Companies from New York and the West Coast are eyeing up moving their businesses to Florida, and they are not alone. Some areas in the state have reported more than a 50% increase in interest from companies looking to make their move.
Why are companies moving to Florida?
Aside from sunshine and a thriving marketplace, Florida also has relatively low tax rates and is much less restrictive when it comes to COVID protocol helping businesses to have the option to keep their doors open during the pandemic. These two factors can both serve businesses well.
The pandemic also led business leaders to realize that they do not need to be physically present in a state to conduct their business. Tech advances mean more workers can work remotely and the business can still be profitable.
How do I move my business from one state to another?
The exact process will vary depending on the states involved and the business formation. However, in most cases business owners will need to do the following:
- Taxes. Take care of any outstanding state and local tax bills in your current location and close business tax accounts. Update your mailing address for your federal employer identification number (EIN) and change the address of the business tax account with the Internal Revenue Service (IRS). Check to see if you need to register with the state and complete state tax returns, you may need to do this for two states depending on the date of the move.
- Licenses. Cancel any state licenses or permits tied to your business in the state you plan to leave. Get any licenses or permits in order in your target state.
- Touch base with the county clerk’s office. You may need to register your business name or take care of other matters. This is a good resource to have wherever you are doing business.
Business owners do not need to go through this process on their own. Do not be afraid to delegate some of these tasks to other professionals so you can focus on building your reputation, market, and life in your new home state.