Miami
- State - Florida
- County - Miami-Dade
- MIA - Miami International Airport
- Population - 455.924
- Sales Tax - 6%
- Miami-Dade County Sales Tax - 7%
- Income Tax - 0%
- Corporate Tax - 5,5%
Miami is a city in southeastern Florida, located in Miami-Dade County, nestled between the Florida Everglades and the Atlantic Ocean. The Miami Metropolitan area is one of the best cities in the U.S. to start a business, a success many entrepreneurs attribute to its year-round warm weather.
Miami-Dade County is a vibrant place for new and growing businesses. The primary attraction is tourism, as Miami’s cruise port is the largest in the world. It is also the 11th largest container port for freight in the United States.
Establishing an Inc. in Miami
Miami is a city that understands what it takes to do business. It welcomes and supports entrepreneurs with all the necessary resources to build and grow a company. It’s easy to find well-educated, multilingual staff, earning it the nickname “Capital of Latin America.” It is also the second-largest U.S. city (after El Paso, Texas) with a Spanish-speaking majority, and the largest city with a Cuban-American majority.
Due to its excellent location, Miami is uniquely positioned for regional and global investments, offering a diverse workforce. Additionally, Miami-Dade County provides further advantages:
- It boasts superior infrastructure and a strategic location for trade with Latin America and the Caribbean. Geographically located between North and South America, Miami serves as America’s freight gateway, with strategic trade connections to Europe, Asia, and Africa.
- Home to over 70 foreign consulates and trade offices, Miami hosts more than 1,100 multinational companies.
- The port is Florida’s #1 deep-sea container port, conducting business with 250 ports across 100 countries.
- As the cruise capital of the world, it hosts 7 cruise lines operating 22 cruise ships.
- Miami International Airport ranks #1 among U.S. airports for international freight and is second for international passengers.
The City’s five strategic focus areas are:
- The area around Opa-locka Executive Airport
- The Civic Center/Medical District
- The Port of Miami
- The Kendall-Tamiami Executive Airport area
- Homestead Air Reserve Base
Industries seeking expertise/investment include:
- Aerospace and Aviation
- Financial and Professional Services
- Homeland Security and Defense
- Information Technology
- Life Sciences
- International Trade and Global Commerce
Eligible projects in each targeted urban area or designated zone can receive up to $3 million in reimbursements. Only companies with a Florida Inc. are eligible for government projects and/or subsidies.
An Inc. can be compared to a PLC (Public Limited Company) and has some characteristics of a GmbH, Ltd, SARL, and AS. “Incorporated” is the official English term for a Public Limited Company.
5 Benefits
Limited Liability
Limited liability in most cases protects the business’s foundation and its shareholders from personal liability. For example, if the company incurs debts, creditors cannot claim the personal assets of directors and shareholders to cover their payments.Anonymity
In some locations, such as Florida, you aren’t required to disclose all information about those involved in the company. This allows businesses to be established anonymously, often through a representative of the company.Professional Image and Business Formalities
A corporation in Florida appears more professional due to the Inc. initials following the business name. The Inc. serves as the official seal from the State of Florida Division of Corporations, helping businesses easily obtain bank loans and succeed in other transactions.Perpetual Existence
A company incorporated in Florida enjoys endless existence regardless of ownership changes. In other states, a company may cease to exist if its owner passes away, needing to be re-established by heirs as a new entity. In Florida, the corporation continues unaffected even if shareholders change.Tax Benefits
Forming a corporation in Florida offers tax advantages, such as avoiding double taxation and enjoying low tax rates. Additional benefits include:– Deductibility of all startup costs. – Deductible business car and travel expenses. – Full deductions for banking, legal, or accounting services, along with business lease and rental costs. – Deductibility of overhead for daily operations and interest paid on capital loans. – Deductible wages, business insurance, advertising expenses, and sales tax linked to business. – Family health insurance premiums are deductible. – Expenses or losses for a corporation are fully deductible, while sole proprietorships must demonstrate profit motives before deducting losses. – Deferred taxes held in a trust can be rolled into the owner’s retirement plan.
These benefits can apply across various jurisdictions with differences in specifics relative to local regulations.
Inc or LLC?
Inc.
An “Incorporated” company meets all legal requirements. Universities, healthcare, (semi-) governmental bodies, and municipalities typically only partner with “Inc’s” established in the USA. An Inc is the most common business structure in the United States. One reason for its popularity is that neither shareholders nor board members are personally liable for the company.LLC
A Limited Liability Company where the income flows from the business to the owners, but the liability remains within the company.Both structures offer liability protection, but they differ in taxation and operation. Choosing between an Inc and an LLC depends on specific business needs and objectives, including tax considerations and the nature of your operations.
Starting Your Own Inc.
Are you convinced and ready to have us establish your Miami Inc.?
It ultimately comes down to tailored advice. Where does your liability lie? What permits are needed? What is the risk of things going wrong? Can you delegate parts to export agents or business partners? Are the owners Dutch or American? And what are the advantages and disadvantages? It all starts with a personal discussion at a time that suits you best.
Is Miami a Nice Place to Live?
As an entrepreneur, you also have a responsibility to your staff. This means that it should be appealing for those who work for you to settle in Miami.
What does this city offer you, your family, and your employees?
Tropical Climate: Which means it rarely gets colder than 16 degrees Celsius in the winter. Living and working in the sun is simply more enjoyable.
Recreational Activities: In your free time, you can choose from many beaches to relax, such as Miami Beach, South Beach, Virginia Key Beach, Haulover Beach, and Homestead Bayfront Park and Marina.
Cultural Diversity: Miami is a melting pot of different cultures, offering a wide variety of restaurants. The large Cuban community in Miami means you can find charming Cuban restaurants and coffee shops in Little Havana.
Vibrant Nightlife: There’s no shortage of nightlife, with parties and some of the best clubs in the world. You can eat or enjoy a cocktail until late at bars.
Consider these factors when deciding to establish your business in Miami.
What Is the Best Solution for You in Miami?
We are happy to provide you with personal advice.
- Schedule a TEAMS video call at your convenience.
- Contact us by phone at +1 (786) 233-6384
- Or email us at: info@vanhollandgroup.com
