Why is it advantageous to open a company in Florida?

The American LLC is very popular with entrepreneurs because of its simplicity and the low costs of creating and maintaining this type of structure. However, establishing yourself in the USA, and more specifically in Orlando, Florida, is not something you can improvise! Our firm assists you with the procedures for opening a company and opening a bank account.

Why choose the State of Florida?

With only a 6-hour time difference and daily flights to Europe, Florida is Europeans' favorite destination. More information here. Florida is attractive because the State benefits from a tax system that could be described as advantageous and different from those of the other 49 states of America. Visit this page to learn more about the advantages of Florida.

ECONOMIC AND POLITICAL

Economic growth in the State of Florida remains strong and continues to expand. The USA is recognized as one of the countries richest in technological and commercial innovation. The USA can boast an excellent image in the business world. One of Florida's advantages is that it is not considered a pseudo-"tax haven," which gives credibility and weight to companies that decide to establish themselves there. Because of its geographical location, Florida is considered the gateway to the Caribbean, Central America, and South America. Orlando is a city in constant development: a new terminal opened in 2019 (South Terminal), a high-speed train between Orlando and Miami in 2018 (Brightline Express), more than 500,000 students live in Orlando, a new Star Wars park opened at Disney World in 2019, etc. Furthermore, it is very important to note that, unlike other states such as Delaware or Nevada, Florida enjoys a good international reputation.

TAXATION

The 3 types of taxes in Florida

The American system is based on triple taxation. Furthermore, with the Trump administration's tax reform, overall taxation has been 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%, the 23rd highest in the country.
• State tax (Florida): the main advantage of registering your company 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. Companies, on the other hand, are subject to a levy of approximately 5.5% on their net profit.
• Local tax: this tax refers to property tax, which is approximately 2% of the property's purchase price. It applies to all real estate owned by individuals and companies, and this tax is tax-deductible. Think of it as a tax that reduces your taxes!

Furthermore, if your business does not require offices or 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 highly efficient, and we also work with the top banks in the USA to open your bank accounts. You do not need to be a resident to open a bank account in the USA with a bank card, but your presence is required for the appointment with the banker. The appointment is very quick, as your account will be opened in less than 1 hour. Following this appointment, you will immediately have access to highly efficient internet banking in the USA. Furthermore, the USA does not participate in the Common Reporting Standard (CRS), also known as the Automatic Exchange of Information (AEOI), established by the OECD. This means that there is no exchange of tax information between the USA and other foreign tax authorities. However, the USA has announced that it will not allow itself to be used by a foreign tax resident to avoid declaring income in another country.

LEGAL

To incorporate your company, you do not have to be physically present in the USA; everything can be done remotely. As explained above, the process of registering an LLC in the USA is very simple and quick. The law applicable to LLCs in the USA is clear and supported by extensive case law. A very important point when you create an LLC is that your liability is limited, so your personal liability will not be engaged in an LLC. This means that, in the event of litigation, your personal assets will not be at risk. 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 providing your company with a registered address, our center offers a genuine co-working space for you and your teams. We invite you to contact the members of our office at support@merritt.group for more information about setting up a company in Florida.