Florida is booming, even by Florida standards. Long a magnet for vacationers and retirees, Florida now is adding new residents at a historic pace. More than 2.7 million moved to Florida in the last decade, pushing its population to more than 21 million, making it the third-most populous state in the country.
Many of those are business owners relocating to the Sunshine State. Local leaders have noted an increase in the number of companies focusing on tech, banking, and finance moving into Miami and Dade County. But it also includes plenty of small business owners.
Miami has become one of the hottest of all the Florida business hotspots. John Boyd, the CEO of The Boyd Company, recently told Business Insider that Miami is “one of the hottest new tech hubs in North America today.” Even the popular sandwich chain Subway has started to move jobs from its Connecticut headquarters to Miami.
But you don’t have to own a bank, a tech company or a nationwide food chain to benefit from moving your business to Miami. Here are the top five reasons to move your business to Magic City, no matter what type of business you run.
Much is made of the lack of state income tax in Florida, as well as no inheritance or intangibles tax. They certainly provide a big boost to businesses that want to attract skilled workers who enjoy having more money in their pocket. But Miami also offers corporate and sales tax rates that are low when compared to other states. As the current Miami mayor said in an interview, the high tax rates in other states are a “tremendous disincentive to be productive” and the tax laws in Miami always attract entrepreneurs, innovators, and industry leaders. WalletHub recently ranked Miami (again) among the top cities in the country to start a business.
Miami is known for having one of the best climates and some of the most pristine beaches in the United States. Miami also boasts one of the best cultural scenes in the world, with world-class art museums, performing arts, filmmakers, writers, and musicians. It also has every possible cuisine available in restaurants throughout Miami and Dade County. Few places offer can match the quality of life available in Miami. That fact has made Miami attractive to talented people for many years, especially now in the age of remote workers. The same can be said of business owners who have the advantage of choosing where they live.
Many cities around the country claim to be the next Silicon Valley. That became the hot take on Miami starting in 2020. The truth is, there is only one Silicon Valley. But that hasn’t stopped Miami from emerging as a magnet for tech businesses and workers. For example, the Boston tech consultant firm Nucleus Research opened an office in Miami in 2020, giving employees the option to work in Boston or Miami. Within a few months, the majority of the staff voted to work in Miami. Tech investor and venture capitalist David Blumberg has moved from San Francisco to Miami. Keith Rabois, who helped launch Square, LinkedIn, Yelp, and PayPal, is moving to Miami, as is Shutterstock founder Jon Oringer, who is starting a new fund to invest in Miami startups. Clearly, there’s a shift in tech jobs to Miami.
Depending on the type of business, some entrepreneurs come to Miami because it provides them access to the growing markets in the Caribbean and Central and South America. Miami offers a diverse work culture and also serves as a gateway into Latin America, offering the chance for international expansion into potentially lucrative markets.
Miami attracts professionals from across the United States – particularly the northeast – and Latin America. People who speak both English and Spanish are the norm, not the exception. Miami and the surrounding area are home to businesses in aerospace, life sciences, healthcare, hospitality and tourism, and information technology. That’s led to a diverse and growing pool of talented workers. They’ve also created a huge marketplace for new businesses.
These five factors are helping Miami and Dade County attract more businesses to locate there. The business-friendly tax structure alone would attract many. But with the added bonus of everything Miami has to offer, it’s easy to why the city continues to rank among the best locations for smart business owners