Nick Panebianco, also known as Nicol John Panebianco, is an entrepreneur and businessman in Florida. Starting companies in FL or even relocating to his area has many advantages, and in the following article, Nick Panebianco FL discusses the reasons why the Sunshine State is one of the best places to do business.
It is no secret that Florida is one of the vacation capitals of the United States. Therefore, it only makes sense to try and turn a profit by starting or opening a business in the state. Before getting started, it is important to understand the advantages of businesses of Florida’s location for an entreprenuer.
According to Enterprise Florida.com, it has been the #2 nationally ranked best state for business since 2019. Furthermore, Nicol John Panebianco says that it is the fourth-best state in the business tax climate. Florida also offers business growth incentives and provides business owners access to capital.
Nick Panebianco on Four Major Advantages
Nicol John Panebianco explains that entering into the adventure of opening or starting up a new business in any location is daunting. It is even more overwhelming if the person opening the business feels like they are going out on a limb with little to no information on the situation or advantages offered by their location.
For this reason, Nick Panebianco FL prepared a list of the top 4 advantages doing business in the state:
1. Florida is one of the best ranked states for business
2. Offers lower taxation than many other states
3. Provides business growth incentives
4. The state provides business owners with sufficient access to capital.
Nick Panebianco FL takes an even closer look at all four of these advantages so that fellow entrepreneurs can make informed business decisions with minimal stress or apprehension!
Best Ranked States for Business
According to WFLA.com, it was reported that Florida has been ranked the second best state in the whole country for starting a business by WalletHub. We all know how scary it is to open a business. After all, 1 out of every 5 new businesses opened typically have to fail and close their doors after one year, and they rarely last past five years.
However, Nicol John Panebianco says that the access to resources was considered high in the state. The environment, thanks to a sunny climate and many draws in terms of the tourism industry, was considered fair for business, too. Finally, business costs were also considered to be very low.
All of these things added up to give Florida a nearly-top ranking when listed alongside every other State in America—and this was calculated after the often-negative impact of COVID-19 on new businesses!
Low Tax Burdens
Florida is well known for the significant dip in burdens as far as taxes go. Out of all the states in America, it is one of the nine that actually do not charge a personal income tax. Nicol John Panebianco explains that this makes it highly sought after by those who are trying to start an S Corporation or LLC.
The reason this is so attractive is because the state sales tax is also an average of 7.05%. This means that groceries, new equipment, or machinery needed for a new business are actually exempt from sales tax!
While it is true that corporations located in Florida need to file a corporate income tax return, this is remarkable low in terms of top rates at 5.5%.
Business Growth Incentives
Nick Panebianco FL says that the incentives for business growth basically means that the opportunities to succeed as a new business are without limit! This is thanks to Florida’s offered incentives in the form of their Qualified Target Industry Tax Refund, otherwise known as QTI, and their Capital Investment Tax Credit.
The QTI lets businesses that are likely to create high-paying job opportunities get refunds based on corporate income, sales, intangible personal property, insurance premium, and valorem, to name a few.
The CITC, or Capital Investment Tax Credit, allows those starting a capital-intensive industry to gain an annual credit for up to 20 years in terms of taxes.
Sufficient Access to Capital
Lastly, Nick Panebianco FL explains that investors are highly likely to give new business openers access to capital in the form of angel investors and venture capitalists. In fact, Florida itself is home to a Florida High Tech Corridor Council, which specifically looks for high-tech companies to invest in over 23 counties in Central Florida.
No longer do business owners need to believe that deep-pocketed investors will only grant them capital in Silicon Valley or metropolises like New York. Florida grants access to capital!
In Conclusion
In conclusion, the four advantages of business in Florida include the growth incentives, access to capital, low tax burdens, and general popularity of the State for opening new business ventures. Thanks to Florida’s booming business climate and the encouragement of new businesses at the state level, it is the ideal location for opening a new business!
