and vibrant culture work together, making Miami and other cities in Florida attractive to people all over the US. Homes are surprisingly affordable, the cultural scene is exciting, and there are lots of young people now. For example, after 2019, 18% of Cape Coral’s population is millennials.

All of that has a positive impact on economic growth and business opportunities. There is fantastic nightlife and access to high-quality education, and there are no terrible commutes New York is notorious for.

Economic Opportunities

The State creates accelerators and incubators to attract more companies. Among them are the Goldstein business accelerator, the Tech Runway, and the Launch Pad. Today Miami has become a new destination for IT, overshining Silicon Valley and San Francisco.

Also, the zero-income tax state provides such economic opportunities as:

  • Thriving business ecosystem with a lot of vendors and investors around;
  • Strategic geographic location where corporate headquarters can comfortably work with Canada, Latin America, or international partners;
  • Global market access with little tax burdens.

Practical Steps to Relocation

You might consider relocating here if you are attracted by Florida’s tax burden, warm and inviting atmosphere, or access to young professionals. Low cost of living, great climate, and an excellent environment for a traditional business hub work as a perfect mix for success.

Companies moving to Florida must take several steps before making the final change.

  1. Market Research and Analysis. Start by evaluating potential opportunities and risks. Make sure you consider your target customers. If they all live in another state and have yet to make plans to move here, it might be a bad idea to change your business address immediately.
  2. Navigating Regulations and Permits. Check strict regulations and licensing before making a move. Some might need to cancel local licenses and acquire new ones in Florida. Also, let the IRS know about the new business address.
  3. Securing Funding and Incentives. Companies today must ensure all their legal and financial works are safely relocated.
  4. Establishing a Local Presence. Look for local amenities, a new office, and an address. Make sure you adjust your marketing plan to attract local customers. Consider adding tourists to your target customers, as it is a huge opportunity here.
  5. Take note of seasons. There are seasonal waves of tourists attracted by the climate and local entertainment. It might significantly influence the influx of customers in different periods. It is essential to acknowledge that and be ready.
  6. Inform your customers about the move. For instance, tell them why you are leaving Silicon Valley for Fort Lauderdale. Make sure this process is as smooth and comfortable for them as possible.

In Summary

Florida is experiencing a relocation boom and economic development. The reasoning for that includes warm weather and low costs of living. But it is also a result of business-friendly policies and a low tax burden. Another factor that makes this State attractive is the COVID-19 pandemic has made individuals and businesses reevaluate their priorities.

Date: 30 August 2023
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