Professional Business Brokers of Vero Beach Florida
Overview of Florida State and Indian River County
According to the Florida Department of State Division of Corpora
tions, 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 rete 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 t
o 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.
Indian River County
Indian River County, on Florida's Treasure Coast, enjoys an international reputation among vacationers and business executives alike. With a quality of life unique even to Florida, Indian River County is where lifestyle and work style unite to create a highly productive and profitable environment. In 2002, the per capital personal income in Indian River County as $39,830, and increase of 21.1% from 1997. The 2002 figure was 129% of the national per capita income, which was $30,906. Indian River County is currently ranked 5th in the state for Per Capita Income.
The County is centrally located 75 miles south of the Kennedy Space Center and 135 miles north of Miami. It encompasses 543 square miles with approximately 100 miles of waterfront land including 23 miles of unspoiled Atlantic beaches and immaculate ocean. Indian River County also contains endless groves of renowned Indian River oranges and grapefruit. Indian River County is comprised of five incorporated municipalities: Vero Beach, Sebastian, Fellsmere, Indian River Shores and Orchid.
There are over 124,000 people residing in Indian River County in 2004, an increase of 9.89% from the 2000 Census reports. Indian River County is now the 27th fastest growing county in the State of Florida (from 2000-2003). Most of the population growth was attributable to new residents settling in the area, enjoying a climate moderated by the warm tropical waters of the Gulf Stream. Balmy winters combine with summer’s fresh ocean breezes to keep the average temperature a delicious 73 degrees, allowing residents to swim, golf, and play tennis all year long.
In addition, the 23 miles of unspoiled beaches, the serene waterscapes of the Sebastian and Indian Rivers, and miles of pristine woodlands and fields provide an endless array of recreational adventures. Free from urban sprawl and congestion, Indian River County offers the ideal setting for living life to its fullest.
ECONOMIC DEVELOPMENT INCENTIVES
Economic development incentives available to qualified businesses relocating to or expanding in Indian River County:
Participation in the State Qualified Target Industry Tax Refund Program
Local Jobs Grant Program for Industrial Businesses and the County’s Target Industries
Traffic Impact Fee Financing for Industrial Businesses and the County’s Target Industries
Utility Deposit Waivers for Eligible Industrial Businesses and the County’s Target Industries
Financing of water and sewer impact fees
Availability of infrastructure with sufficient capacity (roads, water, sewer)
Availability of Industrial Revenue Bonds
Availability of job training through Indian River Community College.
Assistance in acquiring federal or state grants (such as Community Development Block Grants)
Expedited permitting process
QUALIFIED TARGET INDUSTRY TAX REFUND PROGRAM
A business can receive a tax refund of up to $5,000 per new job created.
A business must pay an average wage of at least 115 percent of area wages.
A business must create at least 10 new jobs in any of the state’s target industries. If an expansion, the expansion must result in at least a 10 percent increase in the business’s employment. The county provides 20% match of the total taxes refunded.
LOCAL JOBS GRANT PROGRAM
The Jobs Grant Program can apply to a company that creates 10 or more jobs in the county’s target industries.
The salary or wage of each employee used to qualify the business for the jobs grant program must equal at least 100% of the county’s average salary/wage level.
Amount of the grant is determined based on the following criteria:
10-19 employees = $1,000 per job created*
20-49 employees = $1,250 per job created*
50-99 employees = $1,500 per job created*
100-149 employees = $1,7500 per job created*
150 + employees = $2,000 per job created*(Additional bonuses can be awarded to firms that meet additional criteria)
* Maximum grant to an individual company is $500,000.
Indian River County is governed by a commission of five, elected county wide, but residing in the five districts in the county. The city of Vero Beach is under the Council Manager form of government. Councilmen serve two-year terms.
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