Given the peculiarity of the American states, in terms of differences in local legislations, seven states can be identified where the most attractive conditions for starting a business are.
These are such states as: Florida, Nevada, Alaska, South Dakota, Wyoming, Washington and Texas. Also, a strong corporate law structure can be noted in the state of Delaware.
But today we’re going to talk about Florida. This state ranks fourth in terms of population after New York State, which is beginning to lose its wealthy taxpayers who cannot withstand excessive tax pressure. If, for example, in New York, individuals pay 25% tax on their annual income, then in Florida this figure is 14%. This difference in tax costs is achieved thanks to the introduction of a new law that allows tax deductions of up to 10,000 USD, inclusive of real estate tax.
For example, it is advantageous for a foreigner to register a company or LLC (LLC) in the state of Florida, USA. Given the fact that many countries are beginning to collect tax information and intend to exchange this information automatically in the near future, it is unlikely that any country will be able to get such information from Florida. Since this is the USA, you know that Americans, according to FATF recommendations, are required from all states to report information about American accounts held in banks around the world. However, for their part, such reciprocity is not promised to anyone.
Significant business advantages and taxation policy in Florida led to internal migration of Americans, as a result of which the infrastructure began to expand, and the state increased the amount of revenue in the local budget.