City Guides

Miami Small Business Guide

by
Evelyn Hsu
on
5/25/2015
Miami Small Business Guide

Miami is a mecca for entrepreneurs. CNN recently listed the city as one of the best in the country for launching a new business, and it's no wonder - the city has a spectacular climate with sunshine all year round, a vibrant tourism economy, and a recent study ranked it seventh in the United States and thirty-third in the world for its commercial, financial and cultural environment. It is one of the richest cities in the country, and according to a UBS study of 73 world cities it ranked fifth in the world in terms of purchasing power.

Miami has always held out promise for investment. 19th century developers referred to it as a promising wilderness, and the expansion of the Florida East Coast Railway into the area cemented the city's position as a destination for new business. Northerners were attracted to the climate and when the city became a strategic defense base during World War II, the population expanded dramatically. Today the city boasts a population of 5.5 million, making its urban area the fourth largest in the United States.

Miami's economy is driven by the presence of several major companies headquartered there, including several cruise lines, Bacardi, Univision and Telemundo, ad is also the headquarters of Latin operations for over 1400 multinational corporations, including Microsoft, Kraft Foods and Walmart. The city has earned the nickname the “Capital of Latin America”, and boasts a Spanish speaking majority.

As a business owner or somebody considering establishing a business in Miami, there are several things you need to know. The state of Florida has worked hard to create a business-friendly environment with a tax climate that is designed to help entrepreneurs thrive. Costs are competitive and land, labor and capital are affordable. Many industries are are offered financial incentives to encourage their establishment. For more information on what the state offers, check out this article.

Miami does have strict requirements regarding obtaining all of the proper registrations, licenses and permits before a business is allowed to legally open – these include municipal, county, state and federal requirements, and vary based upon the industry. Information on such specifics as annual inspections, local business tax receipts, certificates of use and construction permits are all available on the Business Express page of the county website, and the local Chamber of Commerce and other business networking groups are excellent sources for more specific information and advice.

Though the state of Florida does not impose an income tax, it is important to have a knowledgeable financial advocate to help you navigate the city's various business requirements, as well as to help you organize your general ledger and make plans for expansion, hiring and investment. An experienced accountant is one of your best resources.

As you navigate your way through the Miami business landscape, the links provided here will be particularly useful.

  • Miami Local Business Tax Information
  • Starting a Business in Miami
  • Miami Business Certificate of Use Application
  • Greater Miami Chamber of Commerce
  • Florida Small Business Zone
  • City of Miami Demographic Profile
  • Miami Tourism Summary
  • Miami Business Incentives
  • Miami Commercial Real Estate Listings
  • Find Five Star Rated CPAs and Tax Accountants
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Evelyn Hsu

Evelyn Hsu

Ivy Accounting, Tax & Advisory is a Certified Public Accountant (CPA) practice based in Miami, Florida. Evelyn Hsu is the principal in charge of the accounting and auditing practice and is CPA licensed in the state of Florida. She graduated from the University of Miami with a Master's degree in Accounting. Her company has provided a wide range of accounting and tax services to businesses and individuals for many years. She specializes in services to individuals, to small businesses and in representation before the Internal Revenue Service. Evelyn can assist you with all of your tax preparation needs.

Ivy Accounting, Tax & Advisory
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