Opening a Business in Florida via an LLC or Corporation

Why so many Italian entrepreneurs have already chosen Florida to open a business

The LLC is the most common type of company in Florida: as of December 31, 2023, there were 2,610,257 active LLCs in Florida, with 562,716 opened in 2023. Florida is the third most populous state in the United States and has the fourth highest GDP among U.S. states, at 1.1 trillion dollars. If it were an independent country, Florida would be the sixteenth largest economy in the world.

• LLCs opened in Florida in 2023: 562,716 [+340% compared to 2012]
• 2022: 533,137
• 2021: 532,137
• 2020: 398,575
• 2019: 310,854
• 2018: 295,966
• 2017: 263,545
• 2016: 233,077
• 2015: 214,724
• 2014: 197,286
• 2013: 178,585
• 2012: 162,219

Here are the statistics on small businesses in the State of Florida:

• In Florida, there are 2.5 million small businesses, representing 99.8% of all businesses in Florida.
• Among them, microenterprises employ 41.6% of all private-sector employees.
• There are 3,494,174 people employed by microenterprises in Florida.
• Family businesses support about 50% of Florida's economy and create approximately 75% of new net jobs each year.

During the pandemic, Florida's economy experienced a decline of 2.8% while the rest of the country recorded a GDP contraction of -3.5%. In addition to these positive economic indicators, the cost of living in Florida is lower than in other economic centers of the country, like New York State. It is therefore clear that Florida is a promising and economical place in the United States to open and manage a small business. Here are some reasons why it is advantageous to choose Florida to enter the U.S. market:

• Companies incorporated in Florida enjoy significant tax advantages: corporate income tax is 5.5% and there is no personal income tax. Additionally, certain categories of products (like food and medicine) are exempt from sales tax.
• The stable economic environment makes the state suitable for investments. In Florida, there are several innovation and startup incubators that attract many entrepreneurs.
• Florida's strong economic performance is also due to the low unemployment rate. As unemployment decreases in 2022, businesses will be able to attract workers through numerous professional benefits and paid time off (PTO) policies.

The most frequently asked questions about opening and managing a company in Florida

How to start a business in Florida?

To start a business in Florida, it is necessary to check if any licenses are required from the Department of Business and Professional Regulation. If the business has a fictitious name, it must be registered with the Florida Department of State.

What are the costs to open a company in Florida?

This depends on the type of company. In addition to these costs, it is almost always necessary to obtain a business license.

Where to check license and permit requirements?

Check with the Florida Association of Counties, the Florida League of Cities, and the Florida Small Business Development Center Network. Failing to obtain the necessary licenses and permits for the small business could result in penalties or business closure.

What insurance policies are necessary to operate in Florida with a company?

The State of Florida does not require businesses to have a Commercial Liability Insurance policy, however, it is advisable to have insurance to protect assets. In the U.S., there are different forms of business insurance: ExportUSA can obtain the best quotes for all forms of insurance in America.
 

ExportUSA can help you open a Corporation or LLC in Florida and in all other U.S. states

We offer a complete service to facilitate the entry of small and medium Italian enterprises into the United States

We handle the tax number application, opening of bank accounts, leasing of commercial premises or apartments, business startup formalities, issuance of stock certificates, and much more.