Professional Business Brokers of Orlando Florida
Buying a Business in Orlando? or Selling A Business in Orlando?
Overview of Florida State and Orlando
According to the Florida Department of State Division of Corporations, Florida has become one of the most desirable states in the country in which to conduct business. The State consistently leads the nation in new business incorporations. With one of the largest supplies of business parks, an advantageous business tax system, transportation availability and a large population of skilled human resources, Florida provides everything that a business requires to function.
Florida has consistently been the national pacesetter in the number of new business incorporations, leading the nation seven out of the last eight years. For each of the past ten years, Florida has been one of the top four states in new corporate facilities and expansions, including leading the nation five times. And why is this so?
Business leaders find Florida less taxing environment:
The corporate income tax rate is 5.5%
No corporate franchise tax on capital stock
No tax on foreign source dividends, as defined by IRS code
No state personal income tax
No state level-property tax
No property tax on business inventories
No ad valorem taxes on goods-in-transit
No sales tax on boiler fuels, including recycled oil, waste oil, or solid waste materials used as a fuel
No sales and use tax on co-generated energy or on co-generation machinery and equipment
Tourism plays an important role in Florida's tax structure. More than $57 billion in taxable spending was generated in 2004 by tourism.
To assist companies seeking to locate or expand in Florida, numerous advantages and incentives are available such as, workforce training and inducement programs, tax incentives/inducements, research development/technology programs, financial support services and small business assistance.
Florida is a leader in global trade. No state moves products faster or more effectively than Florida, according to a joint study by CNBC, America’s Business Channel and CNBC.com, which looked at air, rail, road and water connections. Florida’s transportation system is ranked number 1 in the nation, according to the U.S. Department of Commerce. Florida has 20 Foreign Trade Zones, mostly located at or near its seaports and international airports, where value can be added to foreign goods, tariff-free.
To sum things up, Florida Trend noted the Top 10 Reasons to do Business in Florida.
Technology Leadership: With 21,000 high-tech companies employing 276,400 highly skilled workers, Florida leads the Southeast in technology-driven businesses,
Global Gateway: The right combination of geographic location, economic clout and political stability make Florida the center of trade and finance for the Western Hemisphere.
Entrepreneurial Environment: The U.S. Small Business Administration puts Florida among the top three most highly efficient states in fostering the birth of new businesses.
Global Connectivity: With one of the world’s most extensive multimodal transportation systems, including 21 major airports, 14 deepwater seaports, a vast network of highway and railway connections and Kennedy Space Center’s one-of-a-kind Spaceport, Florida’s connections to the world are difficult to match.
Business Climate: Expedited permitting services and assistance in accessing enterprise bonds, micro-loans and venture capital further contribute to Florida’s reputation as a great place to do business.
Workforce Talent: Florida offers a diverse and available workforce, including the influx of thousands of high quality graduates from Florida’s public and private colleges and universities each year.
Business-Friendly Government: Thanks to the interactive website MyFlorida.com, many business-oriented functions of state and local government are readily accessible online.
Quality of Life: Sunshine, outstanding recreational amenities and economic opportunity, enough said!
Visionary Development: More than any other state, Florida’s economic development goals and initiatives have been created as part of a statewide vision to promote innovation and diversified industry growth.
Economy Growth: America’s leader for job creation since 2002, Florida has the 8th largest economy in the Western Hemisphere.
Not only is it a nice place to run a business, but it is also a highly desirable area to live. For eight years straight, Florida has earned a top spot in Harris Poll’s “Most Desirable Places to Live” survey. Now, it sees plenty of those who picked Florida as the place they’d most likely like to live are making good on their choice. Every day, close to 1,000 new residents make the move. Florida has been in the top four states in population growth rates every decade as far back as the 1920's. The current total population is 17,019,068.
According to the Orlando Regional Chamber of Commerce and the City of Orlando’s official website and the Orlando / Orange County Convention & Visitor’s Bureau, the city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. A 2006 U.S. Census population estimate gave the city population as 220,186, making it the sixth largest city in Florida. It is also the principal city of Greater Orlando. The Orlando - Kissimmee MSA is Florida's third-largest metropolitan area, behind Miami-Fort Lauderdale-West Palm Beach and Tampa - St. Petersburg-Clearwater.
Orlando is known as the World’s Capital of Tourism. The region sees an estimated 52 Million tourists per year. The 52 Million tourists pack into the nearby Walt Disney World Resort, SeaWorld and Universal Orlando Resort, the Magic Kingdom, Epcot, Disney’s Hollywood Studios, Disney’s Animal Kingdom, Typhoon Lagoon, Blizzard Beach, Downtown Disney, City Walk, and Islands of Adventure. Located on the east coast of Florida, the highly interactive and stimulating Kennedy Space Center is just a 45 minute drive from Orlando. Orlando is also home to two professional sports teams, the Orlando Magic NBA team and the Predators, an arena football team.
And where do all of these tourists stay? Orlando has the second largest number of hotel rooms in the country (after Las Vegas, Nevada), and is one of the busiest American cities for conferences and conventions with the Orange County Convention Center, the country's second largest.
