Why Nevada Is the Best Place for You to Start a Business?
22 March, 2018
Got the right business idea and are all ready to start the business? Let say that you have the business plan ready and written, you have the products ready where it is going through with the final development and research stages, and all the investors you have on your side are ready to move, what is the next step? Have you selected the place you want to call home?
Yes, you need to choose the place where you would establish your business and settle in that city while you call it home forever. A lot of the entrepreneurs take this option for granted. People assume that founding a company in the place they already live in, is the most convenient thing and hence, the best choice for the place to start their business.
But there are a lot of things that are not considered in this case which are essential to take into consideration. How is the competition in your area? What type of local assistance is there for starting companies? Does your target demographic live there?
Thought about establishing your new business in Nevada?
Well, when answering the questions regarding where to start your business, you have one surprising and known-best option that stands out; start your business in Nevada. This Battle Born State was once just a desert with casinos and cacti. But today, it has become a great hub for many companies. And the reasons why these companies have made this choice as the best one is mentioned below:
Lower Cost of Living
Just as the subheading says, the cost of living in Nevada is low. In short, the price is way less as compared to the most of the other cities or states in the country. As per the Pay scale of the town, which is on the top of the list as compared to many of the startup towns like San Francisco and Boston. And this is done by boosting the lowest cost of living in these cities.
It basically floats about the national standard, and this is what draws many of the young professional crowd who don’t wants to live on ramen anymore and want to enjoy living in the environment of the city along with the city life in a much better way.
With the many companies competing with each other around the country to get the best employees, you would need to take a step ahead and open your business in the place where the talent exists and not in just some famous city, shared as per a professional in the industry. And this is one main reason why Nevada is the Best. Other than this, you can have people move there as well due to the low cost of living.
Basically, with all the people shifting to Nevada due to the low cost of living and many still moving, it would be easy to get enough of outside talent to settle there and work for your business. All in all, living or located in a highly affordable state provides you the most significant bargaining chip as you try to draw talent from other regions to come to your company.
And with the high competition in the salaries that would not be used for the high rent here, you can easily get the best of the best from even faraway places like the Silicon Valley or out of the country as well.
Nevada is a beautiful place for working without bothering a lot about the taxation. If you open an LLC, you would not have to undergo any personal income taxes or franchise taxes. Moreover, the best thing about this is that the state does not need the shareholders or the owners to be the residents of the state.
If you are a first-time entrepreneur then with all the variations in tax laws between each state it can become something that is terrifying for you. And Nevada is attempting to encourage businesses here by incentivizing and simplifying the tax code.
But that is not where it all ends; there are many tax deductions as well. You can enjoy the incentives like the real property tax reductions for recycling, deductions on modified and personal business taxes, use and sales tax deferral on capital equipment purchases, sales tax reductions on capital equipment purchases, employee training grants, and compensation for the cost of intellectual property development.
What more does a company want other than this? Everything in Nevada gives you the best and you can easily make your business grow within no time due to the taxation system in Nevada.
Join the Revolution
You might have heard about the Tesla Gigafactory outside of Reno that Elon Musk has set up. Well, this company earns about $ 1.4 billion in the free land, tax breaks, and many other kinds of incentives given by the state. Also, as per the owner of Zappos, Tony Hsieh, "I appreciate the endless possibilities that a person and company can find in Nevada."
Other than this, the state had also inspired him to begin a venture fund during the year 2012. This was called the VTF capital, and this company basically invests in those startups that want to join in the Nevada boom.
All in all, you get the chance to have your company in the best place. Don’t picture that you have your business in the middle of the desert. Instead, open your eyes to see that you have a great chance of being neighbors with some of the best companies around you.
These companies are some of the world's best and most respected companies and people. This gives you a better chance to grow and connect. All you need to do is connect with them and strike up an interesting conversation while you may meet another significant person in a coffee shop.
Nevada is like a home to each and every kind of business here and arranges the steps for a tremendous increase in employment. For you to begin a company, you would need to the best place that is right for both you and your company so that you can call it home. And Nevada might be the perfect choice for you!
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