Professional Business Brokers of Melbourne Florida
Overview of Florida State and Brevard County
According to the Florida Department of State Division of Corporations, 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 and a large population of skilled human resources, Florida provides everything that a business requires to function.
Florida has consistently been the national pacesetter in the number of new business incorporations, leading the nation seven out of the last eight years. For each of the past ten years, Florida has been one of the top four states in new corporate facilities and expansions, including leading the nation five times. And why is this so?
Business leaders find Florida less taxing environment:
The corporate income tax rate is 5.5%
No corporate franchise tax on capital stock
No tax on foreign source dividends, as defined by IRS code
No state personal income tax
No state level-property tax
No property tax on business inventories
No ad valorem taxes on goods-in-transit
No sales tax on boiler fuels, including recycled oil, waste oil, or solid waste materials used as a fuel
No sales and use tax on co-generated energy or on co-generation machinery and equipment
Tourism plays an important role in Florida's tax structure. More than $57 billion in taxable spending was generated in 2004 by tourism.
To assist companies seeking to locate or expand in Florida, numerous advantages and incentives are available such as, workforce training and inducement programs, tax incentives/inducements, research development/technology programs, financial support services and small business assistance.
Florida is a leader in global trade. No state moves products faster or more effectively than Florida, according to a joint study by CNBC, America’s Business Channel and CNBC.com, which looked at air, rail, road and water connections. Florida’s transportation system is ranked number 1 in the nation, according to the U.S. Department of Commerce. Florida has 20 Foreign Trade Zones, mostly located at or near its seaports and international airports, where value can be added to foreign goods, tariff-free.
To sum things up, Florida Trend noted the Top 10 Reasons to do Business in Florida.
Technology Leadership: With 21,000 high-tech companies employing 276,400 highly skilled workers, Florida leads the Southeast in technology-driven businesses,
Global Gateway: The right combination of geographic location, economic clout and political stability make Florida the center of trade and finance for the Western Hemisphere.
Entrepreneurial Environment: The U.S. Small Business Administration puts Florida among the top three most highly efficient states in fostering the birth of new businesses.
Global Connectivity: With one of the world’s most extensive multimodal transportation systems, including 21 major airports, 14 deepwater seaports, a vast network of highway and railway connections and Kennedy Space Center’s one-of-a-kind Spaceport, Florida’s connections to the world are difficult to match.
Business Climate: Expedited permitting services and assistance in accessing enterprise bonds, micro-loans and venture capital further contribute to Florida’s reputation as a great place to do business.
Workforce Talent: Florida offers a diverse and available workforce, including the influx of thousands of high quality graduates from Florida’s public and private colleges and universities each year.
Business-Friendly Government: Thanks to the interactive website MyFlorida.com, many business-oriented functions of state and local government are readily accessible online.
Quality of Life: Sunshine, outstanding recreational amenities and economic opportunity, enough said!
Visionary Development: More than any other state, Florida’s economic development goals and initiatives have been created as part of a statewide vision to promote innovation and diversified industry growth.
Economy Growth: America’s leader for job creation since 2002, Florida has the 8th largest economy in the Western Hemisphere.
Not only is it a nice place to run a business, but it is also a highly desirable area
to live. For eight years straight, Florida has earned a top spot in Harris Poll’s “Most Desirable Places to Live” survey. Now, it sees plenty of those who picked Florida as the place they’d most likely like to live are making good on their choice. Every day, close to 1,000 new residents make the move. Florida has been in the top four states in population growth rates every decade as far back as the 1920's. The current total population is 17,019,068.
Brevard County:
Discover Brevard notes that Brevard County has a vibrant economy combining high-tech and other industry with tourism, agriculture, and other service businesses and organizations.
Brevard is home to 460,977 people residing in fifteen municipalities and unincorporated areas, according to the U.S. Census Bureau.
Brevard is ideally situated on Florida's east coast, midway between Jacksonville and Miami. It is directly east of Disney World on the ocean. Its coastal location with beautiful beaches stretching for 72 miles, attracts annually 1.5 Million visitors who spend in excess of $650 million annually. Brevard is home to the spring training facilities of the Montreal Expos National League baseball team, Port Canaveral’s thriving cruise port, the Kennedy Space Center, NASA, and the Astronaut Hall of Fame. The Maxwell C. King Center for the Performing Arts provides a wide variety of musical, theatrical and intellectual fare on a year-round basis. Additionally, world famous Disney World and other popular attractions are within an hour of drive time.
The Brevard County economy has undergone a substantial transformation since the peak of the Kennedy Space Center construction program in 1969, when the local economy was based largely on the space program.
Today, the local economic base now includes manufacturing of electronic equipment and scientific instruments, the Space Shuttle Program at KSC, citrus production, agriculture and tourism. Brevard is often referred to as the high-tech center of Florida or rather the ‘Silicon Valley of the Southeast’. According to Myregion.com, Central/Space Coast region has been catapulted in the rankings to spot #8 of the largest technology markets in the country. The area’s convergence of highways, rail lines, Port Canaveral and one of the world’s largest international commercial airports, ensures that manufacturers can readily get supplies in and finished products out.
Brevard County ranks among Florida's top ten counties in terms of small business establishments, total employment, labor force growth, total prime working age of 18 yrs.-44 yrs. and taxable sales.
The County is governed by an elected five member Board of County Commissioners. Titusville is the official seat of government, however most administration is performed in the County seat of Viera, Florida.
Also stationed in Viera, Florida, is Brevard County’s School Board headquarters. Brevard County’s public, and numerous private, elementary and secondary schools provide a high quality education and are consistently rated above the State average. Brevard Community College, with campuses in the north, central, and south areas of the county, along with the extensions of the University of Central Florida and Rollins College, provide an outstanding educational environment. Florida Technological University has a full campus in the south end of the county. Barry University School of Law is located in Orlando, which is approximately 35 miles west of Titusville.
If you’re looking to prosper, look no further. Florida, and Brevard County in particular, is open for business- your business. Come be a part of our economy!
Contact us today to discuss how we can help you with your business needs
