The state of Nevada is the best place to start your business because it sets itself as one of the best places to establish a company headquarters.
In case you haven’t heard, Tesla’s Gigafactory is set outside of Reno and earns an estimated amount of $1.4 billion in tax breaks, in addition to the free land and incentives that Elon Musk is getting from the state.
You would probably think and ask the question, “What exactly does the state of Nevada offer that other states don’t?”
So, if you are a person whose mind is full of ideas, innovation, and creativity with the intention of starting up your own company but you have yet to make up your mind where to incorporate, here are 4 good reasons or answers to the question, “Why Nevada is the best place to start your Business”.
WHY CHOOSE NEVADA TO START YOUR BUSINESS?
Lower Cost of Living
People are able to start a business when they have enough capital to operate a business without having to lower their standard of living. Compared to other states, the cost of living in Nevada is lower, making it affordable while you get to receive a competitive salary. Let’s take into account the difference in housing costs compared to the national average:
New York City: +355%
Boston: +74%
San Francisco: +196%
Las Vegas: -10%
Tax Breaks/Advantages
Everybody knows Nevada is a business-friendly state especially with the advantages that it offers on Tax breaks. Although license fees for businesses apply including the initial and annual statement fees, incorporating in Las Vegas offers the following:
- No gift tax
- No franchise tax
- Limited tax increase
- No personal income tax
- No business income tax
Moreover, you don’t need to be a resident in Nevada to be a director, an officer, or a shareholder of a corporation and the same applies to the managers or members of an LLC.
Huge Upside Potential
Smart and talented employees across the country are fed up with the increasing cost of living in rapidly developing areas. Some of them are forced to look for opportunities in cities that are in transition like Las Vegas. As a matter of fact, the CEO of a leading online clothing and shoe retailer, Zappos invested $350 million to start and build a community in the downtown area of the city and went on to operate Las Vegas Tech Fund to encourage start-up companies to incorporate in the State of Nevada.
Should you consider starting up your own company and incorporate in Las Vegas, you might be interested in learning How to Choose Your Las Vegas Business Location, How to Start a Small Business in Nevada, or How to start a home-based business in Las Vegas.
Top Entrepreneurs and Networking
One of the proven and effective methods in the investment world is trend-following. This also applies to neophytes. Following the strategy of top entrepreneurs in incorporating their company’s headquarters in Nevada seems more than just a good idea. Nevada will remain one of the top places to connect with other entrepreneurs and business professionals.
IN SUMMARY
- Nevada is the best place to start your business as it offers a huge upside potential with a lot of tax breaks and advantages.
- Nevada’s provides easy access to your local and state government officials.
- The State of Nevada and its officials are committed to economic development. It has a dedicated support system and infrastructure set in place for businesses that are starting up.
