Many people think of Miami as a just place for retirement, vacationing, and nightclubs, but in fact it’s a hotbed (no pun intended!) of business activity. Miami was rated the No. 1 city for small business growth in 2019, topping San Jose, CA and New York City, according to Biz2Credit’s annual ranking. Miami was also recently rated the No. 1 large city to start a business by WalletHub and the No. 2 most entrepreneurial city by TechCrunch. There are many reasons you might want to move a business to Miami.
An increasing number of companies are relocating from the Northeast to Miami. Billionaire investor Carl Icahn led the way in 2019 when he moved his investment firm from New York City to Miami, where he keeps a home in Miami Beach. Other high-profile companies like Starwood, Wix, and WeWork also are based there.
Why You Should Relocate Your Business to Miami
Since 2019, the number of office space leases in the area has steadily ramped up. Miami’s rapid growth has led to its being nicknamed the Magic City. Here are some reasons Miami is an attractive choice for business:
Miami is rated No. 4 among areas with the best tax climate, according to the U.S. Chamber of Commerce. The state has no personal income tax and a favorable property tax environment. Florida has an impressive array of business-friendly tax incentives, such as:
- No corporate income tax on limited partnerships and subchapter S-corporations
- No property tax on business inventories
- No sales tax on goods produced in Florida for export outside the state
- Sales and use tax exemptions on electricity used in manufacturing
- Sales and use tax exemptions on machinery used by a new or expanding business to produce personal property for sale
Miami is the gateway to Latin America, with close proximity to markets in Central and South America and the Caribbean. An international shipping center, it is one of the busiest ports in the U.S., and Miami International Airport is the top arriving point for cargo flights from South America and the Caribbean. Miami is the No. 1 best city for business in Latin America, according to America Economia.
Ready Access to Financing
Miami has a large number of domestic and international banks. This provides rapidly growing businesses in the regions with access to financing and credit.
Along with national banks, Miami has over 25 community banks that offer customers a full range of financial services. They also offer personal attention, first-hand knowledge of the local area, and quick financing decisions that business owners often can’t get from financial giants based outside the state. The personalized service and flexibility in loan structuring is especially important for small businesses.
Miami has also received significant investment capital investments from venture capitalists and angel investors, on par with other regions of the country like Silicon Valley and New York. Major companies have made significant capital investments in the region including Apple, Google, Facebook, Microsoft, Wix, Cyxtera, and Spotify.
When you move a business to Miami, you get access to a skilled, multicultural workforce. The Miami area is a top location for tech jobs, which attracts tech-savvy millennial workers. Miami is the No. 2 destination for millennials because of its diverse and vibrant culture, easygoing lifestyle, and attractive job opportunities, according to Realtor.com. The area is home to industries like aerospace, life sciences and healthcare, hospitality and tourism, and IT.
Local, highly ranked colleges and universities produce 100,000 graduates each year who enter the workforce, many with cutting-edge tech skills. Florida International University was the first in the U.S. to offer a bachelor’s degree in the Internet of Things (IoT). Miami Dade College recently opened its Cybersecurity Center of the Americas to train students and working professionals.
For years, Miami’s civic, business, and educational communities have been collaborating on a project to promote economic growth for businesses and residents. This has led to 171,000 new jobs in industries like technology, aviation, banking and finance, and life sciences. Miami is the No. 2 city in the nation for tech job creation, according to EMSI and Dice.
Miami has a lower cost of living compared to other cities with comparable resources. While Florida’s cost of living is slightly higher overall than the U.S. average, it’s much more affordable than other economic hubs like San Francisco, New York, and Washington, D.C. This makes the cost of opening and operating a business much lower than other areas. Combined with the pleasant weather, good quality of life, and plentiful beaches, it also makes the region attractive to workers with sought-after skills. Miami was rated the No. 1 happiest place to work in the U.S. by Forbes magazine.
Florida’s laws also are favorable to businesses. Florida labor laws don’t specify overtime payment requirements. There are no laws requiring employers to provide severance pay when an employee is let go. Also, no state laws require employers to provide vacation days or sick leave, either paid or unpaid.
Many people and businesses feel free to start something new in Miami. The area had the highest density of startups in 2016 and was rated the No. 1 city for startup activity by the Kauffman Foundation. The culture is open and accepting of new ideas, and venture capital is available to support new and growing businesses. This means businesses that move to Miami have freedom to expand without the regulatory restrictions that might be found in other areas of the country.
Low cost of living, good quality of life, qualified workforce, and business-friendly environment: these are good reasons to consider relocating your business to Miami. And with the strong, continuing support of the local community, the future for business in the Magic City looks very bright.
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