In this opportunity we will review the steps to start a business in Florida. This state has a very favorable economic environment that Latino immigrants have been able to take advantage of. In Hispanic Entrepreneurs We will give you the information you need to know.
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Benefits of Entrepreneurship in Florida
Florida is one of the favorite destinations for Hispanic immigrants in the United States. Its climate, location and a large Latino community are attractive to those who want to start a new life in this country.
But the state has many benefits that we must break down. Advantages that no entrepreneur should overlook when evaluating where her business will open.
It is the third largest state in the country and had positioned itself as an economic power worldwide. It is a key point for international trade, which is why the region attracts large companies. And, in addition, it has a trained workforce to fill the jobs that arise in the different industries.
Although its economy has been affected by the coronavirus, those at the head of the state already think about the recovery plans to reactivate it.
We list these and other benefits below:
- It has a favorable business environment, where regulatory requirements are low and business taxes are low.
- In addition, it does not have taxes on personal income, capital gains and inheritance.
- Although tourism has been the main industry that has boosted the state's economy, there are also other important ones, among which are: manufacturing, life sciences, clean technology and information technology.
- Diverse and prepared workforce.
- It has a strategic location, with 21 foreign trade zones.
- Quality transport infrastructure.
A great state to live
In addition to the advantages that we mentioned, we must highlight the quality of life in the state. In Florida you will find a balance between professional life, recreation and culture.
You have access to beaches, parks, and recreation sites throughout the state. In addition, thanks to the transportation infrastructure - which continues to improve over the years - it is easy to move from one place to another.
Steps to start a business in Florida
Opening a business in Miami or in any other Florida city it's easy. You will need to develop a business plan which will be the roadmap for the company during the first years.
To start your company, follow these steps:
1. Choose the name of the business
Choose how you are going to name your business. This is one of the most important tasks because it will be how you will differentiate yourself from the rest.
You need to do it at the beginning, after you have a clear idea of what your company will do. You must have it when you register it and it must include the corresponding nomenclature according to the structure you choose.
2. Define the business structure
This establishes how the organization and management of the company will be. The options available to undertake in Florida are:
- Single owner.
- Companies (general and limited).
- Limited liability company.
- Corporations (S and C).
Each one has its own characteristics and requirements. Choose the one that best suits your needs.
3. Choose the location
Every business requires a physical location. It must be strategic for it to be profitable. Depending on the location, you will have access to quality services, transportation, and skilled labor. Also, an important factor is being close to customers.
4. Take care of the paperwork
Before doing the Florida business registration You must have other aspects ready such as the articles of organization, statutes and cooperation agreements as appropriate to the structure you have chosen.
You must also choose the registered agent. This is the person who will receive the legal documents on behalf of the company.
5. Register the company
Business registration can be done online with the state Department of Corporations. The method is simple and is performed through sunbiz.org.
On this website there are numerous resources that will guide you through the process. In addition, you can access it in Spanish.
6. Process licenses and permits
Find out what types of licenses and permits you need based on your business. You may have to file for them at the state and local level.
If you don't have the corresponding permissions you risk fines, even at the close of the business.
7. Registration for taxes
After registering the business, register it for the tax return.
You will need a Tax Identification Number (ENI), you must have it before processing the licenses since it will be the number with which they identify you. You will also need it when opening the commercial account for the company.
Taxes are also paid at the federal, state, county, and municipality levels. Consult with an accountant which ones correspond to you.
The last steps to open a business in Florida include opening the business account and taking out insurance to protect it. Do you want more information about the process? LEAVE US A MESSAGE .