Despite being several miles away from the main tourist attractions, downtown Orlando is undergoing major redevelopment with a number of residential and commercial towers. Impending construction is valued in at $59 Billion plus for the total Metro Orlando area.
Orlando is the hub city of the Orlando-Kissimmee, Florida, Metropolitan, Florida Statistical Area, colloquially known as "Greater Orlando" or "Metro Orlando". The area encompasses four counties: Orange, Osceola, Seminole and Lake, and is currently the 27th-largest metro area in the United States with a 2006 Census-estimated population of 1,984,855.
Orlando has also become one of the fastest growing retail markets in the USA with at least five major upscale department stores opening last year alone and more than 50,000,000 square feet of shopping space in Central Florida. Retail in Central Florida is a HUGE market.
A large part of the Orlando area economy is involved in the tourist and retain industry. However, the convention industry is also a vital component to the region's economy. The Orange County Convention Center, expanded in 2004 to over two million square feet of exhibition space, is now the second-largest convention complex in terms of space in the United States, trailing only McCormick Place in Chicago. The city vies with Chicago and Las Vegas for hosting the most convention attendees in the United States.
The area's economy includes other industries such as manufacturing. Lockheed-Martin has a large manufacturing facility for missile systems, aeronautical craft and related high tech research. Other notable engineering firms have offices or labs in the Central Florida area: KDF, General Dynamics, Harris, Westinghouse, Siemens, Veritas/Seagate, multiple USAF facilities, Naval Air Warfare Center Training Systems Division (NAWCTSD), Delta Connection Academy, Embry-Riddle Aeronautical University, GE, Air Force Agency for Modeling and Simulation (AFAMS), Army Simulation Training and Instrumentation Command (STRICOM), AT&T, Boeing, CAE Systems Flight & Simulation Training, HP, Institute for Simulation and Training, Northrop Grumman, Raytheon Systems.
Other large employers include Central Florida Investments, Darden Restaurants, Health First, Cox Enterprises, Rosen Hotels and Resorts, Convergy’s, U.P.S, Bright House Networks and Gaylord Entertainment. The Government also provides a lot of job opportunities through the school system, the U.S. Postal Service and the State of Florida.
Another developing sector is the film, television, and electronic gaming industries, aided by the presence of Universal Studios, Disney-MGM Studios, Full Sail School, the Florida Interactive Entertainment Academy, and other entertainment companies and schools.
Orlando has two large non-profit hospital systems: Orlando Regional Healthcare and Florida Hospital. ORH's Orlando Regional Medical Center is home to Central Florida's only Level I trauma center, and the adjacent Winnie Palmer Hospital for Women and Babies has the area's only Level 3 neonatal intensive care unit. Florida Hospital's main campus is ranked as one of the best hospitals in the nation, and has a renowned brain attack facility. Orlando's medical leadership will be further advanced with the completion of UCF’s College of Medicine and a new VA Hospital.
Orlando’s vast economic make up, presents a healthy job market. According to the Florida Agency for Workforce Innovation, in 2004, Orlando’s Labor Force tapped out at 982, 137, with a total employment rate of 938,210 and 43,927 unemployed (4.5% unemployment rate).
The Orlando business arena is very healthy and business owners will find a great corporate support system backing them. Orlando is home to the Black Business Investment Fund of Central Florida, the Economic Development Commission of Florida’s Space Coast, Enterprise Florida, Inc., the Hispanic Business Initiative Fund, the Lakeland Economic Development Council, the Metro Orlando Economic Development Commission, the Central Florida Development Council, Inc., the Space Coast Economic Development Council, the Tampa Bay Partnership and the Volusia County Economic Development Department.
Not only is Central Florida a great place to work and play, but it is also a great place to live. According to the U.S. Census Bureau’s Construction Statistics for the 2003 calendar year, Orlando is one of the most active housing markets in the Nation, coming in second only to Phoenix, AZ. Orlando averages more than 22,000 new homes per year and housing costs are considered a bargain, coming in at an average $151,100 per house, according to the National Association of Realtors (first quarter 2004).
Orlando is a very centrally located city, giving its commuters and business executives easy access to many modes of transportation. Orlando is home to Orlando International Airport (currently ranked as the busiest airport in the State of Florida and ranked by passengers as the #1 airport in the nation according to J.D. Power & Associates), the Orlando Executive Airport, The Orlando Sanford International Airport, numerous interstates, turnpikes, beltways and expressways. Not to mention, Orlando is 45 minutes from both coastlines of Florida. Shipping ports line both coastlines of Florida, allowing for easy international trade.
Florida, and more specifically, Orlando, has a vibrant and promising business community in place, with room for more businesses such as yours. Come be a part of Orlando’s business community. Contact us today to find out how we can help you fulfill your dreams to be a business owner in Orlando and the rest of Central Florida.
PBBI is a leading authority in the sale and acquisition of businesses in Orlando Florida. Contact us today to discuss your individual requirements.