Why is it interesting to open a company in Florida?

The American LLC is very popular with entrepreneurs because of its simplicity as well as the low costs of creating and maintaining this type of structure.

However, setting up in the USA and more particularly in Orlando, Florida cannot be improvised! Our firm supports you in the process of opening a company and opening a bank account.

With only 6 hours of jet lag, daily flights to Europe, Florida is the favorite destination of Europeans.

If Florida attracts, it is because the state benefits from a tax system that could be described as advantageous and different from the 49 other states in America.

Visit this page to learn more about the benefits of Florida.

ECONOMIC AND POLITICAL

Economic growth in the state of Florida is still strong and expanding. The USA are recognized as being one of the richest countries in technological and commercial innovations.

The United States can boast of having an excellent image in the economic world. One of the advantages of Florida is that it is not considered a pseudo “tax haven” which gives credibility and clout to companies that decide to locate there.

Due to its geographic location, Florida is considered the gateway to the West Indies and all of Central and South America.

Orlando is a city in constant development: a new terminal opened in 2019 (South terminal), high speed train between Orlando and Miami in 2018 (Brightline express), more than 500,000 students live in Orlando, a new StarWars park at DisneyWorld in 2019, etc.

In addition, it is very important to note that unlike other states like Delaware or Nevada, Florida enjoys a good image internationally.

TAXATION

The American system is based on triple taxation. In addition, with the tax reform of the Trump administration, general taxes are reduced. There are 3 types of taxes in Florida:

• Federal tax: According to the Tax Foundation, the average sales tax rate in Florida is 7.05%, 23rd-highest in the country.
• State Tax (Florida): The main advantage of registering a business in Florida is that the State of Florida does not levy personal income tax. This rule is provided for in the constitution of the state of Florida. As for companies, they are subject to a levy of around 5.5% on their net profit.
• Local tax: this tax refers to the property tax which is approximately 2% of the purchase price of the property. It concerns all real estate of individuals and companies and this tax is tax deductible. Think of it as a tax that cuts your taxes!

In addition, if your activity does not require offices, employees in the USA, the tax on your company will be zero.

There is no exchange of tax information with foreign countries and the tax system is, as we have seen, flexible.

BANKS

The banking network in the USA is very efficient; we also work with the top banks in the USA to open your bank accounts.

You do not have to be a resident to be able to open a bank account in the USA with a bank card, but your presence is mandatory for the meeting with the banker.

The appointment is very quick since the opening of your account will be done in less than 1 hour. Following this meeting, you will immediately have access to internet banking which is very efficient in the USA.

In addition, the US does not participate in the Common Reporting Standard (CRS) which is also known as the Automatic Exchange of Information (AEOI) set up by the OECD. This means that there is no exchange of tax information between the US and other foreign tax administrations.

But, the US has announced that it does not accept being used by a foreign tax resident not to report income in another country.

LEGAL

To be able to incorporate your company you do not have to be physically present in the USA; everything can be done remotely.

As explained previously, the process of registering an LLC in the USA is very quick and easy.

The law applicable to LLCs in the USA is clear and has extensive case law.

A very important point when you create an LLC, your liability is limited so your personal liability will not be incurred in an LLC. This means that in the event of a dispute, your assets will not be involved.

To facilitate your entrepreneurial setup, we offer you the option of renting an office in our business center located 15 minutes from Orlando Airport and 20 minutes from the city’s main theme parks. In addition to the domiciliation of your company, our center offers a real co-working space for your teams and yourself.

We invite you to contact members of our office at support@merritt.group for more information on starting a company in Florida.